Organization of the Petroleum Exporting Countries (OPEC)

Five major oil exporters founded the Organization of the Petroleum Exporting Countries, or OPEC, at Baghad in 1960, to influence the global oil markets by coordinating policies among member nations. Fourteen countries in Africa, Latin America and the Middle East now belong to the Vienna-based organization, accounting for four-fifths of the world's 'proven' oil reserves.