OPEC

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  • OPEC stands for Organization of the Petroleum Exporting Countries
  • Founded in 1960 in Bagdad
  • HQ : Vienna
  • 15 members
    • Algeria,
    • Angola,
    • Congo
    • Ecuador,
    • Equatorial Guinea,
    • Gabon,
    • Iran,
    • Iraq,
    • Kuwait,
    • Libya,
    • Nigeria,
    • Qatar (Will withdraw from OPEC in Jan 2019),
    • Saudi Arabia(the de facto leader),
    • United Arab Emirates, and
    • Venezuela.
  • Gabon has rejoined OPEC in July 2016
  • Indonesia left OPEC in November 2016
  • It operates on the principle of unanimity, and one member, one vote
  • OPEC sets production targets for its member nations and generally, when OPEC production targets are reduced, oil prices increase
  • As of 2015, the 15 countries accounted for 43 percent of global oil productionand 73 percent of the world’s “proven” oil reserves, giving OPEC a major influence on global oil prices.
  • OPEC decisions have come to play a prominent role in the global oil market and international relations

 

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