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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.
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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.
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Writer
Caryl-Sue, National Geographic Society
Producer
Caryl-Sue, National Geographic Society
Last Updated
July 28, 2014
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