OPEC

Melissa Cruz & Gabriella Zepeda

Information About OPEC

The Organization of the Petroleum Exporting Countries was a oil chain commission to arrange the system of the oil-producing countries. The organization was found in 1960. The purpose was to secure supply of oil to the consumers. OPEC was created at the time when the oil market was separate from centrally planned economies and was controlled by many companies. In the 1970s, OPEC began to gain power and raise oil prices during Yom Kippur War. The OPEC nations, which depended in revenue from oil sales, experienced severe economic hardship from the lower demand for oil and consequently cut production in order to boost price of oil. Member countries of the OPEC were Algeria, Angola, Ecuador, Iran, Kuwait, , Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.
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Oil

An oil is any neutral, nonpolar chemical substance.

OPEC

Is an oil cartel whose mission is to coordinate the policies of the oil-producing countries