The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.
World oil production growth in 2015 significantly exceeded the growth in oil consumption for a second consecutive year. Production grew by 2.8 million b/d, led by
increases in the Middle East (+1.5 million b/d) and North America (+0.9 million b/d). Global oil consumption increased by 1.9 million b/d, nearly double the 10-year average,
with above-average growth driven by OECD countries. The Asia Pacific region accounted for 74% of global growth, with China once again contributing the largest national
increment to global oil consumption growth (+770,000 b/d).
Organization of the Petroleum Exporting Countries (OPEC), a permanent, international organization headquartered in Vienna, Austria, was established in Baghdad, Iraq on 10–14 September 1960.