Alfredo Perez, Nicole Mendoza
Organization of the Petroleum Exporting Countries (OPEC)
An organization that has the world's major oil-exporting nations. The Organization of Petroleum Exporting Countries (OPEC) was founded in 1960 to coordinate the petroleum policies of its members. It also provides member states with technical and economic aid. OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market. In order to avoid fluctuations that might affect the economies of both producing and purchasing countries.
OPEC had a signing agreement with five different countries known as Islamic republic of Iran , Iraq , Kuwait, Saudi Arabia, and Venezuela. OPEC members own about two-thirds of the worlds oil production.
Hot Topic - OPEC