The Organization of Petroleum Exporting Countries (OPEC) is an international organization of eleven developing countries that are dependent on crude oil exports for their national economies. It is an example of an oil cartel. The current members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. By organizing themselves, they have profited from their strong market share and have been able to raise their export earnings. These nations supply about forty per cent of the world’s crude oil production. The organization was established in 1960 and is headquartered in Vienna, Austria.