CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
OPEC is the Organisation of the Petroleum Exporting Countries. It was founded in 1960 by Saudi Arabia, Venezuela, Iraq, Iran and Kuwait. The other countries that have joined OPEC since are Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea and the Republic of the Congo – bringing OPEC’s membership to 14, as of January 2019.
Learn more about the OPEC meeting and why it's important for traders.
For many commentators, OPEC is a cartel in the sense that it regulates the supply of oil in the hope of controlling the price. OPEC does this by holding biannual meetings to set the oil production quotas for its member countries.
In the past, OPEC’s dominance over the production of oil meant that the organisation was considered to be very powerful. Even today, OPEC member countries control around 80% of the world’s proven oil reserves.1 However, the rise of the American fracking industry has raised questions about whether OPEC’s control over the price of oil is weakening.
What does OPEC do?
Broadly speaking, OPEC has three main goals.
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