OPEC

By: Jacinda Deel & Daren Maxie

ABOUT OPEC:

The Organization of the Petroleum Exporting Countries, OPEC, was an organization founded in 1960 that exported large amounts of petroleum. Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela were apart of founding the organization. This organization also established oil-exporting policies and was allowed to set prices for the oil. This helped Americans because oil prices began to highly increase in price value during the presidency of Gerald R. Ford.
A Quick History of War, OPEC, and Gas Prices

Important Terms/People:

Oil Embargo: Arab countries limited the sale to the US after the US gave aid to Israel causing oil prices to spike and shortages in the US.

The President of the organization was Bijan Namdar Zanganeh.

The Secretary General of the organization was Abdallah el-Badri.