OPEC
2019 ◽
pp. 88-134
In order to explain the creation of OPEC, Chapter 2 describes the spread of protests in the oil fields as well as the rise of nationalism in the Arab world, together with the radicalization of Venezuelan politics at the end of the 1950s. It explains in detail the organization of the first Arab Oil Congress in Cairo in 1959, the emergence of a group of oil technocrats in the Middle East and then the creation of OPEC in Baghdad in September 1960. The chapter further explores the nature of OPEC showing why, contrary to common beliefs, it cannot be defined as a “cartel,” while analyzing at the same time the first “operative” resolutions it approved in 1962.