Organization of Petroleum Exporting Countries

Organization of Petroleum Exporting Countries (OPEC), group of 12 oil-producing countries that attempts to control oil prices in world sales. Organized in 1960, its members are Algeria, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. OPEC's 4 administrative sections, each with its own responsibilities, work toward the common goals of oil pricing and supplying world demands.