One of the principal objectives of the OPEC is to

One of the principal objectives of the Organization of the Petroleum Exporting Countries (OPEC) is to harmonize the oil policies of member countries. OPEC is an intergovernmental organization that was established in 1960 by five countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Today, it has 13 member countries that collectively produce about 44% of the world's oil and own about 73% of the world's "proven" oil reserves. OPEC's main objective is to coordinate and unify the petroleum policies of its member countries to secure fair and stable prices for petroleum producers and a regular supply for consumers. To achieve this objective, OPEC holds regular meetings to discuss and agree on policies such as production quotas, prices, and market strategies. Therefore, the principal objective of OPEC is to harmonize the oil policies of member countries, not to discipline erring oil-producing countries, determine oil prices in the international market, or assist non-oil producing developing states.