What is OPEC?
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OPEC is an acronym for Organization of the Petroleum Exporting Countries. OPEC was formed in 1960 in Baghdad, Iraq with five founding member countries. Currently OPEC is a cartel composed of 11 oil producing countries. Current member countries include: Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. OPEC's stated purpose is said to serve three main functions:
Help stabilize world oil prices
Ensure oil producers achieve a reasonable rate of return on production
Ensure a stable supply of crude oil for consumer use. OPEC has a current goal of $27 US per barrel of oil.
This information should be changed!! It is from the 1960's!! HA!!
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Submitted May 22, 2013 By: