The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Updated October 18, 2021 Reviewed by Thomas Brock Fact checked by Ariel Courage OPEC stands for the Organization of the Petroleum Exporting Countries. As the name suggests, OPEC is made up of OPEC, in full Organization of the Petroleum Exporting Countries, Multinational organization established in 1960 to coordinate the petroleum production and export policies of its members. Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela are the founding members. OPEC is an intergovernmental organization that controls much of the world’s oil supply. Find out why it formed and which countries are members. The term Organization of the Petroleum Exporting Countries (OPEC) refers to a group of 13 of the world’s major oil-exporting nations. OPEC was founded in 1960 to coordinate the petroleum pBzdKl1.