On September 12, 1960 the petroleum exporting countries agreed to establish an organization to protect their interests,naming it the Organization of Petroleum Exporting Countries OPEC . The agreement was reached at the end of the states’ representatives’ negotiations in Baghdad. The organization of petroleum exporting countries is a cartel composed of Algiers, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.OPEC headquarters is located in Vienna, Austria. The organization’s authority is the Conference, made up of high-level representatives of the member governments, which meets at least twice a year. The board of governors implements resolutions of the Conference and manages the organization.