OPEC formation unites oil-producing nations
Five visionary oil ministers from Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela converged in Baghdad, fueled by a shared vision of controlling their own oil resources. United, they formed the Organization of Petroleum Exporting Countries, a cartel that would shift the global energy landscape. By pooling their collective strength, OPEC aimed to counterbalance Western oil companies, determine their own oil prices, and assert their sovereign rights over their natural resources. This historic meeting marked a paradigm shift, as oil-producing nations took the reins, sealing their destiny as key players in the global energy market.