OPEC is the Organization of the Petroleum Exporting Countries. It was founded in 1960 and currently includes twelve countries that have joined together, forming an economic cartel, to negotiate aspects relating to oil production, prices and concessions with oil companies.
The headquarters of OPEC is in Vienna. OPEC member states control about 78% of the world’s proven oil reserves, 50% of natural gas reserves, and supply about 42% of world oil production and 17% of natural gas production.
The parallel organization of OAPEC (Organization of Arab Petroleum Exporting Countries), founded in 1968 in Kuwait, deals with the coordination of the energy policies of the Arab countries part of OPEC.
