What is OPEC
OPEC stands for the Organization of the Petroleum Exporting Countries. Its main mission is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers.
The Start of OPEC
It was created at the Baghdad Conference on September of 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC headquarters was in Geneva, Switzerland. Then moved to Vienna, Austria in 1965.