What is OPEC?

  • International organisation whose mission is to coordinate the policies of the oil-producing countries.
  • Since it's inception in 1960, OPEC was able to influence the oil price by acting as an economic cartel - but from Nov. 2014, Saudi Arabia (OPEC's de facto leader) started treating the organisation as increasingly irrelevant.
  • Member countries are Iraq, Kuwait, Iran, Saudi Arabia, Venezuela, Libya, UAE, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, & Gabon (note that Russia & Norway are not members)..
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