| It is time to take a step back and answer a frequent question that we get from people within our state: Who is OPEC and how do they affect our U.S. oil prices? Articles run every day in the news that talk of the impact that OPEC makes on our national and international economy, but some confusion exists as to exactly where they came from and what their goal is for the global oil price.
In 1960, five countries got together to form the Organization of Petroleum Exporting Countries. Iran, Iraq, Saudi Arabia, Kuwait and Venezuela came together according to the OPEC website for the purpose of “coordinating and unifying petroleum prices among member countries in order to secure fair and stable prices for petroleum producers.” Nine new members later joined the five founding members: Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola and Gabon. Today, Gabon is no longer a member, and Indonesia has recently requested that its membership be renewed...............................................Full Article: Source
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