OPEC and the oil crises

OPEC ( Organization of Petroleum Exporting Countries) is a permanent International intergovernal organization of 13 oil exporting countries that coordinates and unifies the the petroleum policies of its members.

History and establishment:
The idea that an international organization which would enable communication and simplify cooperation between the most important oil producing countries should be created firstly appeared in 1949. When Venezuela approached Iran, Iraq, Kuwait and Saudi Arabia with a suggestion of creating such an organization. But the real first step was the meeting that took place in Baghdad in 1960 at the initiative of Venezuelan and Saudi Arabian Energy ministers. At this meeting, the government representatives of Iran, Iraq, Saudi Arabia, Kuwait and Venezuela discussed about the ways of increasing the price of oil, which was mined and exported by their countries. To reach this goal, countries wanted to coordinate and unify the oil policy of its member states set the oil export quotas, set the prices for the exported oil, and to try and suppress the power of international oil monopols. And so, the 14th September 1960 was the day, when OPEC was created, and later recognized and registered by the UN secretariat at November 1962...