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OPEC (Organization of the Petroleum Exporting Countries)

Victorian Furtney Emily Field Haille Monteiro. OPEC (Organization of the Petroleum Exporting Countries) . Purpose . C oordinates and unifies the petroleum policies of its Member Countries and ensures the stabilization of oil markets in order to secure an efficient distribution of oil

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OPEC (Organization of the Petroleum Exporting Countries)

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  1. Victorian Furtney Emily Field Haille Monteiro OPEC (Organization of the Petroleum Exporting Countries)

  2. Purpose • Coordinates and unifies the petroleum policies of its Member Countries and ensures the stabilization of oil markets in order to secure an efficient distribution of oil • Regulates the supply of oil to consumers • A steady income to producers and a fair return on capital for those investing in the petroleum industry

  3. Participants • Algeria • Angola • Ecuador • Iran • Iraq • Kuwait • Libya • Nigeria • Qatar • Saudi Arabia • United Arab Emirates • Venezuela

  4. Why/How was it formed? • Was created at the Baghdad Conference on September 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela • Where later joined by nine other members Qatar (1961); Indonesia (1962) Libya (1962) United Arab Emirates (1967) Algeria (1969) Nigeria (1971) Ecuador (1973) • Objective to coordinate oil everywhere in the world • http://www.youtube.com/watch?v=67xnH4xjZyQ

  5. Current Issues • Consumers are starting to use alternative ways to produce energy that are cheaper and environmentally friendly • OPEC member will start to loose money

  6. Canada's Involvement • Canada is not involved in OPEC because Canada has their own guidelines for production of oil and do not want to be dictated by small, less oil rich countries

  7. For further information please visit http://www.opec.org/opec_web/en/

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