The Organization of the Petroleum Exporting Countries

The Organization of the Petroleum Exporting Countries

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The Organization of the Petroleum Exporting Countries
In terms of the commodities that are traded on the international market, one of the most common and most important will prove to be cruel oil trading. Cruel oil trading has proven to be crucial in the global economy due to the fact that oil still remains as the most powerful and used energy resource. 


Cruel oil trading is often times traded similarly to how stock shares are traded, for its value is well known and makes it a very viable investment opportunity. However, the importation and exportation of oil is another form of crude oil trading, which involves the actual and physical of crude from country to country. 


Like most international trading, crude oil trading will prove to be regulated to some extent. The Organization of the Petroleum Exporting Countries, popularly referred to simply as OPEC, is among the various factions that exist in the world of crude oil trading and one of the most important as well. OPEC is made up of countries that are involved in crude oil trading, particularly exporting. 


These countries are Iran, Iraq, Algeria, Angola, Ecuador, Kuwait, Saudi Arabia, Libya, Nigeria, Qatar, Venezuela, and the United Arab Emirates. The Organizations of the Petroleum Exporting Countries was formed during the 1960s, when Venezuela and Iran would approach Iraq, Kuwait, and Saudi Arabia towards forming the coalition. The entire purpose of OPEC was to simply implement policies so as to be mutually beneficial among all the members. 

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