Organization of Petroleum Exporting Countries (OPEC)

• OPEC has the power to set oil prices, but this power has receded in recent history
• Coordinates oil production in its member states
• Member States:
  • Algeria
  • Iran (original)
  • Angola
  • Kuwait (original)
  • Libya
  • Nigeria
  • Ecuador
  • Qatar
  • Saudi Arabia (original)
  • United Arab Emirates
  • Venezuela (original)
  • Iraq (original)
• 1960: Founded at the Baghdad Conference
• 1965: Establish headquarters at Vienna, Austria
• 1973: OPEC declared an oil embargo on the United States and Western Europe because of their support of Israel in the Yom Kippur War
  • Lead to a global economic recession