OPEC

Report
OPEC
 Founded in 1960 by 5 major oil producers
(Iran, Iraq, Kuwait, Saudi Arabia and
Venezuela) as a cartel to safeguard its
members
interests
individually
and
collectively.
 Upon its formation OPEC studied the Railroad
Commission of Texas techniques for of
influencing the price through limiting the
production and took it as a raw model.
OPEC
• A decade after its formation (in 1970), OPEC
became clearly the main dominant of the
petroleum industry as the control of the Texas
Commission and the Seven companies came
to an end
• 6 other nations joined OPEC by the end of
1971 being Qatar, Indonesia, Libya, United
Arab Emirates, Algeria and Nigeria
OPEC
 OPEC currently includes 13 countries (Algeria,
Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria,
Qatar, Saudi Arabia, the United Arab Emirates,
Indonesia and Venezuela)
 Its headquarters is in Vienna (Since 1965) hosts
regular meetings among the oil ministers of its
Member Countries
 Since 1970 it experienced several successes and
failures in controlling the oil prices, yet remains a
key player in the oil world

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