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#VantageReels: On 14 September 1960, the Organisation of the Petroleum Exporting Countries, also known as #OPEC, was founded in Baghdad by the first five members - Iran, #Iraq, #Kuwait, #SaudiArabia, and #Venezuela. The oil cartel was aimed at fixing the worldwide supply of oil and its price. Currently, the 13 member countries account for an estimated 30 percent of global oil production. #FPRewind | Firstpost
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