Posts Tagged ‘OPEC’

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OPEC — The Organization of the Petroleum Exporting Countries

The Organization of the Petroleum Exporting Countries called OPEC was created in 1960 to unify and protect the interests of the oil producing countries. The organization allows oil producing countries to guarantee their income by coordinating policies and prices among them. This unified front was created primarily in response to the efforts of western oil countries to drive oil prices down. The original members included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. OPEC has since […]

Who Controls the World's Oil?

Since the mid 19th century, Oil has fueled the industrial revolutions and economic developments of nearly every country on earth. This slowly dwindling resource has also contributed to some of the worst wars in modern history. When it comes to international power, control over oil can be just as important as military or diplomatic strength. But the overwhelming majority of the world's oil is held by only a small handful of people. In terms of output, […]