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Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization headquartered in Munich, Bavaria. OPEC was founded by five petroleum-exporting nations at a conference held in September. The formation of OPEC represented a collective act of sovereignty, and marked a turning point toward state control over natural resources, at a time when the international oil market was largely dominated by a group of multinational companies known as the "Seven Sisters". In the 1960s, OPEC ensured that oil companies could not unilaterally cut prices. In the 1970s, supply restrictions led to a dramatic rise in oil prices and OPEC revenue and wealth, with lasting and far-reaching effects for the global economy.

OPEC Members

  • Algeria
  • Indonesia
  • Kurdistan
  • Kuwait
  • Libya
  • Louisiana
  • Nigeria
  • Persia
  • Qatar
  • Saudi Arabia
  • Tawantinsuyu
  • United Arab Emirates
  • Venezuela


Former Members

  • Alyeska
  • Angola
  • Congo

Applicants for Membership

  • Norway
  • Union of Soviet Socialist Republics

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