In what year was OPEC founded?

OPEC was founded in 1960.

The Organization of the Petroleum Exporting Countries was established in Baghdad, Iraq, during September 1960. Its five founding members were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The meeting followed growing concern among oil-producing nations about decisions by large international oil companies and the effect of posted oil prices on producer revenues.

OPEC's founding agreement created a framework for coordinating petroleum policies and protecting the interests of member countries. The organization initially had to build its institutions and influence; its headquarters later moved from Geneva to Vienna in 1965. Additional oil-producing countries joined during the following decades.

The year is sometimes confused with 1973, when the Arab oil embargo and the resulting energy crisis made OPEC especially prominent in public memory. That crisis did not create OPEC: the organization had already existed for 13 years. Another commonly asked detail is the exact date—OPEC identifies 14 September 1960 as its founding date, following the Baghdad conference held from 10 to 14 September.