Organization of the Petroleum Exporting Countries (OPEC) Meeting

OPEC Meeting is a meeting of representatives of petroleum exporting countries. Today, OPEC includes Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Sometimes invited members participate in the meetings, who are representatives of other oil-rich countries (such as Russia, Norway, Canada, etc.).

This major event can affect the world oil market, because decisions are made on how much oil should be produced. If the volume is cut, oil prices rise. If the volume grows or remains unchanged, world market prices usually fall.