Most of the members of the Organization of the Petroleum Exporting Countries (OPEC) are located in the Middle East. The organization was formed in 1960 by its original five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
As of 2014, there are 12 members of OPEC. Algeria, Angola, Ecuador, Libya, Nigeria, Qatar and the United Arab Emirates joined as member countries between the years of 1961 to 2007. OPEC meets at least twice a year to assess supply and demand, determine rate of oil production and establish stable petroleum prices that are fair and beneficial to both buyers and exporters.