The Organization of the Petroleum Exporting Countries is referred to as "OPEC". An international organization established in September 1960 by the oil-producing countries of Asia, Africa and Latin America to coordinate the oil policies of its member countries and oppose the exploitation and control of Western oil monopoly capital. Headquartered in Vienna, Austria.

Its purpose is to coordinate and unify the oil policies of member states, maintain price stability in the international oil market, and ensure that oil-producing countries receive stable income. The highest authority is the General Assembly of Member States, which is composed of delegations of member states and is responsible for formulating general policies. The executive body is the Council, and the daily work is handled by the Secretariat. A special economic committee will be set up to help maintain the stability of oil prices.

The current 15 member countries are: Saudi Arabia, Iraq, Iran, Kuwait, United Arab Emirates, Qatar, Libya, Equatorial Guinea, Nigeria, Algeria, Angola, Ecuador, Venezuela, Gabon, and Congo.

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Since September 1965, the headquarters of the Organization of Petroleum Exporting Countries has been moved from Geneva, Switzerland to Vienna, the capital of Austria. The Organization of the Petroleum Exporting Countries is the earliest and most influential raw material producer and export organization in the Third World. Oil was the most important energy source in the postwar world. In the early postwar period, almost all of the world's oil exploration, extraction and sales were controlled by Western oil monopolies. The consequence of this monopoly control is that Western developed countries have gained excess profits, while the economic interests of major oil-producing countries in the Third World have been harmed.

In order to compete with major oil companies (mostly American, British and German), thereby reducing oil prices and the burden on producers. Initially the organization was just an unofficial bargaining group to sell at reduced prices to third world countries. Such a scale limits its ability to strive for a greater share of interests and a higher level of production control among Western oil companies. However, in the early 1970s it began to show its effectiveness.

Baidu Encyclopedia Organization of Petroleum Exporting Countries