Organisation of Petroleum Exporting Countries (OPEC)

Organisation of Petroleum Exporting Countries (OPEC)

OPEC became a major petroleum pricing power in 1973, when the ownership of oil production in the Middle East transferred from the operating companies to the governments of the producing countries or to their national oil companies. OPEC members include: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

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Part of Speech: noun
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Industry/Domain: Financial services
Category: Commodity exchange
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