OPEC Founding Day

What Happened on This Day: OPEC Was Founded

September 14th marks the day in 1960 when the Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq.

Oil-Producing Nations Join Forces to Shape the Global Energy Market

The founding of OPEC was a pivotal moment in 20th-century energy history, as oil-producing nations sought to reclaim control over their own resources.

• Founding: On September 14, 1960, at a conference held in Baghdad, OPEC was established by five founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela
• Purpose: To coordinate petroleum policy among member countries, stabilize oil prices, and secure the interests of oil-producing nations
• Background: OPEC emerged as producing nations sought to take back control of oil pricing, which had previously been dominated by major international oil companies
• Growth over time: Membership expanded after its founding, and OPEC grew into an organization with significant influence over global oil production and pricing

Oil Prices Touch Everyday Life

OPEC's policy decisions ripple through oil prices to affect gasoline costs and shipping expenses that touch our daily lives, even indirectly. Understanding international energy trends can also help make sense of economic news.

Ways to Mark the Day

• Learn about how OPEC was formed and its member countries
• Check the latest news on oil prices
• Explore the connection between energy resources and global affairs
• Locate major oil-producing countries on a world map

The Global Struggle Over Resources Shapes the World

OPEC's founding day is a chance to reflect on how cooperation among oil-producing nations has shaped the global energy market. On September 14th, consider the international forces behind the gas prices we see every day.