## Overview The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of oil-exporting nations, established to coordinate and unify petroleum policies among member countries, stabilize oil markets, and secure fair and stable prices for both producers and consumers[1][2][7]. OPEC’s decisions have a significant impact on global oil prices, energy security, and the broader world economy, making it a key player in international business and geopolitics. ## History and Founding OPEC was founded on September 14, 1960, in Baghdad, Iraq, by five countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela[1][2][5]. The creation of OPEC was a direct response to the dominance of multinational oil companies and the volatility of oil prices in the 1950s, as member states sought to assert greater control over their natural resources and negotiate better terms for their oil exports[5][6]. The organization was officially registered with the United Nations Secretariat in 1962[1]. ## Membership and Governance OPEC’s membership has fluctuated over time but currently stands at 13 countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela[1][3][4]. The organization’s headquarters is in Vienna, Austria, after relocating from Geneva, Switzerland, in 1965[1][6]. OPEC’s supreme authority is the OPEC Conference, where oil ministers from member states meet to set production targets and coordinate policies[6]. Saudi Arabia, as the largest producer, often plays a leading role in shaping OPEC’s strategies[3][6]. ## Key Achievements and Functions OPEC’s primary function is to manage oil supply to influence prices, aiming to prevent harmful price fluctuations and ensure a steady income for producers while securing reliable supplies for consumers[