Organization of the Petroleum Exporting Countries is an
international organization of the world's major oil exporting
countries. According to its statute it aims to "coordinate and
unify the petroleum policies of its Member Countries and ensure the
stabilization of oil markets in order to secure an efficient,
economic and regular supply of petroleum to consumers, a steady
income to producers and a fair return on capital for those
investing in the petroleum industry." The formation of the cartel
was a response to the imposition of import quotas by the United
States on the Venezuelan and Middle Eastern oil in 1959, which led
to falling prices of the product in these regions. Since them the
union strives to regulate its oil output to raise and stabilize the
prices. Learn more about the multinational organization of the
oil-exporting countries, its history, goals and petroleum politics
in this book.
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