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.

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By Matthew Philips

December 4, 2014 at 12:58 PM UTC

This article is for subscribers only.

This article is part of the December 8, 2014 issue of businessweek.

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.