OPEC

OPEC

OPEC

Introduction

The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization, based in Vienna. Created in response to the low official price of oil agreed unilaterally by the large distribution company in August 1960 (which were foreign). Its goals are to unify and coordinate the petroleum policies of member countries to defend their interests as producing nations (Duncan and Youngquist, 2001). Consumer countries consider OPEC as a cartel.

Names of Member Countries

A. Algeria (July of 1969)

B. Angola (January 2007)

C. Ecuador (from 1973 to 1993 and again from November of 2007)

D. Iran (1960)

E. Iraq (1960)

F.Kuwait (1960) G.Libya (1962)

H.Qatar (1961)

I. Nigeria (July ...