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Jan 22, 2021

[Answer] Which South American countries claim membership in OPEC?

Step 1 : Introduction to the question "Which South American countries claim membership in OPEC?"

...OPEC began in Baghdad, Iraq, in September 1960 when five countries signed an agreement to band together to manipulate world oil prices. The five countries that would become the founding members of OPEC were the Islamic Republic of Iran, Kuwait, Iraq, Saudi Arabia, and Venezuela. Other countries later joined the group: Qatar, Libya, the UAE, Indonesia, Algeria, Ecuador, Nigeria, Angola, Gabon, Congo, and Equatorial Guinea. There's been a shifting in the member countries over the years, with Ecuador withdrawing in 1992, rejoining in 2007, and then withdrawing again in 2020. Regardless of its current status, Venezuela and Ecuador are the only two South American countries to hold membership in OPEC. Source:

Step 2 : Answer to the question "Which South American countries claim membership in OPEC?"

Venezuela and Ecuador:

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