Intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The 5 Founding Members were later joined by 9 other Members: Qatar (1961); Indonesia (1962); Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) — suspended its membership from December 1992-December 2007; Angola (2007); and Gabon (1975–1994). OPEC supplies about 40% of the world’s oil. In Mai 2008 Indonesia stated it would leave OPEC after its imports of fuel products became higher than its exports. OPEC’s income for the first half of 2008 was 645 billion dollars. The average price of oil during this period was $111.1 a barrel