What is OPEC?

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OPEC

OPEC stands for Organization of the Petroleum Exporting Countries.

Organization of 14 nations, was founded in Baghdad, Iran with signing of an agreement on 14 September, 1960 by five founding member countries Saudi Arabia, Venezuela, Kuwait, Iran,Iraq.
Its Headquarter is in Vienna, Austria(since 1965). Secretary General is Mohammed Barkindo.





Member states of OPEC-
  • Algeria 
  • Angola
  • Ecuador
  • Equatorial Guinea
  • Gabon
  • Iran 
  • Iraq 
  • Kuwait
  • Libya
  • Nigeria
  • Qatar
  • Republic of the Congo 
  • Saudi Arabia 
  • United Arab Emirates
  • Venezuela

Venezuela has most oil in the world (300,878 million barrels).
Approval of new member country requires agreement by three quarters of OPEC's existing members, including all five of the Founders.

More about OPEC

  • Total 44% of oil production came from OPEC.
  • Decisions of OPEC will effect whole world.
  • Oil price manipulated by OPEC.
  • OPEC aims to regulate the supply of oil in order to set the price on the world market.

Official website of OPEC- https://www.opec.org/opec_web/en/

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