Saudi Arabia is one of the participants in the Organization of the Petroleum Exporting Countries (OPEC). OPEC is an intergovernmental organization that was founded in 1960 and is headquartered in Vienna, Austria. It consists of 14 member countries, including SAUDI Arabia, which is the largest producer of oil in the world. SAUDI Arabia has been a member of OPEC since its inception and is a major contributor to the organization's decisions and policies.