GENERAL KNOWLEDGE

THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES CAME INTO EXISTENCE AT A CONFERENCE HELD IN

  • A. Tripoli
  • B. Caracas
  • C. Riyadh
  • D. Baghdad ✓

 

The answer to the question is: D. Baghdad

The Organization of the Petroleum Exporting Countries (OPEC) came into existence at a conference held in Baghdad, Iraq. The Baghdad Conference took place from September 10 to 14, 1960, and it was attended by representatives from five founding member countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. During this conference, the participating nations signed the OPEC statute, officially establishing the organization as a platform for coordinating and unifying petroleum policies among its member countries.

OPEC’s formation was driven by the desire of its member countries to assert greater control over their oil resources and to negotiate more favorable terms with international oil companies. The organization aimed to stabilize oil markets, ensure a steady income for its member countries, and secure fair returns for investors in the petroleum industry. OPEC’s establishment marked a significant shift in the global oil landscape and has since played a crucial role in shaping international energy policies and market dynamics.

The Baghdad Conference and the subsequent formation of OPEC represented a pivotal moment in the history of the global oil industry. It signaled the emergence of a collective entity that would exert considerable influence on oil production, pricing, and distribution worldwide. OPEC’s actions and decisions continue to have far-reaching implications for both oil-producing and oil-consuming nations, making it a central player in the geopolitics of energy.

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