OPEC Welcomes US Bid To Cap Oil Speculation
Posted on 08 February 2010 by admin
It will be 50 years in September since the Organization of Petroleum Exporting Countries was created in Baghdad with five founding member countries.
The intervening years have seen it grow to 12 members and evolve from the sharply politicized organization of the 1970s to a broadly economic one in more recent years. The majority of the world’s oil reserves are held by OPEC’s state-run oil companies.
In January 2007, Abdalla El-Badri, a former deputy prime minister of Libya, became OPEC’s Secretary General, running the body day-to-day. Notwithstanding the OPEC-induced oil embargo that crippled customers in the 1970s, he was to experience one of its most volatile periods in its history…
