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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.
Additionally, OPEC has held seminars on the environment and joint meetings between OPEC member countries and Independent Petroleum Exporting Countries (IPEC) to discuss environmental issues related to the oil producing industry. In 1968, the Organization of Arab Petroleum Exporting Countries (OAPEC) was formed.dditionally, OPEC has held seminars on the environment and joint meetings between OPEC member countries and Independent Petroleum Exporting Countries (IPEC) to discuss environmental issues related to the oil producing industry. In 1968, the Organization of Arab Petroleum Exporting Countries (OAPEC) was formed.