As of summer 2014, there are 12 members of the Organization of the Petroleum Exporting Countries (OPEC): Saudi Arabia, Iran, Iraq, United Arab Emirates, Kuwait, Venezuela, Nigeria, Libya, Algeria, Angola, Qatar, and Ecuador.
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    On September 14, 1960, the Organization of the Petroleum Exporting Countries (OPEC) was formed in Baghdad, Iraq. Today, OPEC headquarters are in Vienna, Austria.
     
    OPEC is an intergovernmental organization created to coordinate the petroleum policies of leading oil-exporting nations. It was founded on the principle that every nation has a right to develop its own natural resources. Many OPEC nations are part of the developing world, and OPEC was an alternative to the multinational corporations that dominated the petroleum market in the 1950s.
     
    Today, 12 nations are members of OPEC. In order of production (oil barrels per day), they are: Saudi Arabia, Iran, Iraq, United Arab Emirates, Kuwait, Venezuela, Nigeria, Libya, Algeria, Angola, Qatar, and Ecuador.
  • Term Part of Speech Definition Encyclopedic Entry
    alternative Noun

    choice or decision.

    coordinate Verb

    to work together or organize for a specific goal.

    developing world Noun

    nations with low per-capita income, little infrastructure, and a small middle class.

    dominate Verb

    to overpower or control.

    drill Verb

    to make a hole using a rotating digging tool.

    export Verb

    to transport goods to another place for trade.

    fossil fuel Noun

    coal, oil, or natural gas. Fossil fuels formed from the remains of ancient plants and animals.

    fuel Noun

    material that provides power or energy.

    headquarters Noun

    place where an organization or project is chiefly located.

    intergovernmental Adjective

    having to do with the national governments of more than one state.

    market Noun

    central place for the sale of goods.

    multinational corporation Noun

    business that manages the production of goods or delivers services in several countries.

    nation Noun

    political unit made of people who share a common territory.

    Encyclopedic Entry: nation
    natural gas Noun

    type of fossil fuel made up mostly of the gas methane.

    Encyclopedic Entry: natural gas
    natural resource Noun

    a material that humans take from the natural environment to survive, to satisfy their needs, or to trade with others.

    oil Noun

    fossil fuel formed from the remains of marine plants and animals. Also known as petroleum or crude oil.

    oil barrel Noun

    unit of measurement for oil and other petroleum products in the United States equal to 159 liters or 42 gallons. Abbreviated bbl.

    petroleum Noun

    fossil fuel formed from the remains of ancient organisms. Also called crude oil.

    principle Noun

    rule or standard.