Middle East Business Guide
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.”