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Then in 1960, many of the oil producing nations, from both the Middle East and elsewhere, formed a cartel to protect their interests.
[Currently, OPEC is comprised of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Large non-OPEC producers such as Mexico, Norway and Russia sometimes go along with the cartel position of the day.]
The goal of OPEC was to present a common front in negotiations with the giant oil companies, which themselves worked closely together. OPEC set the stage for a new process in which the producer nations would eventually take over the functions of the companies, at least in production, and retain much more of the revenues...
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