OPEC
Organization of the Petroleum Exporting Countries
What is OPEC?
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) – suspended its membership from January 2009; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973)
OPEC's mission is to co-ordinate and unify petroleum policies among Member Countries, in order to maintain fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations. A fair return on capital to those investing in the industry.
Important terms with OPEC
Reference Basket- this is the price per barrel for the U.S.
Global Energy Security- is a balanced and mutually supportive supply and demand network.
OPEC Crisis
Gas stations abandoned during the crisis.
OPEC Net Oil Export
OPEC net oil export revenues for 1971-2007
Oregon flag policy
they displayed these signs explaining the flag policy in the winter.
A Quick History of War, OPEC, and Gas Prices
Oil and OPEC