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Wordcount: 1132
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OPEC
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OPEC
The Organization of the Petroleum Exporting Countries The Organization of the Petroleum Exporting Countries (OPEC) was created at the Baghdad Conference, September 9-14 of 1960. The organization was formed by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. These were the founding members. The group has since grown to thirteen members. There are also three countries that have applied to OPEC since the thirteenth member was inducted, but they have not been accepted. The five founding members have a veto power over the addition to new members. Besides this veto OPEC is set up so that all of the countries are equal members. In order to become a member of OPEC a country must be a "substantial net exporter" of petroleum and its interests i
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