Organization of the Petroleum Exporting Countries
Body established in 1960 to coordinate price and supply policies of oil-producing states, protecting its members' interests by manipulating oil production and the price of crude oil. Its concerted action in raising prices in the 1970s triggered worldwide recession, but also lessened demand so that its influence was reduced by the mid-1980s. However, continued worldwide reliance on oil has since guaranteed its enduring and dominant market influence, with oil prices rising towards $100 a barrel by late 2007. OPEC members (2007) are: Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC's secretary general is Abdullah Salem al-Badri of Libya.
