Organization of Petroleum Exporting Countries (OPEC) 2
Organization of Petroleum Exporting Countries (OPEC) 2 : An international organization of eleven developing countries which are heavily reliant on oil revenues as their main source of income. OPEC is a well-known cartel, with membership being open to any country which is a substantial exporter of oil, and sharing the ideals of the organization. Current members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The aim of OPEC is to bring stability and harmony to the oil market. Members, as in any other cartel, seek to do this by adjusting their oil output to help ensure a balance between supply and demand. Twice a year or more frequently if required, Oil and Energy Ministers from member states meet to decide on output levels and to consider adjustments necessary in light of market developments
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