OPECBack to Glossary
The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960 in order to control petroleum prices and policies. Its founding members were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela but it now consists of 14 countries that hold the top oil-exporting positions in the world. The headquarters of the intergovernmental organization are in Vienna and membership to the body is open to countries that are substantial players in the oil-exporting business and share the same principles. The importance of OPEC to global economic stability is massive as it’s the body that contributes to the setting of the price of this valuable commodity by controlling production rates and guiding oil producers to falling in line with its targets.
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