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This statistic depicts the change in average prices for selected OPEC crude oils between 1960 and 2012. In 1961, the oil price per barrel was 1.57 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries. The following countries are members of the organization: Algeria, Angola, Ecuador, Indonesia, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela and the United Arab Emirates.