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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.
OPEC was established in Baghdad, Iraq on 10â14 September 1960. OPEC was formed when the international oil market was largely dominated by a group of multinational companies known as the ' seven sisters '.