| The Organization of Petroleum Exporting Countries | | | | keeping price as consistent as possible. Like many |
| (OPEC) is one of the most powerful groups in the | | | | groups, the OPEC is looking to keep the included |
| entire world. You may have questions as to what the | | | | countries profitable in producing oil for the rest of the |
| OPEC is, or what countries belong to OPEC. This | | | | world. |
| article will take a few answer those questions. | | | | There has been serious criticism about some of the |
| The OPEC is a group of 12 countries including the | | | | practices of this group; that said, one thing is for sure- |
| following: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, | | | | they still have a significant pull in the oil markets and |
| Libya, Nigeria, Qatar, Saudi Arabia, the United Arab | | | | can do a great deal to either raise or lower prices. |
| Emirates, and Venezuela. Currently, their headquarters | | | | Knowing who they are and what they stand for is |
| is in Vienna and has been since 1965. Every so often, | | | | important, as we'll be seeing them more and more in |
| the powers from each country get together and meet | | | | the news. |
| about what is going to be best for the entire group in | | | | Only recently we have seen Saudi Arabia speaking |
| terms of the oil markets. | | | | about their plans to not produce as much oil to stabilize |
| The OPEC has one principle goal- safeguarding the | | | | current prices. The decisions made by this organization |
| organization's interests, helping each country individually | | | | can directly influence our lives, as many of us can't live |
| and working with the group collectively. They make | | | | without gas! |
| policies that are to stabilize prices in the oil markets, | | | | |