OPEC or the Organization of Petroleum Exporting Countries is an intergovernmental organization between oil producing nations across the globe. The organization was founded during the Baghdad conference during September 10 – 14 1960 by the founding member countries Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Subsequent countries were added to the OPEC in the following order: 1) Qatar (1961), 2) Indonesia (1962 - 2009), 3) Socialist People’s Libyan Arab Jamahiriya (1962), 4) United Arab Emirates (1967), 5) Algeria (1969), 6) Nigeria (1971), 7) Ecuador (1973 – 1992, 2007 – till date), 8) Angola (2007), and 9) Gabon (1975–1994).
OPEC – Past, Present, Future
The OPEC ...
