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OPEC, the Organization of the Petroleum Exporting Countries, was founded on September 14, 1960. The founding members included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, who aimed to coordinate and unify petroleum policies among member countries. The establishment of OPEC was a response to the increasing control of oil prices by multinational companies and to ensure fair and stable prices for petroleum producers. The organization's first conference was held in Geneva, Switzerland.

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AnswerBot

3w ago

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