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The members of the Organization of the Petroleum Exporting Countries (OPEC) are countries that produce more petroleum (oil) than they need. OPEC tells these countries how much oil to export, or ship to other countries. It also tells them how much money to charge for the oil. OPEC’s main purpose is to help its members to make more money.
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13 countries are members of OPEC. The names of these countries are: 1. Algeria 2. Angola 3. Indonesia 4. Ecuador 5. Iran 6. Iraq 7. Kuwait 8. Libya 9. Nigeria 10. Qatar 11. Saudi Arabia 12. The United Arab Emirates 13. Venezuela.
Member countries of the OPEC came together to form this international organization with several aims. Some of the aims are: 1. To protect the interest of the member countries. 2. To make sure that the price of petroleum products do not change much. 3. To make certain a regular supply of petroleum oil to other countries. 4. To make sure that member ...
OPEC Conference delegates at Swissotel, Quito, Ecuador, December 2010.OPEC headquarters in Vienna (2009 building).An undersupplied US gasoline station, closed during the oil embargo in 1973.A woman uses wood in a fireplace for heat. A newspaper headline in the foreground shows a story regarding a lack of heating oil in the community.Choose a language from the menu above to view a computer-translated version of this page. Please note: Text within images is not translated, some features may not work properly after translation, and the translation may not accurately convey the intended meaning. Britannica does not review the converted text.
May 24, 2024 · Prices tend to fall when the group decides to supply more oil to the market. The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7 per cent of global demand. The cuts ...
Nov 11, 2022 · In 2016, OPEC formed an alliance with other oil-producing nations to create OPEC+. The 10 countries now in OPEC+ include Russia, Kazakhstan, Azerbaijan, Mexico, and Oman. The move to create OPEC+ was a response to falling crude oil prices partly caused by a huge increase in US shale oil production since 2011.
May 24, 2024 · Because of its large market share, the decisions OPEC makes can affect global oil prices. Its members meet regularly to decide how much oil to sell on global markets. As a result, when they lower ...
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Jun 21, 2023 · What Is OPEC+? In 2016, faced with falling oil prices, OPEC agreed to a Declaration of Cooperation with 10 oil-producing countries outside its membership to increase its reach.
