OPEC

Organization Petroleum Exporting Countries

What is OPEC?

OPEC was a carterl formed in 1960, it was founded in Baghdad, Iraq. This agreement was signed by five countries, Iraq, Kuwait, Saudi Arabia and Venezuela. It's main purpose was to manage the supply of oil.OPEC countries supply about two-fifths of the world's oil and possess about two-thirds of the world's oil reserves.

Important Terms

Oil Embargo- a prohibition of the trade of petroleum from one country to anotherOPEC Nations- Iraq, Kuwait, Saudi Arabia and VenezuelaOPEC- a cartel formed in 1960, created to control the supply of oil.
OPEC presentation
OPEC OIL EMBARGO - 1973