The Organization of Petroleum Exporting Countries, or OPEC, was founded on September 14, 1960. OPEC is an intergovernmental organization that was established by five major oil-producing countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization was founded in Baghdad, Iraq, with the goal of coordinating and unifying the petroleum policies of its member countries and ensuring stable oil prices in the global market.
OPEC has since grown to include several other member countries from different regions of the world, and it plays a significant role in influencing global oil production and prices. The organization's actions and decisions regarding oil production quotas and pricing have a substantial impact on the global economy, given the vital role that oil plays in various industries and everyday life.
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