Baghdad, September 10th 1960: Juan Pablo Pêrez Alfonzo, Energy and Mines minister for Venezuelan and Abdullah al-Tariki , his Saudi counterpart, convened a meeting with representatives from Iraq, Iran and Kuwait to discuss ways to increase the price of the crude oil produced inside their borders.
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Four days later, on this very day 52 years ago, the Organisation of Petroleum Exporting Countries, OPEC, was born. Nowadays the organisation is made of up 12 sovereign nations accounting for 33 million barrels per day of daily oil production, around 38 per cent of the worldwidetotal.
As the world’s largest oil trading bloc, OPEC wields considerable power over world oil prices and will no doubt be one of the most important bodies in a future of rampant population growth and dwindling reserves.
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