(CNN)Here’s a look at the Organization of the Petroleum Exporting Countries, headquartered in Vienna, Austria.

Facts:The purpose of OPEC for members is to “coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.”OPEC members collectively supply about 44.1% of the world’s crude oil production.Together, OPEC members control about 81.5% of the world’s total proven crude reserves.OPEC member countries monitor the market and decide collectively to raise or lower oil production in order to maintain stable prices and supply.Read MoreA unanimous vote is required on raising or lowering oil production.Each member country controls the oil production of its country, but OPEC aims to coordinate the production policies of member countries. Oil and energy ministers from OPEC member countries usually meet twice a year to determine OPEC’s output level. They also meet in extraordinary sessions whenever required.Current Members:Algeria – 1969-presentAngola – 2007-presentEcuador – 1973-1992; 2007-presentEquatorial Guinea – 2017-presentGabon – 1975-1995; 2016-presentIran – 1960-presentIraq – 1960-presentKuwait – 1960-presentLibya – 1962-presentNigeria – 1971-presentQatar – 1961-presentSaudi Arabia – 1960-presentUnited Arab Emirates – 1967-presentVenezuela – 1960-presentFormer Members:Indonesia – 1962-2009; 2016Timeline:September 14, 1960 – OPEC is formed in Baghdad, Iraq, by founding members Iraq, Kuwait, Iran, Saudi Arabia and Venezuela.

Source Link:
https://www.cnn.com/2013/07/30/world/opec-fast-facts/index.html

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