Sunday, March 30, 2014

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

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