Oil Quiz #3 - Oil Quiz#3 Petro Power Playa OPEC Part 1 o...

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Oil Quiz #3 Petro Power Playa: OPEC Part 1 o OPEC-Organization of Petroleum Exporting Countries o Established in Baghdad, Iraq in 1960 o Own flag o Headquarted in Vienna, Austria o Original members: Iran Iraq Kuwait Saudi Arabia Venezuela o Currently a dozen members o Indonesia was in and is now out o Primarily middle eastern countries o Cartel or coalition or oil producing and exporting countries o Cartels are business entities that control the lion share of a single commodity o The state owns or controls the entire oil production process o US could not join OPEC because it does not export oil, government does not own the oil o British protectorates: Kuwait, UAE, Qatar o Independent states were brand new states, with no money, inexperienced o Middle eastern countries were dependent on the western technology to find the stuff, and extract it o After WW2 British bail out on their protecting countries o Self-determination o Middle eastern states start to discover how much oil there actually is o

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