Commodities
OPEC Born: Five Oil Giants Unite for Fair Prices and Global Influence
On September 14, 1960, five of the world's top oil-producing countries - Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela - came together in Baghdad to form the Organization of the Petroleum Exporting Countries (OPEC).
The OPEC nations aimed to enhance cooperation among themselves and secure fair prices for petroleum producers. Their mission is to 'coordinate and unify the petroleum policies of its member countries' to safeguard the interests of both producers and consumers.
OPEC has grown into a global power over the decades, not just due to its production capacity but also because its members collectively hold a large proportion of the world's proven crude-oil reserves. This gives them considerable long-term influence over the oil market.