OPEC

Allecia Anthony, Katherine Chassion

OPEC

Opec is The organization of petroleum Exporting Countries--an economic association of oil-producing nations that is able to set oil prices.


OPEC was created because war production increased and fewer consumer products available for purchase. with demand increasing and supplies dropping, prices seemed likely to shoot upwards. The purpose of OPEC exists to manipulate the supply of oil so the prices remain regulated in the favor of the oil producing countries. OPEC membership is open to any country that is a substantial exporter of oil and that shares the ideals of the organization. As of 2011, OPEC had 12 member countries, including founder members Iran, Iraq, Kuwait and Venezuela.

OPEC 50 years later