OPEC - organization of oil exporting countries
Organization of the Petroleum Exporting Countries (OPEC) - is an oil cartel or intergovernmental organization founded in 1960 to coordinate crude sales and control crude oil prices.
OPEC consists of 12 oil-producing countries, each of which has its own quota of possible production and sale of raw materials. Since 1998, Russia has been a permanent observer at OPEC conferences.
OPEC member countries
The following countries are members of OPEC:
- Algeria
- Angola
- Ecuador
- Iran
- Iraq
- Libya
- Kuwait
- Nigeria
- Qatar
- Saudi Arabia
- Venezuela
- UAE
Functions of OPEC
OPEC accounts for about 40% of world oil production and controls 2\3 of world trade.
Twice a year, the energy and oil ministers of OPEC member states meet at OPEC headquarters in Vienna to assess the state of the oil market and determine the cartel's future actions. OPEC's decisions, as well as the forecasts and pronouncements of its member states, have a significant impact on the movement of oil and other commodity prices.