Page 156 - Key to Social Studies 5

OPEC

• OPEC refers to the Organization of Petroleum

Exporting Countries. It is an organization

founded, or started, in Baghdad, Iraq, by its

Arabia, and Venezuela. Many countries joined

later, including Qatar, Indonesia, Libya, the

United Arab Emirates, Algeria, Nigeria,

Ecuador, Gabon, Angola, Equatorial Guinea, An oil pump in the desert

and Congo.

• The purpose of OPEC is to discuss and oversee matters of petroleum production, prices, and the future

concession rights, or things that are granted, especially in case of high demand. It plays an important

role in bringing stability to the oil market and also helps others to understand the work of the oil

industry and its global importance.

•

they control through setting quotas

the market to sell.

• Other countries including the United States, Russia, Canada, China, and Oman are major oil producers,

but they are not members of OPEC.

An oil well in the desertAn oil well in the desert

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