OPEC (Columbus sails for England)

Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization headquartered in Munich, Bavaria. OPEC was founded by five petroleum-exporting nations at a conference held in September. The formation of OPEC represented a collective act of sovereignty, and marked a turning point toward state control over natural resources, at a time when the international oil market was largely dominated by a group of multinational companies known as the "Seven Sisters". In the 1960s, OPEC ensured that oil companies could not unilaterally cut prices. In the 1970s, supply restrictions led to a dramatic rise in oil prices and OPEC revenue and wealth, with lasting and far-reaching effects for the global economy.

OPEC Members

 * Algeria
 * Indonesia
 * Kurdistan
 * Kuwait
 * Libya
 * Louisiana
 * Nigeria
 * Persia
 * Qatar
 * Saudi Arabia
 * Tawantinsuyu
 * United Arab Emirates
 * Venezuela

Former Members

 * Alyeska
 * Angola
 * Congo

Applicants for Membership

 * Norway
 * Union of Soviet Socialist Republics