<span> (OPEC) was founded in Baghdad, </span>Iraq<span>, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of </span>Iran<span>, </span>Iraq<span>, </span>Kuwait<span>, </span>Saudi Arabia<span> and </span>Venezuela<span>. They were to become the Founder Members of the Organization.</span>
The Organization of Petroleum Exporting Countries (OPEC) is an international organization founded in Baghdad, Iraq, in 1960. It is currently composed of 14 countries, of which 5 are founding members (Saudi Arabia, Kuwait, Iran, Iraq and Venezuela).
The OPEC statutes establish that its objective is to coordinate and unify oil policies among the member countries, in order to guarantee fair and stable prices for oil producers, the efficient, economic and regular supply of oil to consumer countries and a fair return on investors' capital.
