OPEC summary

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Below is the article summary. For the full article, see OPEC.

OPEC, in full Organization of the Petroleum Exporting Countries, Multinational organization established in 1960 to coordinate the petroleum production and export policies of its members. Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela are the founding members. They were joined by Qatar (1961, withdrew 2019), Indonesia (1962, suspended membership 2009, rejoined 2016, suspended membership 2016), Libya (1962), Abu Dhabi (1967; membership transferred to the United Arab Emirates, 1974), Algeria (1967), Nigeria (1971), Angola (2007, announced withdrawal 2023), Ecuador (1973, suspended membership 1992, rejoined 2007, withdrew 2020), Gabon (1975, withdrew 1995, rejoined 2016), Equatorial Guinea (2017), and the Republic of the Congo (2018). Policy decisions are taken by consensus at its Vienna headquarters. In 1973 OPEC began a series of oil price increases in retaliation for Western support of Israel in the 1973 Arab-Israeli war, and OPEC members’ income greatly increased as a result. Internal dissent, the development of alternative energy sources in the West, and Western exploitation of oil sources in non-OPEC countries subsequently combined to reduce the organization’s influence. OPEC countries supply about two-fifths of the world’s oil consumption and possess about two-thirds of the world’s proven oil reserves.

international organization Summary

International organization, institution drawing membership from at least three states, having activities in several states, and whose members are held together by a formal agreement. The Union of International Associations, a coordinating body, differentiates between the more than 250 international

Qatar Summary

Qatar, independent emirate on the west coast of the Persian Gulf. The small country has tremendous influence as a trusted mediator between rivals in the region and as one of the world’s largest exporters of natural gas. It has also garnered international attention through its popular television

Gabon Summary

Gabon, country lying on the west coast of Africa, astride the Equator. A former French colony, Gabon retains strong ties to France and to the French language and culture. The capital is Libreville. Gabon is bordered by Equatorial Guinea and Cameroon to the north, the Republic of the Congo to the

Kuwait Summary

Kuwait, country of the Arabian Peninsula located in the northwestern corner of the Persian Gulf. A small emirate nestled between Iraq and Saudi Arabia, Kuwait is situated in a section of one of the driest, least-hospitable deserts on Earth. Its shore, however, includes Kuwait Bay, a deep harbour on