Wednesday 14th September 1960
The Organisation of the Petroleum Exporting Countries (OPEC) was established by five core members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, to organise and unify petroleum policies, securing stable prices for the petroleum producers. The first real indication of OPEC’s power came with the 1973 oil embargo, during which long lines and soaring petrol prices quickly convinced Europeans and Americans of OPEC’s power. OPEC’s member countries supply more than 40% of the world’s oil.
