25.07.2014 - Can OPEC Control World Oil Prices
It is the world’s most famous cartel OPEC that currently controls almost three quarters of the world’s crude oil, a commodity that, as of right now, industrialized nations cannot do without. OPEC is currently an organization comprised of 11 member countries: Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Formed in 1960 by 5 countries, OPEC clearly dominates world oil as its member countries produce 41% of the world’s oil, and comprise 55% percent of the world’s traded oil. Perhaps the most important statistic is the amount of the world’s oil reserves that OPEC member countries control; they control over 78% of all crude oil reserves...............................................Full Article: Source
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