India, Sept. 14 -- Over six decades ago, five of the top oil producing countries came together to form an alliance in a bid to enhance co-operation and secure fair prices for the petroleum producers. Thus came into existence the Organization of the Petroleum Exporting Countries (OPEC).

The OPEC was founded by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela on September 14, 1960, after the countries held a five-day conference in Baghdad.

According to the official website of OPEC, the organisation's mission is to "coordinate and unify the petroleum policies of its member countries" in order to safeguard the interests of the producers, as well as, the consumers.

The OPEC nations also seek to ensure that the oil markets remain stable so tha...