OPEC is the Organization of the Petroleum Exporting Countries. It is an oil cartel
whose mission is to coordinate the policies of the oil-producing
countries. The goal is to secure a steady income to the member states
and to secure supply of oil to the consumers.It was
founded in Baghdad, Iraq, with the signing of an agreement in September
1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait,
Saudi Arabia and Venezuela. They were to become the Founder Members of
the Organization.
These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007).
