One of the main advantages of OPEC is that they control the price of oil.

They do this by talking to the Middle East and other countries where most of the oil is imported from and have helped influence the oil prices since 1973.

The Organization Of The Petroleum Exporting Countries (OPEC)was founded in the year 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

This is an intergovernmental organization. The sole aim of the organization is to maintain stability in the oil prices through efficient, economic and regular supply of petroleum. Important Functions Of OPEC
It Coordinates the oil production policies Helps oil producers to achieve a reasonable rate Try to stabilize the market Maintaining stability in oil production Apart from this, the member countries also meet from time to time to discuss upon expected demand for petroleum in countries. OPEC Member Countries Initially OPEC was created by four member countries. Presently it has eleven member countries, which are as follows:

Algeria Indonesia

Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia UAE Venezuela