Why was OPEC formed?
Understand the Problem
The question is asking about the reasons behind the formation of OPEC (Organization of the Petroleum Exporting Countries), which involves understanding the historical context and motivations for its establishment.
Answer
OPEC was formed to coordinate petroleum policies, secure stable prices, ensure a steady supply to consumers, and provide fair returns on investment.
The final answer is that OPEC was formed to coordinate and unify petroleum policies among member countries, thereby securing fair and stable prices for petroleum producers, ensuring a stable supply of petroleum to consumers, and providing a fair return on capital to those investing in the petroleum industry.
Answer for screen readers
The final answer is that OPEC was formed to coordinate and unify petroleum policies among member countries, thereby securing fair and stable prices for petroleum producers, ensuring a stable supply of petroleum to consumers, and providing a fair return on capital to those investing in the petroleum industry.
More Information
OPEC stands for the Organization of the Petroleum Exporting Countries, and it was founded in Baghdad, Iraq, on September 14, 1960.
Sources
- OPEC: History and Strategy of the Oil Cartel - investopedia.com
- The Organization of the Petroleum Exporting Countries (OPEC) - opec.org
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