The Organization of the Petroleum Exporting Countries was founded at a conference in Baghdad by five oil-producing states: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were responding to unilateral cuts in the prices paid by Western oil companies, and they sought to coordinate their petroleum policies and secure fair returns for producers. More countries joined, among them Qatar, Libya, the United Arab Emirates, Algeria and Nigeria, and the headquarters were moved to Vienna in 1965. OPEC's influence rose sharply in the 1970s, when its Arab members imposed an oil embargo during the 1973 Arab-Israeli war and prices quadrupled. Since 2016 it has cooperated with Russia and other producers in a larger group called OPEC+.
Before and after
- from June 1960 to November 1966Congo Crisis
- 30 June 1960The Congo becomes independent from Belgium
- 11 July 1960Publication of To Kill a Mockingbird
- 20 August 1960Construction of Roma Fiumicino Airport
- 14 September 1960Founding of Organization of the Petroleum Exporting Countries
- from 18 September 1960 to 25 September 1960The first Paralympic Games open in Rome
- from 30 September 1960 to 1 April 1966Premiere of The Flintstones
- 30 October 1960Birth of Diego Maradona
- 8 November 19601960 United States presidential election
More in Society, economy & sport
- 5 October 1948Founding of International Union for Conservation of Nature
- 5 May 1949Founding of Council of Europe
- 1960Founding of Somalia
- 1 October 1963Founding of Nigeria
- 1985Introduction of new shekel
- 1990Rise of K-pop
The era
This moment belongs to the Contemporary world (1945 CE to today), the world since 1945. You can also browse everything in the 20th century.