14 September 1960, OPEC is founded in Baghdad. OPEC is akronim of Organization of the Petroleum Exporting Countries. The first member of OPEC is just 5 countries which is Arab Saudi, Irak, Iran, Kuwait, and Venezuela. Purpose of this organization is ensuring stabilization of price in international oil market. Actually there is 13 member in 2008, but recently in 10 september 2008 indonesia is officially out from OPEC. Because Indonesia now become oil importir, and indonesia can be member again if Indonesia become oil exportir again.
source : various source