Organization of the Petroleum Exporting Countries

Organization of the Petroleum Exporting Countries

OPEC is a global organization formed initially by Iraq, Kuwait, Iran, Saudi Arabia, and Venezuela in 1960. It was later joined by Ecuador, Nigeria, United Arab Emirates, Qatar, Libya, Indonesia, Algeria, Angola, and Gabon. OPEC supplies oil to other countries often increasing and decreasing prices and amount.

Saudi Arabia produces the most barrels of oil ( 8,800,000 bbl/day), while Ecuador produces the least ( 485,700 bbl/day) out of the twelve countries. Gabon and Indonesia have left OPEC, in 1994 and 2009, respectively.

Arab Oil Embargo
On October 17, 1973, OPEC decided to cease oil shipments to any country that supported Israel in the Yom Kippur War with Syria and Egypt.

National Energy Act
A law, enacted during the Carter Administration, that established a tax on "gas guzzling" automobiles, removed controls on U.S. oil and natural Gas, and provided tax credits for the development of alternative energy sources.