Organization of petroleum exporting countries (OPEP):

According to OPEC, "The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization. These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007)".

 

The Organization of Petroleum Exporting Countries (OPEC) has said that the responsibility to cut production to cope with the fall in oil prices to a six-year-old is producing countries outside OPEC.

"If they are thinking that producing countries that are not OPEC will cut production to adjust the oil market and supply, that will not happen in Colombia, We are making every effort to maintain production by 1 million barrels per day", said Finance Minister Mauricio Cardenas. (2015)