The Organization of the Petroleum Exporting Countries (OPEC), inter-governmental organization, was established at the Baghdad Conference in Iraq in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. These five countries were later joined by eight other countries; Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), and Gabon (1975). Ecuador and Gabon withdrew from OPEC in 1992 and 1994. The current eleven OPEC members account for about 40 per cent of world oil production, and two-thirds of the world’s proven oil reserves. (Note: Iraq remains a member of OPEC, but Iraq’s production has not been a part of OPEC quota since 1998). The purpose of OPEC is to co-ordinate and unifies petroleum policies among the member in order to limit supplies in the hope of keeping prices high. From 1920s to 1960s, the major oil companies colluded to prevent prices from falling.
In the 1960s, OPEC had started......

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Title: Impact Of Opec
Approximate Word Count: 1932
Approximate Pages: 8 (250 words per double-spaced page)

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