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Organisation of Petroleum Exporting Countries (OPEC)

An organisation of the countries of the Middle East, Southeast Asia, Africa, and South America that produce oil and export it. Update - members as of 1997 are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. The organization’s purpose is to negotiate and regulate production and oil prices.

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