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The '''Organization of the Petroleum Exporting Countries (OPEC)''' is a permanent, intergovernmental organization, created at the [[Baghdad Conference]] on September 10–14, 1960, by [[Iran]], [[Iraq]], [[Kuwait]], [[Saudi Arabia]] and [[Venezuela]]. The five founding members were later joined by nine other members: [[Qatar]] (1961); [[Indonesia]] (1962); Socialist Peoples Libyan Arab Jamahiriya (1962); [[United Arab Emirates]] (1967); [[Algeria]] (1969); [[Nigeria]] (1971); [[Ecuador]] (1973–1992); [[Gabon]] (1975–1994) and [[Angola]] (2007). OPEC had its headquarters in [[Geneva]], [[Switzerland]], in the first five years of its existence. This was moved to [[Vienna]], [[Austria]], on September 1, 1965.  

The '''Organization of the Petroleum Exporting Countries (OPEC)''' is a permanent, intergovernmental organization, created at the [[Baghdad Conference]] on September 10–14, 1960, by [[Iran]], [[Iraq]], [[Kuwait]], [[Saudi Arabia]] and [[Venezuela]]. The five founding members were later joined by nine other members: [[Qatar]] (1961); [[Indonesia]] (1962); Socialist Peoples Libyan Arab Jamahiriya (1962); [[United Arab Emirates]] (1967); [[Algeria]] (1969); [[Nigeria]] (1971); [[Ecuador]] (1973–1992); [[Gabon]] (1975–1994) and [[Angola]] (2007). OPEC had its headquarters in [[Geneva]], [[Switzerland]], in the first five years of its existence. This was moved to [[Vienna]], [[Austria]], on September 1, 1965.  

OPEC's stated objective is to co-ordinate and unify [[petroleum]] output among member countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. <ref>http://www.opec.org/aboutus/history/history.htm</ref>

OPEC's stated objective is to co-ordinate and unify [[petroleum]] output among member countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.<ref>http://www.opec.org/aboutus/history/history.htm</ref>

OPEC is frequently accused of maintaining artificially inflated oil prices by restricting oil production, but its ability to control the market price has declined with increased competition from the [[United States]] (especially new oil production in [[North Dakota]]), [[Mexico]], [[Norway]] and [[Russia]].<ref>http://www.bloomberg.com/news/2014-11-23/opec-easy-decision-days-seen-over-by-former-qatari-oil-minister.html</ref>

OPEC is frequently accused of maintaining artificially inflated oil prices by restricting oil production, but its ability to control the market price has declined with increased competition from the [[United States]] (especially new oil production in [[North Dakota]]), [[Mexico]], [[Norway]] and [[Russia]].<ref>http://www.bloomberg.com/news/2014-11-23/opec-easy-decision-days-seen-over-by-former-qatari-oil-minister.html</ref>

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[[Category: Organizations]]

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[[Category: Middle East]]

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[[Category: Energy]]

[[Category:Energy]]