Organization of Petroleum Exporting Countries

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Organization of Petroleum Exporting Countries (OPEC) Intergovernmental organization established in 1960 by many of the world's major oil producing states to safeguard their interests. Its primary purpose is to set production quotas and coordinate prices among the 12 members. It was able to control oil prices in the 1970s, but its influence has waned since then, largely because of internal differences and the emergence of major oil-producing countries outside OPEC. Its headquarters are in Vienna, Austria.

http://www.opec.org

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Organization of Petroleum Exporting Countries

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Organization of Petroleum Exporting Countries