OPEC

OPEC stands for Organization of Petroleum Exporting Countries. Who is OPEC? OPEC stands for Organization of Petroleum Exporting Countries. It’s members include: Iran Iraq Saudi Arabia Kuwait Venezuela

What does OPEC do? OPEC is a group of countries who have large amounts of oil. They decide the prices and the amount of oil that should be produced each year. Other countries do have oil, but about 90% of the world’s oil reserves are under the control of OPEC.

Where is OPEC? OPEC is located mainly in the Middle East, but they are also in South America as well. It’s members are on 3 continents. Even though they are not located all over the world, their decision affect the whole world.

OPEC first started in 1960, and it continues until now. When did OPEC start? OPEC first started in 1960, and it continues until now.

Why is OPEC so important? Because every country has such a high demand for oil, they need to get it somehow. Alternate means of energy are rare and expensive They set the prices and the supply.