Watch: What is OPEC and why does it matter

OPEC, or Organisation of the Petroleum Exporting Countries, is a 14-country, Middle East-dominated producer group that counts world No 1 oil exporter Saudi Arabia, Iraq and Iran among its members.\

The mission of OPEC is to coordinate and unify the petroleum policies of its member countries and ensure the stabilisation of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.

OPEC is a permanent, intergovernmental organisation, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.