History of OPEC
A look at the history, purpose, and goals of the Organization of Petroleum Exporting Countries.
“OPEC was created at the Baghdad Conference of September 10-14, 1960. The five founding members were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. OPEC was formed in response to the over production of oil in the late 1950’s which in turn caused the price of oil to drop drastically (Encarta). The objective of OPEC as stated by the member countries is `to co-ordinate and unify petroleum polices among member countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry (OPEC 1).`