Sept. 14 is an important day in the history of oil. Sixty years ago, on Sept. 14, 1960, five oil ministers from Venzuela, Saudi Arabia, Kuwait, Iraq and Iran gathered in Baghdad to found the Organization of Petroleum Exporting Countries (OPEC).This was a historic moment, which would transform the oil industry and oil markets several times over.Organizations that survive have to change with the times. OPEC has done just that: The membership was expanded in 1968 and has grown and contracted ever since, now counting 13 nations. The fortunes of countries has risen and fallen. The organization even survived the Iran-Iraq war, where two of its founding members were locked in armed conflict. In 2016, OPEC also built an alliance with 10 non-OPEC members referred to as OPEC+. This was ...read more...
SectorOil & Gas