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.
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.
to overpower or control.
to make a hole using a rotating digging tool.
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.
material that provides power or energy.
place where an organization or project is chiefly located.
having to do with the national governments of more than one state.
central place for the sale of goods.
multinational corporation Noun
business that manages the production of goods or delivers services in several countries.
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.
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.
fossil fuel formed from the remains of ancient organisms. Also called crude oil.
rule or standard.