OPEC
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The Organization of the Petroleum Exporting Countries established in 1960.
- "Fair and stable" prices
- "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."
- OPEC.
OPEC's current members are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela.
Although OPEC is a cartel, its members are protected by the doctrine of state immunity under international law.
