The Organization of the Petroleum Exporting Countries (OPEC; /ˈoʊpɛk/ OH-pek) is an intergovernmental organization of twelve oil-producing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has had its headquarters in Vienna since 1965, and hosts regular meetings among the oil ministers of its Member Countries. Indonesia withdrew in 2008 after it became a net importer of oil, but stated it would likely return if it became a net exporter again.

According to its statutes, one of the principal goals is the determination of the best means for safeguarding the organization's interests, individually and collectively. It also pursues ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; giving due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; an efficient and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry.

OPEC's influence on the market has been widely criticized, since it became effective in determining production and prices. Arab members of OPEC alarmed the developed world when they used the “oil weapon” during the Yom Kippur War by implementing oil embargoes and initiating the 1973 oil crisis. Although largely political explanations for the timing and extent of the OPEC price increases are also valid, from OPEC’s point of view, these changes were triggered largely by previous unilateral changes in the world financial system and the ensuing period of high inflation in both the developed and developing world. This explanation encompasses OPEC actions both before and after the outbreak of hostilities in October 1973, and concludes that “OPEC countries were only 'staying even' by dramatically raising the dollar price of oil.”

OPEC's ability to control the price of oil has diminished somewhat since then, due to the subsequent discovery and development of large oil reserves in Alaska, the North Sea, Canada, the Gulf of Mexico, the opening up of Russia, and market modernization. As of November 2010, OPEC members collectively hold 79% of world crude oil reserves and 44% of the world’s crude oil production capacity, affording them some control over the global market. The next largest group of producers, members of the OECD and the Post-Soviet states produced only 23.8% and 14.8%, respectively, of the world's total oil production. As early as 2003, concerns that OPEC members had little excess pumping capacity sparked speculation that their influence on crude oil prices would begin to slip.

Read more about OPEC:  History

Other articles related to "opec":

Chronology Of World Oil Market Events (1970–2005) - The 1990s - 1992
... m3/d) insists on restoration of its pre-invasion OPEC quota of 1.5 Mbbl/d (240,000 m3/d) ... Arabia supports a crude oil price hike during a late-month OPEC meeting ... Oct OPEC production reaches highest level in more than a decade at 25.25 Mbbl/d (4,014,000 m3/d) ...
... oil corporations and the Organization of Petroleum Exporting Countries (OPEC) in 1973 that engineered a substantial increase in world oil prices ... groups due to the increased power of OPEC relative to the companies, especially the then dominant Seven Sisters (Sampson, 1975), coordination was argued to occur ... While both OPEC and this reputed megacorpstate would lose monopoly power in the mid-1980s, a new form of it may have arisen in the last few years ...
African Energy Commission
... July 2001 as the African Union's (AU) answer to the Organisation of Petroleum Exporting Countries (OPEC) ... Nigeria among its founders, nations who are also members of OPEC ... According to Chakib Khelil, Algerian energy minister and OPEC President, "Afrec is a framework of co-operation and co-ordination, but it is also a framework of ...
Rilwanu Lukman - Senior Government and OPEC Positions
... From 1986 he served eight consecutive terms as OPEC president ... Lukman was elected OPEC secretary general on 22 November 1994, succeeding Dr ...
members" class="article_title_2">OPEC - Membership - Current Members
... OPEC has twelve member countries six in the Middle East, four in Africa, and two in South America ... Country Region Joined OPEC Population Area (km²) Production (bbl/day) Algeria Africa 1969 37,367,226 2,381,740 2125000 !2,125,000 (16th) Angola Africa 2007 18,056,072 1,246,700 1948000 !1,948,000 (17th ...