OPEC

OPEC, or the Organization of Petroleum Exporting Countries, is an intergovernmental organisation of countries.

Created in 1960, OPEC's objective is to control oil operations within member countries, as well as the price of oil. Up until 1970, foreign oil companies held all of the power in this field.

With 12 members in 2010, OPEC controls 78% of the world's estimated oil reserves, 45% of crude oil production and 18% of natural gas production (2007 figures).

Since 2007 the members of this organisation are the following countries:

• Algeria;
• Angola;
• Libya;
• Nigeria;
• Saudi Arabia;
• United Arab Emirates;
• Iraq;
• Iran;
• Kuwait;
• Qatar;
• Ecuador;
• Venezuela.