The Organization of the Petroleum Exporting Countries is an intergovernmental cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organization, which currently comprises 11 member countries, accounted for 38 percent of global oil production in 2022. It is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.
The Organization of Petroleum Exporting Countries (OPEC) is founded.
On September 14, in the year 1960, The Organization of Petroleum Exporting Countries (OPEC) is founded. This event is recorded as a Historical Events event in the history of September 14, one of 490 recorded events on this date across all of history.
Key Facts
- This event took place on September 14, 1960 (AD era).
- It is categorised as a Historical Events event in recorded history.
- Referenced in 1 Wikipedia article.
- Wikipedia source last updated on 20 August 2026.
On This Date in History 490
This article draws on content from Wikipedia, available under CC BY-SA 4.0.
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