Brief Overview of the Organization of Petroleum Exporting Countries (OPEC)

Wed, 08 Jun 2011 17:47:40 +0100

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 many ups and downs throughout the group’s history. The organization initially formed in response to an effort by U.S. President Dwight Eisenhower to institute a law establishing quotas for Persian Gulf and Venezuelan oil importation, giving preference to North American sources. In light of such legislation, the organization began to serve a greater purpose of member coordination and petroleum policy enhancement. As these focuses began to define the institution, other countries joined, expanding OPEC’s influence.

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Features of the Global Gas Card

Fri, 27 May 2011 23:34:27 +0100

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Brief Overview of the Organization of Petroleum Exporting Countries (OPEC)

Features of the Global Gas Card