OPEC stands for the Organisation of the Petroleum Exporting Countries, an organisation compromising of 14 nations. It was founded in 1960 in Baghdad by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to unify their petroleum policies and stabilise the supply for both consumers and producers. Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Libya, Nigeria, the Republic of Congo, United Arab Emirates, Indonesia and Qatar all later joined, with the latter two later leaving.