What Group controlls almost 40% of the worlds oil? - ProProfs Discuss
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What Group controlls almost 40% of the worlds oil?



Asked by Hectortheboss, Last updated: Jun 14, 2021

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2 Answers

A. Ameli

A. Ameli

A. Ameli
A. Ameli

Answered Aug 30, 2017

OPEC stands for the Organization of the Petroleum Exporting Countries. This organization was created in 1960 with five primarily Middle East countries as its charter members. These countries included Venezuela, Iran, Iraq, Kuwait and Saudi Arabia. Since the Middle East is known for producing large quantities of oil, it seems reasonable for four of the five countries to be located in the Middle East.

In 2017, about 14 countries have been admitted to OPEC. OPEC was established in order to maintain the process and procedure of the oil industry especially for the members. They protect and control the much of the oil industry. One member, Indonesia, has had their membership lapse. Some members are observers including Oman, Russia, Norway, Mexico and Egypt.

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John Smith

John Smith

John Smith
John Smith

Answered Aug 17, 2017

Opec
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