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Answer: The Organization of the Petroleum Exporting Countries (OPEC) was formed at the Baghdad Conference in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to serve as a platform for oil producers to achieve their economic objectives. The five founding members were later joined by Qatar, Indonesia, Libya, United Arab Emirates, Algeria, and Nigeria. Ecuador and Gabon both had their membership suspended at their own request in 1992 and 1994 respectively.
Wiki User
∙ 14y ago
Wiki User
∙ 11y agoSheikh Zayed bin Sultan Al Nahyan
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What group formed to regulate oil prices?
OPEC
What group was formed to regulate oil prices?
OPEC
When was OPEC set up?
OPEC was formed between September 10-14 1960, and was in effect January 1961.
What nation initiated the meeting that formed OPEC?
Saudi Arabia
Opec was formed in 1960 in order to?
OPEC was formed in 1960 to co-ordinate and unify petroleum policies among Member Countries, in an effort to secure fair and stable prices for petroleum producers.
What is OPEC's purporse?
OPEC refers to an organization formed by petroleum exporting states. It's purpose is to regulate amount of oil being produced as well as control its prices.
Which international organization was formed to set policies related to crude oil production?
OPEC
For what purpose was OPEC created?
OPEC is an alliance formed by the oil producing countries of the world who collude and decide on how much oil to produce, keeping the cost higher than it should be.
What monopoly was formed by oil-producing nations of the middle east to control the supply and price of oil?
OPEC
Who owns OPEC?
opec
What is the organization that Saudi Arabia and other oil producing nations formed in 1960?
OPEC - The Organization of the Petroleum Exporting Countries
Where is the headquater of opec?
where is the head quarter of opec
