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What is the 'Organization Of Petroleum Exporting Countries - OPEC'. The Organization of Petroleum Exporting Countries (OPEC) is a group consisting of 12 of the world's major oil-exporting nations. OPEC was founded in 1960 to coordinate the petroleum policies of its members, and to provide member states with technical and economic aid.
The Organization of Petroleum Exporting Countries-OPEC-was formed at the 1960 Baghdad Conference. Of the 12 current member countries, five created the organization. These â¦ were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.Now, with the addition of Qatar, Libya, the UAE, Algeria, Nigeria, Angola and Ecuador, OPEC nations own almost 80% of the world's crude oil. OPEC Members and Their Economic Influence The Organization of the Petroleum Exporting Countries, or OPEC, is a powerful consortium whose members wield great influence in the economics and business worlds. 2  These natioâ¦. 3  Today's Top Jobs: Finding a Job in a Slow Economy Finding a job can be tough.