OPEC stands for the Organization of the Petroleum Exporting Countries. It is a permanent, intergovernmental organization created in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, with the objective of coordinating and unifying petroleum policies among member countries to secure fair and stable prices for petroleum producers, an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on capital to those investing in the industry. OPEC currently has 13 member countries, which account for an estimated 30% of global oil production. The organizations decisions have come to play a prominent role in the global oil market and in international relations. The OPEC Conference is the supreme authority of the organization, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organization is the OPEC secretary general. The conference ordinarily meets at the Vienna headquarters, at least twice a year and in additional extraordinary sessions when necessary.