Critics complain it is a cartel illegally fixing prices in U.S. markets.
U.S. Energy Secretary Spencer Abraham urged OPEC in mid-May to reverse this year s production cuts scheduled to hit just at the seasonal upturn in demand. On June 5, the oil cartelists will meet again in Vienna and leading producers have said they see no need to ease scheduled curbs. When OPEC was formed in 1960 it was composed of developing countries that were heavily reliant on oil revenues as their main source of income. Gradually, it became more powerful until it could control the price of crude oil by raising and lowering production. These days OPEC says its goal is to bring stability and harmony to the oil market by adjusting oil output to ensure a balance between supply and demand at a fair price.