OPEC

Definition: The Organization of the Petroleum Exporting Countries is a permanent intergovernmental organization orginally formed in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Current membership also includes Algeria, Angola, Ecuador, Indonesia, Libya, Nigeria, Qatar, and the United Arab Emirates. Together, OPEC nations control about two-thirds of the world's oil reserves. According to the group's Web site, "OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry."