OPEC

Some key notes about OPEC countries. It is quite short though. 

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OPEC

  • It stands for the Organisation of the Petroleum Exporting Countries.
  • They try to preserve oil preserves for longer than those that are not within OPEC.
  • It is an intergovernmental organistation of developing countries which have oil.
  • It works in determining production and prices of oil.
  • It is not as influential in controling the price of oil as it used to be due to large supplies in Russia and the Gulf of Mexico. 
  • It has been in effect since 1961.
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Members of OPEC

  • Algeria-since 1969
  • Angola-since 2007
  • Ecuador-since 2007
  • Iran-since 1960
  • Iraq-since 1960
  • Kuwait-since 1960
  • Libya-since 1962
  • Nigeria-since 1971
  • Qatar-since 1961
  • Saudi Arabia-since 1960
  • United Arab Emirates-since 1967
  • Venezula-since 1960
  • Gabon and Indonesia were former members but are not members anymore.
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