As the main cartel that controls the price of oil around the world, OPEC holds immense power and weight with respect to the world’s energy resources. OPEC comprises 12 countries, including the United Arab Emirates, Libya, Iran, Iraq, Algeria, and Angola. Headquartered in Vienna, the organization meets regularly with each country’s representatives weighing in on issues and concerns facing the industry and the world.

Established by Iran and Venezuela in the 1960s, OPEC expanded rapidly, with...

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