OPEC stands for 'Organization of Petroleum Exporting Countries'.
It is an organization of eleven developing countries that are heavily dependent on oil revenues as their main source of income.
The current Members
Algeria
Indonesia
Iran
Iraq
Kuwait
Libya
Nigeria
Qatar
Saudi Arabia
United Arab Emirates
Venezuela.
- OPEC controls almost 40 percent of the world's crude oil.
- It accounts for about 75 per cent of the world's proven oil reserves.
- Its exports represent 55 per cent of the oil traded internationally.
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