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What is "OPEC?"

OPEC stands for the Organization of Petroleum Exporting Countries. Established in 1960 by a resolution adopted at the Baghdad Conference, the intent of the organization was to coordinate and unify petroleum policies and to stabilize international oil prices to prevent harmful fluctuations. OPEC accounts for 40.4 percent of total world supply of crude oil and 77 percent of the world's proved oil reserves.

Which countries are part of OPEC?

The cartel was formed at a 1960 meeting in Baghdad attended by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. By 1975 eight more countries had joined: Algeria, Ecuador, Gabon, Indonesia, Libya, Nigeria, Qatar and the United Arab Emirates. Ecuador pulled out in December 1992 and Gabon in January 1995.

 Which OPEC country produces the most crude oil?

Saudi Arabia, which produces 8.55 million barrels a day, comes in first, followed by Iran, Iraq, Venezuela, United Arab Emirates, Kuwait, Nigeria, Libya, Indonesia, Algeria, and Qatar.

(c) Copyright 2002 by SyndicationWire.com


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