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Share this on: Oil industry's oversight agency renamed amid massive reform. New Orleans, Louisiana (CNN) -- The federal agency responsible for overseeing the oil industry has been renamed amid a massive reform effort following the BP oil disaster in the Gulf of Mexico, the Department of the Interior announced Monday.
OPEC, the Organization of Petroleum Exporting Countries, is an international Organization of eleven developing countries which are heavily reliant on oil revenues as their main source of income.n September 1960 four Persian Gulf nations (Iran, Iraq, Kuwait, and Saudi Arabia) and Venezuela formed OPEC, the purpose of which was to obtain higher prices for crude oil.