OPEC: The Organization That Regulates Oil Production and Prices in Global Markets

In the 1960s, oil producing countries formed an organization called OPEC. They formed the organization as a form of dissatisfaction with the control of foreign oil companies over the resources they have. The main goal is that they can take control of oil production and regulate oil prices on world markets, as well as increase profits for its member countries. Since then, OPEC has grown to become one of the most important organizations in the world and plays a significant…

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