The Rise and Fall of OPEC

1960: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela establish the Organization of the Petroleum Exporting Countries, a cartel designed to exert control over global oil prices—and reduce Western influence in the Middle East.

1960 Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela establish the Organization of the Petroleum Exporting Countries, a cartel designed to exert control over global oil prices—and reduce Western influence in the Middle East.

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