O

Organization for Economic Cooperation and Development (OECD)- The organization that came into being in September 1961, renaming an extending the Organization for European Economic Cooperation. It was based on the convention signed in Paris in December 1960 by the 16 original member countries of OEEC, plus Spain, the USA and Canada. Later other developed countries joined. The aims of the OECD are (a) to encourage economic growth and high unemployment with financial stability among the member countries, and (b) to contribute to the economic development of the less advanced member and non-memebr countries and the expansion of multilateral trade. See the OECD Web-Site.

Organization of Petroleum Exporting Countries (OPEC)- A group of thirteen countries which are major producers and exporters of crude petroleum. The organization, set up in 1960, acts as a forum for discussion of and agreement on the level at which the member countries should fix the price of their crude petroleum exports by production quotas. The 13 member countries are: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Quatar, Saudi Arabia, the United Arab Emirates and Venezuela. these countries accounted for about 60% of the total world crude-oil production and about 90% of total world exports in the early 1970s. However, their high oil prices led to substitution by other fuels, and by the expansion of supplies from non-OPEC producers. As a result, OPEC share of world exports fell to about 40% by 1990.

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