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Who is in OPEC: Understanding the Members of the Organization of the Petroleum Exporting Countries

Introduction to OPEC: A Brief Overview of the Organization The Organization of the Petroleum Exporting Countries, or OPEC, was founded in 1960 by five countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Today, it has 13 member countries, which together produce around 40% of the world’s oil and control more than 70% of the world’s “proven” oil reserves. OPEC’s primary…