Understanding the Role and Impact of the Organization of the Petroleum Exporting Countries (OPEC)

Introduction to OPEC The Organization of the Petroleum Exporting Countries (OPEC) is an international organization comprised of 13 major oil-exporting nations. Established in 1960 by five founding members—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—OPEC’s primary mission is to manage the supply of crude oil on the world market, thereby regulating

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