The Organization of the Petroleum Exporting Countries is established during a four-day meeting in Baghdad, Iraq. Its members are Iran, Iraq, Kuwait, Saudi Arabia and Venezuela; its mission is "ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unncessary price fluctuations." It was created in response to the United States' decision to restrict the amount of oil imported from those countries in favor of oil from Canada and Mexico. That action had depressed the OPEC countries' oil prices while benefiting U.S. oil companies.
* "The Founding of OPEC" (from New York Times): @
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* Short history of oil: @