Middle East Business Guide

Regional Sources

Organization of Petroleum Exporting Countries (OPEC)

OPEC, The Organization of Petroleum Exporting Countries, a central body which, at regular intervals, fixes the price of oil on the international markets. Although a supplier of oil, Britain is not one of the OPEC countries since they are all at odds with the old colonial powers who controlled the oil industry in its early stages. OPEC increased petroleum prices very dramatically in 1973 and 1974 to the great discomfort of most Western nations. The list of countries includes: Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.
“OPEC” A Dictionary of Geography. Susan Mayhew. Oxford University Press, 2004. Oxford Reference Online. Oxford University Press. Boston University. 8 January 2006.”


Information on OPEC can be found under Forecasts and Analysis sections as well as by using the A-Z topics list.

OPEC Fund for International Development

The OPEC Fund for International Development (the Fund) is an intergovernmental development finance institution established in 1976 by the member states of OPEC.