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What is the significance of the Organization of Petroleum Exporting Countries (OPEC)?

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Organization of Oil Producing Countries (OPEC) is a group of the chief oil-producing countries in the world. The actual membership varies, but currently OPEC has twelve member states. OPEC aims to ensure a continuous oil supply to consumers, and fair and steady returns to producers and investors. OPEC was formed in 1960, when the world's oil was roughly controlled by a group of multinational companies referred to as the Seven Sisters. OPEC broke their monopoly, nationalized oil production and gained a monopoly over oil production.

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