OPEC Fast Facts

Here's a look at the Organization of the Petroleum Exporting Countries, headquartered in Vienna, Austria.

The purpose of OPEC is to "coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry."

OPEC members collectively supply about 28.89% of the world's crude oil production.

Together, OPEC members control about 79.49% of the world's total proven crude reserves.

OPEC member countries monitor the market and decide collectively to raise or lower oil production in order to maintain stable prices and supply.

A unanimous vote is required on raising or lowering oil production.

Each member country controls the oil production of its country, but OPEC aims to coordinate the production policies of member countries.