Definition: OPEC
OPEC stands for the Organization of Petroleum Exporting Countries. Represented by a group of countries, (OPEC) centered around middle east and founded in and around 1960 with a purpose to collaborate in the management of regulating production levels of oil to meet world demand.
OPEC also regulate the exportation of crude oil from member states, to the rest of the world and because of their ability to adjust production levels, OPEC possess a great deal of influence on the price of oil and associated political issues.
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Prepare to celebrate Opec's demiseFinancial TimesThe days of Opec, the oil producers' cartel, are numbered. Unstable oil states, from Iraq to Venezuela, will be marginalised. The G8 statement on oil should have been optimistic. Technology has led to a revolution in energy supply. |
05/21/2012 08:01 PM
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Iraq turns to US drones to protect oil platformsReuters UKBy Patrick Markey and Ahmed Rasheed | BAGHDAD (Reuters) - Iraq is buying unmanned drones from the United States to help protect its southern oil platforms as the OPEC nation ramps up production after the withdrawal of the last American troops, ...and more » |
05/21/2012 11:42 AM
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