OPEC was formed by some oil producing nations in
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Correct Answer: Option A
Explanation:
OPEC, the Organization of the Petroleum Exporting Countries, was formed in 1960. It was created at the Baghdad Conference in September 1960 by five founding members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organisation was established to coordinate the petroleum policies of its members and to stabilise oil prices in the international market, in order to secure a fair and steady income for the oil-producing countries. Nigeria later joined in 1971.
OPEC, the Organization of the Petroleum Exporting Countries, was formed in 1960. It was created at the Baghdad Conference in September 1960 by five founding members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organisation was established to coordinate the petroleum policies of its members and to stabilise oil prices in the international market, in order to secure a fair and steady income for the oil-producing countries. Nigeria later joined in 1971.