Who are the members of OPEC list them all?
Currently, the Organization comprises 15 Member Countries – namely Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
Who are OPEC and what were they responsible for in the 1970’s?
During the 1970s the primary goal of OPEC members was to secure complete sovereignty over their petroleum resources. Accordingly, several OPEC members nationalized their oil reserves and altered their contracts with major oil companies. In October 1973, OPEC raised oil prices by 70 percent.
Who joined OPEC in 1971?
They were to become the Founder Members of the Organization. These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018).
What did OPEC do in 1973?
During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations.
How many member countries make up OPEC?
13 member nations
What Countries Are in OPEC? OPEC is made up of 13 member nations. The five founding members are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, while the other full members include Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and United Arab Emirates.
Why did the Arab members of OPEC take that action in 1973?
Why did Nigeria join OPEC in 1971?
In a nutshell, Nigeria joined OPEC because of the need to correct its faulty administration of petroleum taxation such that the government receipts per barrel and posted prices could compare more favourable with those of the OPEC members as well as the advisability of aligning her aspirations with those of other oil …
How many members make up OPEC and what three continents are they in?
OPEC includes 12 members on 3 continents. The founding members (1960) are Venezuela, Iran, Iraq, Saudi Arabia and Kuwait who are all still part of OPEC.
Which year did Nigeria join OPEC?
1971
OPEC Bulletin Commentary – June-July 2021. The histories of OPEC and Nigeria have been entwined for the past 50 years. It was on July 12, 1971, that Nigeria became the 11th Member of OPEC, with the OPEC Conference unanimously agreeing to accept the country’s application for Membership.
Which country joined the Arab oil embargo in the 1973 oil crisis?
Because every Arab state except for Iraq and Libya joined the oil embargo, oil exports from the Middle East to the West were down by 60%-70% by November 1973.
Which countries were in conflict in the oil crisis of 1973?
The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa.
Who are the 5 founding members of OPEC?
Member Countries The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.
What was the OPEC oil embargo of 1973?
The OPEC oil embargo was a decision to stop exporting oil to the United States. On October 19, 1973, the 12 OPEC members agreed to the embargo. Over the next six months, oil prices quadrupled. Prices remained at higher levels even after the embargo ended in March 1974. 1
Where was OPEC founded?
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
What did OAPEC do in the 1973 war?
In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab majority of OPEC plus Egypt and Syria) declared significant production cuts and an oil embargo against the United States and other industrialized nations that supported Israel in the Yom Kippur War.