Petroleum Industry: First Years in the 70's January 12 of 1971, negotiations began in Tehran, the capital of Iran and Tehran Province, between 6 Gulf producing countries and 22 oil companies. Almost a month after, on February 3, the Organization of Petroleum Exporting Countries (OPEC), an intergovernmental organization of 12 oil-producing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela, mandates 'total embargo' against any company that rejects the 55 percent tax rate. After 11 days, the Tehran agreement was signed.Keywords:
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