OPEC

The Organization of Petroleum Exporting Countries (OPEC) is a group that works together to maintain oil prices. Its founding in 1960 in Baghdad, Iraq, marked a significant moment in the history of global economics. The conference, known as the Baghdad Conference, involved five countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. They met in Baghdad, but the organization established its Secretariat in Geneva before finalizing its location in Vienna in 1965. Three years later, OPEC made its policy on petroleum clear to the world.