| The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-producing nations that was first established in Baghdad, Iraq, in 1961. OPEC is one of the most powerful international organizations in the world and was a major player in the shift towards state control over natural resources.
Before OPEC was formed, the oil market was dominated by a group of multinational companies. The formation of OPEC was a major act of sovereignty by the founding nations, and it helped ensure that private companies could not unilaterally cut prices throughout the world...............................................Full Article: Source
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