Initiated in 1960 in Bagdad by 5 founder members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The Organization of the Petroleum Exporting Countries (OPEC) has since grown in membership and continues to play a very important role in regulating the world’s oil market today. The organization is mainly aimed at the coordination of petroleum policies between its members with the objective of ensuring fair and stable prices for producers, stable supply of oil to consuming countries, as well as fair returns on investments in the industry. However, in the recent past, OPEC has had to deal with some major challenges such as changes in oil demand and geopolitical tensions between countries and the transition to renewable energy sources.