The Organization of the Petroleum Exporting Countries, founded at Baghdad in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to coordinate the petroleum policies of producing states. Its production decisions have moved world oil prices for six decades, never more dramatically than in the embargo and price shocks of 1973.
Facts
Organization TypeIntergovernmental producer organization 1 Founded Year Headquarters Cross-Tradition Connections
Associated With
The 1973 embargo was declared by the Arab members of OPEC through OAPEC; the price decisions that followed were OPEC actions.
Sources
1. OPEC Official Site
EBSCO Research Starters
EBSCO Information ServicesAssociated With: OPEC Founded in Baghdad, Research Starters, OPEC Founded, Full ArticleQuote, Associated With: OPEC Founded in Baghdad, Research Starters, OPEC Founded, Full Article
OPEC's headquarters have been located in Vienna, Austria, since 1965
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