September 10, 1960
OPEC was formed
Pipeline – 56 Years Ago: Leaders from Iran, Iraq, Kuwait, Saudi Arabia and Venezuela met in Baghdad for a four-day conference to discuss the future of their nations’ oil production. This meeting led to the creation of the Organization of Petroleum Export Countries, otherwise known as OPEC. During the 15 years following OPEC’s creation, the five founding member nations were joined by Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, and Gabon. In 2015, OPEC nations accounted for 43 percent of oil production worldwide.