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These five countries- Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela- were responsible for nearly 80% of all world oil exports at the time. From this point forward, OPEC would become the primary policy-making body for the price regulation of petroleum exports. Fuad Rouhani, the first Secretary-General of OPEC, established that the objectives of this organizations were:
1) Endeavoring by all possible means to restore the price of crude oil to the level existing before the reductions.
2) Ensuring that the oil companies maintain their prices at a stable level, avoiding any unnecessary fluctuations...
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