|(1960) a cartel formed by Middle Eastern countries to keep the price of oil higher than it would be if the members of the cartel competed with each other. Original members were Saudi Arabia, Kuwait, Iran, Iraq and also the Latin American country of Venezuela; African and Asian countries later joined OPEC too. In 2007, OPEC controlled about 2/3rds of the total oil market. | |(1960) a cartel formed by Middle Eastern countries to keep the price of oil higher than it would be if the members of the cartel competed with each other. Original members were Saudi Arabia, Kuwait, Iran, Iraq and also the Latin American country of Venezuela; African and Asian countries later joined OPEC too. In 2007, OPEC controlled about 2/3rds of the total oil market. |