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Organization of the Petroleum Exporting Countries (OPEC)

Organization of the Petroleum Exporting Countries (OPEC). When was it created? Who are the members? Where do the meet?.

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Organization of the Petroleum Exporting Countries (OPEC)

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  1. Organization of the Petroleum Exporting Countries(OPEC)

  2. When was it created? Who are the members? Where do the meet? The organization of the petroleum exporting countries (OPEC) was first founded in 1960, Bagdad in Iraq. It plays a big role in the Middle East oil industry. The first congress they had was in Iraq, September 10-14. Iraq has signed an agreement with other countries such as Iran, Kuwait, Saudi Arabia and Venezuela. 1 Since then OPEC has now got 13 members • Iran, Iraq, Kuwait, Saudi Arabia and Venezuela were the first countries to join. They were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975-1994) and Angola (2007) . OPEC has been headquartered in Vienna since 1965. These countries would meet regularly every year in different countries. 2 The leaders. “The Secretary General is Opec's authorized representative and Chief Executive of its Secretariat. The Opec Board appoints the Secretary General for a three-year term, renewable once. The incumbent, Abdalla Salem El-Badri, is the representative of Libya, and took office on January 1 2007.” 3

  3. What is its purpose or goals As stated on BBC News, “Its stated aims are to coordinate members' policies in order to secure fair and stable prices for petroleum producers while ensuring a reliable supply to importers and a fair return on capital to those investing in the industry.”1 This means that they want to make fair prices for oil exportation. And as stated on OPEC’s official site “In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.” Which means they are going to keep the exports and the imports stable and also return capital on those who invested in the petroleum industry.

  4. What does OPEC do? It keeps the price of oil stable. Doesn’t put a tax on the countries in the organization. Oil is more expensive in countries such as the G7 because they are not in the organization.

  5. What does OPEC do? Cant find video…

  6. Globalization OPEC promotes globalization by sending oil around the world. It promotes it because it is taking oil from countries like Saudi Arabia and sending it around the world to different places ex. U.K, USA, Canada and more.

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