The Organization of the Petroleum Exporting Countries
The Organization of the Petroleum Exporting Countries (OPEC) was created at the Baghdad Conference, September 9-14 of 1960. The organization was formed by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. These were the founding members. The group has since grown to thirteen members. There are also three countries that have applied to OPEC since the thirteenth member was inducted, but they have not been accepted. The five founding members
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to OPEC. Once an affordable and efficient alternative is found OPEC will be forced to lower its prices and a new price ceiling will take effect.
1. Danielson, Albert L. The Evolution of OPEC. Harcourt Brace Jovanovich Publishers: New York; 1982.
2. Griffin, James and Teece, David. OPEC Behavior and World Oil Prices. George Allen & Unwin: Boston; 1982.
3. Skeet, Ian. Opec: Twenty-five years of prices and politics. Cambridge University Press: New York; 1988.