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Organization of the Petroleum Exporting Countries (English: Organization of the Petroleum Exporting Countries — OPEC) is a permanent intergovernmental organization established to ensure price stability in the international oil market and to support the economic development of its member states.【1】 The organization manages global crude oil supply through production quotas, which are determined by agreement among member states.【2】 OPEC’s headquarters has been located in Vienna, Austria since 1965.