The ministerial council of the Organization of Arab Petroleum Exporting Countries (OAPEC) kicked-off its 73rd meeting on 11 December 2004 to discuss several oil-related issues and approve the organization's 2005 projected budget. , said a press statement issued at the meeting conclusion. The statement added that the council agreed on choosing Kuwait as the host country for the next OAPEC ministerial meeting on December 10, 2005.

The council also reviewed reports related to the organization's efforts to develop an information bank and its preparations for the eighth Arab Energy Conference, which would to take place in the Jordanian capital, Amman, in May, 2006.

The council thanked Egyptian President Hosni Mubarak for meeting the organization's ministers.

OAPEC was established in 1968 with permanent headquarters in Kuwait It is an instrument of Arab cooperation whose objective is to provide support to the Arab oil industry. Its activities are developmental in nature, and its membership is restricted to Arab countries with oil revenues that constitute a significant part of their GNP.

Members of OAPEC increased to thirteen Arab countries in addition to the founding members, as follows: Bahrain, United Arab Emirates, Tunisia, Algeria, Syria, Qatar and Egypt. OAPEC's Production accounts for about 30% of total world production and its reserves 50% of world reserves.