OPEC Members control slightly over 80% of the world's proven oil reserves.
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries: the Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. These are the founding members of OPEC.
These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018).
The combination of proven oil reserves held by these countries is 80.4% of the world's oil reserves.
Iraq's economy is directly related to the production cuts or increases in oil production set by OPEC, which does an excellent job of keeping the supply and demand of crude oil in its favor. Many say this is good business. Others call it a cartel. Regardless of what you call it, the bottom line is OPEC controls gas prices globally. And Iraq is committed to the recent production cuts.
Watch the video for more important information.
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