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With its headquarters in Vienna, Austria, it is estimated that OPEC has 75% of the world reserves and meets 40% of the world's demand for oil. Crude reserves for OPEC are estimated at 800 billion barrels of oil - sufficient to last 80 years!
Did you know that there are currently twelve countries that make up OPEC?
In December 2006, the Angolan government approved the decision for Angola (1.4 MM BD producer) to join OPEC as a full member. Former OPEC member Ecuador (540 kBD) and Sudan (expected to soon produce 600 kBD) were also considering joining OPEC. At the 14-Dec-06 OPEC meeting, Angola was unanimously admitted into OPEC as the 12th full member of the organization - effective 01-Jan-07. Angola became the first new member in 30 years.
Created in September 1960, the original 5 OPEC (Organization of Petroleum Exporting Countries) members were:
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