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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'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.

See also