Organisation of Petroleum Exporting Countries:
Iran, Iraq, Kuwait, Qatar, Saudi Arabia, UAE, Libya, Algeria, Nigeria, Angola, Venezuela, Ecuador
-to protect the interests of the member countries
-to stabilise oil prices and eliminate harmful and unnecessary price fluctuations
-to ensure an efficent, economic, regular supply of oil to consuming nations
OPECs influence is now weaker as s ome significant oil producers have not joined
Russia, Norway, Mexico and USA
OPEC holds 2/3 of worlds oil reserves
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