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OPEC
OPEC is a short for Organization of Petroleum Exporting Countries. It is founded in 1960 by Iran, Iraq, Kuwait Saudi Arabia and Venezuela with a goal to provide technical and economical aid and to unify the petroleum policies of member countries in order to secure fair prices for petroleum producers and regular and economic supply to customers.
Today, OPEC consists of 12 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria and Angola.
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