OECD meaning in oil and gas

Organisation for Economic Co-operation and Development

The Organisation for Economic Co-operation and Development (OECD) (in French: Organisation de coopération et de développement économiques, OCDE) is an international organisation of 30 countries that accept the principles of representative democracy and free-market economy. Most OECD members are high-income economies with a high HDI and are regarded as developed countries. It originated in 1948 as the Organisation for European Economic Co-operation (OEEC), led by Robert Marjolin of France, to help administer the Marshall Plan for the reconstruction of Europe after World War II. Later, its membership was extended to non-European states. In 1961, it was reformed into the Organisation for Economic Co-operation and Development by the Convention on the Organisation for Economic Co-operation and Development. In the 1950s the OEEC provided the framework for negotiations aimed at determining conditions for setting up a European Free Trade Area, to bring the Common Market of the Six and the other OEEC members together on a multilateral basis. In 1958, a European Nuclear Energy Agency was set up under the OEEC. Following the 1957 Rome Treaties to launch Europe's Common Market, the Convention on the Organisation for Economic Co-operation and Development was drawn up to reform the OEEC. The Convention was signed in December 1960 and the OECD officially superseded the OEEC in September 1961. It consisted of the European founder countries of the OEEC plus the United States and Canada, with Japan joining three years later. More than just increasing its organization-specific structure, OECD progressively created agencies: the Development Center (1961), International Energy Agency (IEA, 1974), and Financial Action Task Force on Money Laundering. The OECD's headquarters are at the Château de la Muette in Paris.