ORGANISATION OF PETROLEUM EXPORTING COUNTRIES

Organisation of Petroleum Exporting Countries: translation

Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, and Venezuela. These oil producers run a cartel to control the world price of crude oil. OPEC was at the height of its power in the 1970s when it controlled 90% of the known world supplies. However, by maintaining high prices it forced other countries to conduct more rigorous oil exploration and allowed them to develop their own oil fields thus reducing its own importance in the world market. That said, it is still hugely influential and is the foundation stone of the geopolitical relationship between the Middle East and the rest of the world.