OPEC – The formation of OPEC, Organization of the Petroleum Exporting Countries, was the first major move by producer countries to take control of their resources. OPEC was formed in 1960 by host countries in protest of perceived royalty and tax cheating by the ‘seven sisters’. The objective was to form national oil companies, restore price to pre-cut level, regulate production and consult on pricing issues.
OPEC was founded in Baghdad, Iraq, by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Others joined later: Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007). Ecuador suspended its membership from December 1992 until October 2007, Indonesia suspended its membership effective January 2009, while Gabon terminated its membership in 1995.
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| Current Minister of Petroleum Resources in Nigeria, Diezani Alison-Madueke, at the World Economic Forum on Africa in 2012. Photo credit: Wikipedia |
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