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Organisation of Petroleum Exporting Countries (OPEC)
Based in Vienna. OPEC members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
Although OPEC is a dominant force in international oil markets, growth in world demand for oil has at times pushed production to near-capacity limits, seemingly reducing OPEC’s ability to contain oil prices below the cartel’s announced target range, which is intended to sustain world economic growth and limit development of substitute energy sources. This was evident with the surge in crude oil prices in 2008, before prices collapsed due to the global economic downturn.