OPEC, FOR ONE is an acronym for the Organization of the Petroleum Exporting Countries, a BLOC or CARTEL of 14 oil-producing countries. OPEC was founded in 1960 and its members are Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. The purpose of OPEC is to coordinate and unify the petroleum policies of its member countries and to ensure the stabilization of oil markets in order to secure an efficient, economic, and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.