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Transcript of OPEC Prezi
An agreement was signed in September 1960 by five countries Islamic countries
Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Later joined by Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon and Angola.
The OPEC Statute distinguishes between the Founder Members and Full Members.
“any country with a substantial net export of crude petroleum, which has fundamentally similar interests to those of Member Countries, may become a Full Member of the Organization, if accepted by a majority of three-fourths of Full Members, including the concurring votes of all Founder Members.” OPEC Mission To coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. Founder Countries OPEC and The United States get less than half of its oil supply from OPEC nations
US gets more of it's oil supply from Canada than any other country in the Mideast http://www.ghananewsagency.org/details/Economics/OPEC-targets-young-readers-on-education-about-oil-industry/?ci=3&ai=31405 OPEC Logo http://www.resourceinvestor.com/2012/04/16/the-war-at-the-end-of-the-us-dollar US Dollar Price Per Barrel In October 1973, OPEC cut off a great deal of the oil trade to the Us