The Organization of the Petroleum Exporting Countries (OPEC) crude output in June fell by 130,000 BOPD due to lower exports from Iraq and disruptions in Libya and Nigeria according to a recent survey published by Reuters.  OPEC was founded in 1960 to bring together multiple countries to ensure the stabilization of oil markets. The 12 member countries of OPEC include: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. OPEC’s goal is to secure a regular supply of petroleum to con...

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