LUANDA, Dec. 21 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC) opened its 71st monitoring sub-commission meeting here on Monday to analyze the production quota set by the organization earlier this year in Vienna, Austria.

The sub-commission is expected to submit its report to OPEC's 155th extraordinary ministerial conference, which is scheduled for Tuesday in Luanda, Angola's official news agency Angop said.

OPEC members account for 40 percent of the world crude oil production, and 75 percent of the world's oil reserves, according to the latest OPEC data.

Angola currently holds the rotating chairmanship of OPEC, which was founded in 1960 in Baghdad, Iraq, to promote policies of economic growth and to defend member states' interests.

OPEC now groups Angola, Algeria, Libya, Nigeria, Venezuela, Ecuador, Saudi Arabia, United Arab Emirates, Iran, Iraq, Kuwait and Qatar.