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OPEC
Organization of the Petroleum Exporting Countries
(
OPEC
, ) is an
intergovernmental organization
of 13
petroleum
-exporting nations, founded in 1960 by the first five members, and headquartered since 1965 in
Vienna
,
Austria
. The 13 countries account for 40% of
global oil production
and 73% of
the world's "proven" oil reserves
, making OPEC a major influence on
global oil prices
.
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