<P> Organization of the Petroleum Exporting Countries ( OPEC , / ˈoʊpɛk / OH - pek , or OPEP in several other languages ) is an intergovernmental organization of 14 nations as of May 2017 , founded in 1960 in Baghdad by the first five members ( Iran , Iraq , Kuwait , Saudi Arabia , Venezuela ) , and headquartered since 1965 in Vienna . As of 2016 , the 14 countries accounted for an estimated 44 percent of global oil production and 73 percent of the world 's `` proven '' oil reserves , giving OPEC a major influence on global oil prices that were previously determined by American - dominated multinational oil companies . </P>
<P> Organization of the Petroleum Exporting Countries ( OPEC , / ˈoʊpɛk / OH - pek , or OPEP in several other languages ) is an intergovernmental organization of 14 nations as of May 2017 , founded in 1960 in Baghdad by the first five members ( Iran , Iraq , Kuwait , Saudi Arabia , Venezuela ) , and headquartered since 1965 in Vienna . As of 2016 , the 14 countries accounted for an estimated 44 percent of global oil production and 73 percent of the world 's `` proven '' oil reserves , giving OPEC a major influence on global oil prices that were previously determined by American - dominated multinational oil companies . </P>
who controls the oil in the middle east
who controls the oil in the middle east
Organization of the Petroleum Exporting Countries
Organization of the Petroleum Exporting Countries