sep 14, 1960 - Birth of OPEC
Description:
Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela establish the Organization of the Petroleum Exporting Countries (OPEC) to compete (mostly) with Western oil companies who are dominating global supplies, and to reestablish control.By the 1970s, OPEC profits see drastic increase and the group gains considerable leverage over Western economies. Iran’s increased financial gain makes it an even more crucial U.S. ally.
Added to timeline:
Date:
sep 14, 1960
Now
~ 64 years ago