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Organization of Petroleum Exporting Countries - OPEC
What does it mean?
An organization made up of some of the largest oil-exporting nations who coordinate their petroleum policies to manage the supply of oil in an effort to set the price of oil on the world market.
In Other Words...
The OPEC membership is open to any country that is a substantial exporter of oil and shares the ideals of the organization. OPEC has 11 countries as members, which currently supply more than 40% of the world's oil and possess about 78% of the world's total proven crude oil reserves.
Comprising a cartel, the OPEC makes decisions that have a big impact on the world price of oil, and they have been successful in causing the price of petroleum to rise.
Related Links
OPEC.org - The official site for the Organization of Petroleum Exporting Countries.
All about Inflation Tutorial - What causes inflation? How does it affect your investments and standard of living? This tutorial has the answers.
Related Terms
Antitrust | Cartel | Petrodollars | Price Fixing
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