OPEC

What is OPEC

OPEC stands for the Organization of the Petroleum Exporting Countries. Its main mission is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers.

The Start of OPEC

It was created at the Baghdad Conference on September of 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC headquarters was in Geneva, Switzerland. Then moved to Vienna, Austria in 1965.

OPEC in the 1970's

U.S. vs OPEC

Syria and Egypt attacked Israel. Since Israel was a creation of the U.S. Nixon refused to let the nation collapse under pressure. In result OPEC authorized an oil embargo that had devastating effects on the U.S. economy.