- 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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