Skip to main content

The timeline can be navigated by dragging the pointer on the timeline bar, located at the bottom of the screen on the desktop version and on the left of the screen on mobile. To filter by a specific topic, make a selection on the dropdown “Filters” menu or click “Search” to do a keyword search. To learn more, click “Read More” below.

Read More

Organization of the Petroleum Exporting Countries forms.

1960

INTL
ECON
CORP

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.