Organization of Petroleum Exporting Countries (OPEC)
Definition
World's most famous cartel, comprising of 12 major petroleum producers who control about 40 percent of the total oil exports. Formed in 1960 as a forum for mutual consultation on fixing crude oil prices and production quotas among its member states of Algeria, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates (UAE), and Venezuela. Ecuador, one of its original members, dropped out in 1996 due to near exhaustion of its oil reserves.
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