OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization made up of 14 member countries, including IRAN (4 letters), Iraq (4 letters), QATAR (5 letters), Libya (5 letters), Nigeria (7 letters), UAE (3 letters), and Indonesia (9 letters). OPEC was founded in 1960 to coordinate and unify petroleum policies among member countries, and it has since become a major influence on global oil prices.