OPEC

Organization of Petroleum Exporting Countires

David and Donald

Understanding OPEC

The OPEC organization is where countries in the Middle East decide the cost of petroleum. Created at the Baghdad Conference on September 10 in 1960.

OPEC has new members from time to time and they try to distribute the oil around the world and manage the prices of the oil barrel.

More of OPEC

OPEC consists of many countries, The main countries that were involved in the making were five countries and they were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. More and more countries joined as the organization was taking control of oil prices. The prices were in control of OPEC.
OPEC OIL EMBARGO - 1973
World Energy And Economy Hot Topic OPEC 1

OPEC AND THE ECONOMY