OFFICIAL ACCOUNT OPEC is a permanent intergovernmental Organization of 12 oil-exporting countries: Algeria, Congo, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE and Venezuela. The Organization was established in Iraq at the First Meeting of the OPEC Conference, which is widely known as the ‘Baghdad Conference’. It was held on 10-14 September 1960. The Organization’s mission is to coordinate and unify the petroleum policies of Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.