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The Organization of the Petroleum Exporting CountriesThe Organization of the Petroleum Exporting Countries OPEC was created at the Baghdad Conference September 9-14 of 1960 The organization was formed by Iran Iraq Kuwait Saudi Arabia and Venezuela These were the founding members The group has since grown to thirteen members There are also three countries that have applied to OPEC since the thirteenth member was inducted but they have not been accepted The five founding members have a veto power over the addition to new members Besides this veto OPEC is set up so that all of the countries are equal members In order to become a member of OPEC a country must be a substantial net exporter of petroleum and its interests in the industry are fundamentally similar to that of the members In order to become a member they need to be approved by three fourths of the full members and all of the founding members because of their veto power During the Baghdad conference the five leading oil-exporting countries decided that the price of oil was get too low The main reason OPEC was formed was to insure that the prices of oil stayed consistent and did not continue to be reduced by the oil companies When OPEC began to set the prices they failed to return the prices to what they used to be but the organization did succeed to freeze the prices where they were Setting the oil prices is the main function of OPEC The price they set is the price per barrel that the country receives from the oil companyThe original objectives of OPEC were stated in two resolutions The first resolution states that members shall demand that the oil companies maintain their prices steady and free from all unnecessary fluctuations that members shall endeavor by all means available to them to restore present prices to the levels prevailing before the reduction That they shall ensure that if any
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