In what year was OPEC founded?

In what year was OPEC founded?

• A. 1958
• B. 1960
• C. 1962
• D. 1965

Answer: (B)

OPEC was founded in 1960. The Organization of the Petroleum Exporting Countries was created at a conference in Baghdad in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and defend member interests in price and market practices. That founding year is why 1960 is the correct answer. The other years come either before the organization existed or after its creation, so they don’t reflect the birth of OPEC.

OPEC was founded in 1960. The Organization of the Petroleum Exporting Countries was created at a conference in Baghdad in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and defend member interests in price and market practices. That founding year is why 1960 is the correct answer. The other years come either before the organization existed or after its creation, so they don’t reflect the birth of OPEC.