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  • ORGANISATION OF PETROLEUM EXPORTING COUNTRIES
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    ORGANISATION OF PETROLEUM EXPORTING COUNTRIES

    The Composition and History The Organisation of Petroleum Exporting Countries (OPEC) is made up of 13 member states mostly developing nations of the world and it was founded in Baghdad, Iraq in 1960.   ORIGIN OF OPEC The formation of OPEC was essentially a reaction to the exploitative tendencies of multi-national companies involved in oil exploration. So, in 1960, some oil producing countries came together as a way of protecting their interest and formed OPEC. Some countries later joined the cartel to increase membership e.g. Libya 1962, Algeria 1969, Nigeria 1971, Qatar 1961. The founding nations were Iraq, Iran, Saudi Arabia, Kuwait, and Venezuela. Currently, there are 13 member states…

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