OPEC stands for the Organization of the Petroleum Exporting Countries, which is an intergovernmental organization made up of 14 member countries. It was founded in 1960 and is headquartered in Vienna, Austria. The purpose of OPEC is to coordinate and unify the petroleum policies of its member countries. The term OPEC is a 6-letter word, while the term Oil CARTEL is a 9-letter word that refers to the same organization.