Organization of Petroleum Exporting Countries

Organization of the Petroleum Exporting Countries (OPEC) is a permanent, global organization headquartered in Vienna, Austria, was established in Baghdad, Iraq on September 1960. Its permission is to “organize and combine the petroleum policies” of its members and to “make sure the stabilization of oil markets in order to safe an efficient, economic and regular supply of petroleum to customers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry. The structure of OPEC represented a cooperative act of independence by oil exporting nations, and marked a turning point in state manage over natural resources.