OPEC

The Organization of the Petroleum Exporting Countries is a 13-member intergovernmental organization founded in 1960 that coordinates oil production policies among major petroleum-exporting nations. Based in Vienna, OPEC controls approximately 40% of global oil production and holds about 80% of proven oil reserves. Current Secretary-General Haitham Al Ghais leads the cartel's efforts to stabilize oil markets through production quotas.