OPEC Facts History And Other Information

What is OPEC? Facts, History and Other Information
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Organization of the Petroleum Exporting Countries (OPEC) or the Organization of Petroleum Exporting Countries was founded in 1960.

The establishment of OPEC aimed to unite and protect the interests of oil-producing countries the world.

OPEC allows member states to guarantee their income by coordinating policy and oil prices.

This organization was formed, among others, in response to a western oil company's efforts to push oil prices continue to fall.

Early members of OPEC is Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.

In its development, membership was expanded by adding seven other countries, namely Algeria, Angola, Indonesia, Libya, Nigeria, Qatar, and United Arab Emirates, making a total membership numbering 12 countries.

OPEC representing the political and economic power significantly. Two-thirds of the world's oil reserves and half the world's oil exports owned by OPEC members.

Fangs OPEC in the world political stage first shown in the 1970s.

When the Yom Kippur War erupted in the Middle East, the United States in its efforts to help Israel against Egypt and Syria.

In response, then apply the OPEC oil embargo targeted at the United States and its European allies. The embargo lasted from October 19, 1973 to March 17, 1974.

Fact result in widespread embargo. Direct effects include inflation and economic recession in the United States and other countries targeted by the embargo.

Car owners in the United States was restricted to only buy gas on certain days as well as the application of even-odd license plates to operate alternately.

Oil embargo also encourage car manufacturers to produce smaller vehicles and fuel-efficient.

Even after the embargo ended, the price of oil continues to rise and the US economy continues to suffer.

Although OPEC is often regarded as a valid "evil" in the political arena, the organization also has a goal that can be justified.

OPEC prevents members used by industrialized countries to ensure that the oil exporting countries get a fair oil price resource

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