![]() Meanwhile, Ecuador, Indonesia and Qatar are former OPEC members. Ĭurrent OPEC members are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela. (a group whose members cooperate to reduce market competition) but one whose consultations may be protected by the doctrine of state immunity under international law. Economists have characterised OPEC as a textbook example of a cartel OPEC decisions have come to play a prominent role in the global oil-market and in international relations. The formation of OPEC marked a turning point toward national sovereignty over natural resources. Since the 1980s, OPEC has had a limited impact on world oil-supply and oil-price stability, as there is frequent cheating by members on their commitments to one another, and as member commitments reflect what they would do even in the absence of OPEC. In the 1970s, restrictions in oil production led to a dramatic rise in oil prices with long-lasting and far-reaching consequences for the global economy. In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favour of oil-producing states and away from an oligopoly of dominant Anglo-American oil firms (the " Seven Sisters"). The 13 member countries account for an estimated 30 percent of global oil production and 80 percent of the world's proven oil reserves. It was founded on 14 September 1960 in Baghdad by the first five members ( Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). ![]() The Organisation of the Petroleum Exporting Countries ( OPEC, / ˈ oʊ p ɛ k/ OH-pek) is an organisation enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximise profit. ![]()
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