The Organization of the Petroleum Exporting Countries (OPEC) is a long-lasting intergovernmental organisation of 12 oil-exporting, developing countries.
This body synchronizes and unites the petroleum policies of its 12 member countries (Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela).
This body synchronizes and unites the petroleum policies of its 12 member countries (Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela).
Together, the OPEC has about 81% of the world's proven oil reserves. They can be said to hold a monopoly in the market for oil in the world.
Since they have a monopoly on the market of oil, various decisions on price setting and quantity setting was made.