Group of crude-producing countries which has used its collective weight of production since OPEC was founded in 1960 in an attempt to influence oil prices. Current membership (May 2000): 11 countries—Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela. Ecuador resigned from OPEC in 1992, Gabon in 1995. Founder members were Saudi Arabia, Iran, Iraq, Kuwait and Venezuela.