What is the OPEC Why it is importantBack

OPEC - The Organization of the Petroleum Exporting Countries is a permanent, intergovernmental Organization, which is created at the Baghdad in 1960. The meeting are usually held in Vienna. Earlier there were 5 members in this group- Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Later joined by nine other Members also: Qatar, Indonesia, Libya, UAE, Algeria, Nigeria, Ecuador, Angola and Gabon.
They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. The meetings are closed to the press but officials usually talk with reporters throughout the day, and a formal statement covering policy shifts and meeting objectives is released after the meetings have concluded.
OPEC nations represent around 40% of the world's oil supply and are unified in their oil production levels. With so much control over oil's supply-side, shifts in their production levels can have a significant impact on oil prices.
OPEC meet comes twice in a year. Traders should wait for the result; they have to be cautious because market may volatile till result comes.
Last week in OPEC failed to agree a clear oil-output strategy on Thursday as Iran insisted on steeply raising its own production, though Tehran's arch-rival Saudi Arabia promised not to flood the market and sought to mend fences within the organization.