OPEC (Organization of Petroleum Exporting Countries)
(OPEC) is an association of a dozen countries nations that are major exporters of
petroleum crude with their economies heavily dependent on exports. Between them, OPEC
members account for between two-thirds and three-quarters of the world's recoverable oil
reserves.The OPEC members cooperate to increase their revenue from the sale of oil on
the world market.
OPEC was founded in 1960 by Iran, Iraq,
Kuwait, Saudi Arabia, and Venezuela, to counter the attempts of Big importers of to keep
the international prices of oil down. Its current membership includes Algeria, Gabon,
Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab
Emirates, and Venezuela.
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