Organisation Of Petroleum Exporting Country (OPEC) was the culmination of a long drawn out tug of war between International Oil Companies and the Petroleum Exporting Country. Most of these countries were gigantic cartels controlling production in more than one state. It was their option to increase or reduce petroleum products in various countries and to manipulate prices. Very often they played one producing country against another by adopting various devices that affected the economy of the producing states without reducing the companies’ profits.
Its members are Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Qatar, the Republic of Congo, Saudia Arabia, United Arab Emirates, and Venezuela. The nation of Indonesia was once part of this Organisation.
