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OPEC or Organization of Petroleum Exporting Countries is a cartel.

Expanded Definition

OPEC is best known for its efforts to set the price of oil and to allocate share of the market among its member countries.

Member Countries

  • Venezuela
  • United Arab Emirates
  • Saudi Arabia
  • Libya
  • Iraq
  • Iran
  • Gabon
  • Nigeria
  • Kuwait
  • Quatar
  • Indonesia
  • Algeria
  • Ecuador

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