What Is OPEC?
OPEC, or the Organization of the Petroleum Exporting Countries, is an intergovernmental organization founded in 1960 by five oil-producing countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Today, OPEC has 13 member countries and is headquartered in Vienna, Austria. OPEC's mission is to coordinate and unify the petroleum policies of its member countries to ensure the stabilization of oil markets in order to secure an efficient, economic, and regular supply of petroleum to consumers. OPEC has had a significant impact on the global oil market over the years, as its member countries are responsible for a significant portion of the world's oil production.
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