6 Facts About OPEC

1. In light of all these market pressures, OPEC decided to set aside its ineffective production ceiling until the next ministerial conference in June 2016.

2. OPEC contributed 1.5 million barrels a day to the approximately 2 mbpd of cuts announced.

3. On 1 September 1965, OPEC moved to Vienna, Austria, after Switzerland declined to extend diplomatic privileges.

4. Since 2007, OPEC has published the "World Oil Outlook" annually, in which it presents a comprehensive analysis of the global oil industry including medium- and long-term projections for supply and demand.

5. OPEC has not been involved in any disputes related to the competition rules of the World Trade Organization, even though the objectives, actions, and principles of the two organizations diverge considerably.

6. Formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations.