OPEC

Organization of Petroleum Exporting Countries

Summary

OPEC rose to international prominence during this decade, as its member countries took control of their domestic petroleum industries.A fourth pricing crisis was averted at the beginning of the decade, on the outbreak of hostilities in the middle east. OPEC had its headquarters in Geneva,Switzerland,in the first five years of its existence.the OPEC secretariat is a permanent inter-governmental body.the secretariat which has been based in Vienna since 1965, provides research and administrative support to the MC. the secretariat also disseminated.
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Terms

NYMEX: The New York Mercantile Exchange is a commodity futures exchange owned and operated by CME group of chicago.