Article / Updated 01-25-2017
Energy investors find that it is impossible to have a discussion about national oil companies (NOCs) without shining a light on OPEC. By the end of 2011, more than 80 percent of the world’s proven oil reserves rested in the hands of the 12-member oil cartel.
OPEC was created in the 1960s by five founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.