Baghdad meeting, five oil nations and global power shift: How OPEC was born on this day in 1960
OPEC's mission is to unify the petroleum policies of its member countries in order to safeguard the interests of the producers, as well as, the consumers.
Sixty-six years ago, five major oil-producing nations united to create the Organization of the Petroleum Exporting Countries (OPEC), with the goal of increasing cooperation and securing fair oil prices for producers. OPEC was established on September 14, 1960, following a five-day conference in Baghdad, which included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
The organization's mission is to coordinate and unify petroleum policies among its members to protect the interests of both producers and consumers, ensuring a stable oil market that guarantees efficient, economic, and regular oil supplies to consumers, as well as a steady income for producers and fair returns for investors in the petroleum industry.
Throughout the 1980s, OPEC's influence grew as member countries gained control over their domestic petroleum industries and became a major player in global oil markets. Today, OPEC's significance stems not only from its substantial production capacity but also from the vast reserves concentrated in its member countries. These reserves provide the group with significant long-term influence over the oil market.
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