As with most of the events on this list the United States plays an important role in the founding of the Organization of Petroleum Exporters Countries.
In 1960 the US government led by President Eisenhower decided that the cheap oil entering the country from places such as the Middle East and Venezuela was not only hurting domestic producers, but also that dependence on foreign oil was a threat to national security.
To protect the country’s interests, Eisenhower placed an import tax on oil coming from Venezuela and the Middle East. The import tax resulted in the domestic price of US oil being artificially high and allowed US producers to make huge profits at the expense Venezuela and the Middle East oil exporters.
In response to the import tax, the energy ministers from Saudi Arabia and Venezuela invited their counterparts from Iraq, Iran, Kuwait to a meeting held in Baghdad between September 10-14 to explore ways in which petroleum-producing nations could forge stronger link to protect their interests. It was at the Baghdad Conference that OPEC was born.
Now the cartel has 12 members, the five founders have since been joined by Algeria, Angola, Ecuador, Libya, Nigeria, the UAE and Qatar. OPEC has been based in Vienna since 1965.
OPEC has achieved far more prominence and political clout in recent years as the balance of power has shifted from the supermajors to the national oil companies. As no viable alternative to hydrocarbons is yet on the horizon its power and influence can only grow.
The King is calling for a halt to exploration, but do you agree?
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very useful article :)