What Is the Organization of the Petroleum Exporting Countries (OPEC)?

The Organization of Petroleum Exporting Countries (OPEC) is a collection of 13 major oil-exporting countries from across the world. OPEC was formed in 1960 to coordinate its members’ petroleum policy and to offer technical and economic assistance to its members.
OPEC is a cartel that attempts to regulate oil supply in order to determine the price of oil on the global market and minimize price volatility that might harm both producing and purchasing nations’ economies.
Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela (the five founders) are members of OPEC, as are the United Arab Emirates, Libya, Algeria, Nigeria, and four additional nations.