Question

What do all opec nations have in common

Answer 1

All the nations belonging to the OPEC (Organization of the Petroleum Exporting Countries) have in common being oil-exporting developing nations.

The mission is to coordinate and unify the petroleum policies of its Member Countries and ensure stabilization of oil markets.

It was founded in Spetember 14th, 1960 during a meeting in the Iraqui capital of Baghdad, attended by five founder members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. These countries were later joined by Qatar, Nigeria, Congo, Indonesia, among others. Currently, the organization has a total of 15 Member Countries, ditinguished between Founders and Full Members.

Answer 2

The OPEC stands for Organization of Petroleum Exporting Countries. It is formed by 15 countries. As its name says it, all of the countries which are members of this group export petroleum. As a whole, the group produces around 40% of the World's oil and accounts for around 80% of the World's oil reserves. Such control over the industry grants them a big influence when it comes to the pricing of this resource.