OPEC

The Organization of Petroleum Exporting Countries is an association of 11 countries that attempts to maximize the member countries’ profit from oil sales by coordinating the amount of oil that they sell. Another goal of OPEC is bringing stability and harmony to the oil market by adjusting oil output to help ensure a balance between supply and demand. The group typically meets twice a year, but can schedule more dates in response to market events. OPEC nations produce about 40 percent of the world’s oil output and have over 75 percent of the world’s total proven crude oil reserves. OPEC members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.