OPEC

Organization of petroleum exporting countries

(OPEC)WHAT IS IT?

The organization of the petroleum exporting countries (OPEC) is an oil organization whose in charge to coordinate the policies of the oil producing countries.
OPEC Organization located in Vienna
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BRIEF HISTORY

The Organization of the petroleum reporting countries(OPEC) was created in the 1960s at opec's first meeting held in Iraq to unify and protect the interest of oil-producing countries such as Iran, Iraq ,Kuwait,saudi arabia, and Venezuela. A great fact just like many from this organization is that it has expanded to include more countries OPEC is currently made up of 12 countries. The additional countries that joined the founding five are Algeria,Angola,Ecuador,Libya,Nigeria,Qatar and the united emirates.OPEC is now headquartered in Vienna,Austria. But we may ask our selfs what is the purpose of this organization? well it prevents its members from being taken advantage of by industrialized countries their job is to make sure that oil-exporting countries are paid a fair price for crude oil.


Opec's activities are focused on oil, a raw material that has gave more than any other form of energy to economic development around the world, over the past century and a half.

Another great thing about opec organization is that its mission is not restricted by time or any other circumstances, however.It is, instead a permanent one, which means that it will become lager in distance from side to side. This is a great organization it helps prevent any fraud from countries around the world even tough not that many nations are involved in this organization it has still impact their economy and oil-production business.

OPEC 50 years later
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Vienna's New Global Institution, KAICIID, Hosts OPEC Ministers at Introductory Event, Promotes Spirit of Openness and Dialogue.

IMPORTANT TERMS TO KNOW

  • peak oil-is the point in time when the maximum rate of petroleum extraction is reached, after which the rate of production is expected to enter terminal decline.
  • Cartel-an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition
  • consuming- a person who purchases goods and services for personal use.
  • industry-economic activity concerned with the processing of raw materials and manufacture of goods in factories
  • co-ordinate-bring the different elements of (a complex activity or organization) into a relationship that will ensure efficiency or harmony.
  • cooperation-the process of working together to the same end.
  • Industrialized-develop industries in (a country or region) on a wide scale.
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OPEC Ministers Conference The increase and the decreases impacts of the organization
OPEC presentation
The 12 countries under OPEC
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Oil and OPEC

Created By: JENNIFER CARRILLO AND ANA 2ND PERIOD