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Organization of Petroleum Exporting Countries

From The Columbia Encyclopedia
(OPEC), multinational organization (est. 1960, formally constituted 1961) that coordinates petroleum policies and economic aid among oil-producing nations. Its Board of Governors and board chairperson are elected by member nations; OPEC's headquarters are in Vienna, Austria. Members, most of which joined by 1975, now consist of Algeria, Angola (joined 2007), Ecuador (membership suspended 1992–2007), Equatorial Guinea (joined 2017), Gabon (withdrew 1995–2016), Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Indonesia, formerly a member, has suspended (2009–16, 2016–) its participation. Saudi Arabia has traditionally dominated the organization, owing to its enormous oil reserves; the organization's members produce about 40% of the world's crude oil. In 1973, as a result of the Arab oil embargo against Western nations who supported Israel during the Yom Kippur War (see Arab-Israeli Wars ), OPEC was able to raise oil prices significantly; …
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(OPEC), multinational organization (est. 1960, formally constituted 1961) that coordinates petroleum policies and economic aid among oil-producing nations. Its Board of Governors and board chairperson are elected by member nations; OPEC's headquarters are in Vienna, Austria. Members, most of which…
| 247 words
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The major world oil producers’ forum established by the Baghdad Conference of 1960, on the initiative of Venezuela. It has aimed to restore oil prices to their pre-September 1960 levels, to keep oil companies’ prices stable and to oblige countries not to agree to increase production if another…
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An international economic organization set up in 1960 with its headquarters in Vienna; the longest-surviving major cartel. It consists of 11 oil-producing countries: the founder-members were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela; they have since been joined by Algeria, Indonesia, Libya, …
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Full text Article Organization of Petroleum Exporting Countries (OPEC)

From Encyclopedia of World Religions: Encyclopedia of Islam
OPEC is an international body consisting of 12 countries, the purpose of which is to coordinate its members’ oil-producing and selling policies. Founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, it has since expanded its membership to include Algeria, Angola, Ecuador, Libya, …
| 509 words
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Full text Article Organization of Petroleum Exporting Countries (OPEC)

From The New Dictionary of Cultural Literacy, Houghton Mifflin
An organization of about a dozen nations that sell oil to other nations. The purpose of OPEC, a cartel , is to control the production of oil and to establish favorable oil prices for the member nations. Most OPEC countries, such as Libya and Saudi Arabia , are in the Middle East or northern Africa , …
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an organization established in 1960 with a head office in Vienna to look after the oil interests of five countries: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. By 1973, a further eight countries had joined the OPEC ranks: Qatar, Indonesia, Libya, Abu Dhabi, Algeria, Nigeria, Ecuador and Gabon. …
| 419 words
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Also known as: Organization of Petroleum Exporting Countries The Organization of Petroleum Exporting Countries (OPEC) was formed by Iraq, Iran, Saudi Arabia, Kuwait, and Venezuela in 1960 in response to a decision by Standard Oil and other oil companies to cut their prices. Its goal was to return…
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The Organization of the Petroleum Exporting Countries (OPEC) was established in September 1960. Its first meeting was held in 1961, and, beginning in 1965, it was headquartered in Vienna. The charter members included Venezuela, Iran, Iraq, Kuwait, and Saudi Arabia. Abd Allah al-Tariki, the Saudi…
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Full text Article Organization of the Petroleum Exporting Countries (OPEC)

From Encyclopedia of American Government and Civics
The Organization of the Petroleum Exporting Countries (OPEC) is an international organization whose members act as a cartel to try to manage the price of crude oil on world markets through coordinating their production. OPEC was created in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to…
| 2,433 words
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Full text Article Organization of the Petroleum Exporting Countries (OPEC)

From The Princeton Encyclopedia of the World Economy
OPEC production compliance (monthly data)....
The Organization of the Petroleum Exporting Countries (OPEC) is an international cartel of oil-producing states that has attempted, with varied success, to manipulate world oil prices. OPEC was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, a group of major oil-producing…
| 2,639 words , 1 image
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