Organization of Petroleum Exporting Countries (OPEC)

The Organization of Petroleum Exporting Countries (OPEC) was formally established in 1960 by Venezuela, Iran, Kuwait, Iraq, and Saudi Arabia at a conference in Baghdad. OPEC, which currently does not include Iraq, also includes Algeria, Indonesia, Libya, Nigeria, Qatar, and the United Arab Emirates, and since 1965 has been headquartered in Vienna, where it conducts its semiannual OPEC conferences. The 11 members produce 40% of the world's oil supply today, and, more important, they jointly hold 78% of the world's proven crude oil reserves (2003 estimates).

OPEC is a cartel whose principal objectives are to coordinate petroleum policies in the best interests of member countries, to stabilize prices, to provide a regular supply to consumer nations, and to provide a fair return on capital to investors. ...