The Organization of Petroleum Exporting Countries

The Organization of Petroleum Exporting Countries or OPEC members include:

• Algeria
• Angola
• Indonesia
• Iran?
• Iraq
• Kuwait
• Libya
• Nigeria
• Qatar
• Saudi Arabia?
• The United Arab Emirates
• Venezuela?

The cartel was founded in Baghdad, Iraq, in September 1960, to unify and coordinate members' petroleum policies. OPEC members' national oil
ministers meet regularly to discuss prices. Since 1982 have set crude oil production quotas.

Original OPEC members include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Between 1960
and 1975, the organization expanded to include Qatar (1961), Indonesia (1962), Libya (1962), the
United Arab Emirates (1967), Algeria (1969), and Nigeria (1971). Ecuador? and Gabon? were
members of OPEC, but Ecuador withdrew in December 1992, and Gabon followed suit in January
1995. Although Iraq remains a member of OPEC, Iraqi production has not been a part of any OPEC
quota agreements since March 1998.

The current eleven OPEC members account for almost 40% of world oil production and about 66% of the world's proven oil reserves.

External links:

The Organization of the Petroleum Exporting Countries