OPEC Turns 50 Years Old

Michael Giberson

OPEC was founded on September 14, 1960, in Baghdad, Iraq by five oil-exporting countries that decided to join forces to safeguard their legitimate rights and exercise control over their petroleum resources after years of manipulation.

From the OPEC “Secretary General’s Message” on the occasion of the 50th anniversary of the organization. The slogan for the 50th anniverary celebration: “Supporting Stability, Fueling Prosperity.”

MORE: Bloomberg offers an OPEC timeline. A Financial Times blogger notes that OPEC party planning has been difficult.  First, Bahgdad had hoped to host the celebration – it was the site of the first meeting in 1960 – but Iraq has been outside the OPEC quota system for years due to war and sanctions. Second, not all OPEC members celebrate the same way (“‘Saudi champagne’, the sparkling fruit drink served in the alcohol-free kingdom, might not get the party going as in salsa-infused Caracas.”).