What Is Opec ?

Opec Basically Sets The Prices Of The Oil On The World Market To Avoid The Irregular Prices Rising And Falling That Could Affect The Economy Of Producing And Purchasing Countries. Opec Was Founded In 1960, They Export Large Amounts Petroleum To Different Countries.

  • O-Organization of
  • P-Petroleum
  • E-Exporting
  • C-Countries


  • Opec Members:
  • Algeria
  • Angola
  • Indonesia
  • Iran
  • iraq
  • Kuwait
  • Libya
  • Nigeria
  • Qatar
  • Saudia Arabia
  • United Arab Emirates
  • Venezuala

In 1979 Egypt And Israel Were At War. Since The U.S Sided With Israel There Was A Shutdown On Oil Sent To The U.S. Many Gas Stations Had To Close Down Because Of This Shutdown. The President Of Iraq Recommended That Opec Should Push World Oil Prices Up, Helping All Opec Members Financially.
ENGL428: 1970s Oil Crisis
The Oil Embargo Crisis of 1973