Organization of the Petroleum Exporting Countries
Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organisation established in 1960 during the Baghdad Conference. The founding members of OPEC were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, and later expanded to 13 member countries. OPEC's objective is to formulate and unify petroleum policies with member countries, to stablise prices for petroleum producers. Organization of the Petroleum Exporting Countries is headquartered in Vienna, Austria.
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