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Organization of the Petroleum Exporting Countries forms.

1960

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ECON
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The Organization of the Petroleum Exporting Countries (OPEC) is formed by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela at the Baghdad Conference held from September 10-14, 1960. OPEC's stated purpose is "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 is formed at a time when the global oil market is controlled by the “Seven Sisters," multinational companies that will control 83% of the world's oil reserves until the 1973 oil crisis. They include the Anglo-Iranian Oil Company (originally "Anglo-Persian," now "BP"); Royal Dutch Shell (now "Shell"); the Standard Oil Company of California (SoCal, and later "Chevron"); Gulf Oil (now merged into Chevron); Texaco (now merged into Chevron); the Standard Oil Company of New Jersey ("Esso," later "Exxon," and now part of ExxonMobil); the Standard Oil Company of New York ("Socony," later "Mobil," and now part of ExxonMobil).

OPEC continues to have a huge impact on the global economy today.