What is OPEC?OPEC stands for the Organization of Petroleum Exporting Countries. It is an intergovernmental organization, created in 1960 at the behest of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. These five countries are commonly called the Founding Countries of OPEC.
|If you stare hard enough at the OPEC logo, you might see four barrels of oil.|
Other countries which are members of OPEC include:
- Qatar (joined 1961),
- Indonesia (joined 1962),
- Libya (joined 1962),
- the United Arab Emirates (joined 1967),
- Algeria (joined 1969),
- Nigeria (joined 1971),
- Ecuador (joined 1973),
- Gabon (joined 1975) and
- Angola (joined 2007).