Organization of Petroleum Organization of Petroleum Exporting CountriesExporting Countries

=OPEC=OPEC

• 1960, 5 oil-rich countries formed an organization called the Organization of Petroleum Exporting Countries, or OPEC. The members are Iran, Iraq, Saudi Arabia, Kuwait, and Venezuela.

PurposePurpose

• To coordinate and unify petroleum prices in order to promote stability in the world’s oil market and ensure a regular supply of petroleum to other countries. Helps to control gas prices, sets the prices of oil, amount of oil produced in member nations.