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Name of the oil producing cartel that was founded in 1960 by major oil producing countries like Iraq, Saudi Arabia, Kuwait and Venezuela. In 1973, in response to the support for Israel in the Yom Kippur War by the US, UK, France and other nations, many member states decreased production and reduced the amount of oil, effectively creating an oil embargo leading to higher prices, shortages and an “oil shock”.
What is the Organization of Petroleum Exporting Countries or OPEC?