List of 13 Countries in OPEC

OPEC, an abbreviation for Organization of the Petroleum Exporting Countries, was founded in 1960, in Baghdad, Iraq. It is headquartered in Vienna, Austria and consists of 13 countries. Its members include, Iraq, Nigeria, Gabon, Kuwait, UAE, Indonesia, Saudi Arabia, Iran, Venezuela, Libya, Algeria, Angola. The founders are named Abdullah Tariki and Juan Pablo Perez Alfonzo. OPEC holds significant value in the global market as its decisions have a great impact on future oil prices. The OPEC members meet at least twice a year to mutually decide oil production policies. The main goal of the organization is to ensure stabilization of oil prices in the markets along with its stable supply to consumers. It aims to be efficient in achieving its economic goals.