1. OPEC Founded in 1960 by 5 major oil producers (Iran, Iraq, Kuwait, Saudi Arabia and Venezuela) as a cartel to safeguard its members interests individually and collectively. Upon its formation OPEC studied the Railroad Commission of Texas techniques for of influencing the price through limiting the production and took it as a raw model.

2. OPEC A decade after its formation (in 1970), OPEC became clearly the main dominant of the petroleum industry as the control of the Texas Commission and the Seven companies came to an end 6 other nations joined OPEC by the end of 1971 being Qatar, Indonesia, Libya, United Arab Emirates, Algeria and Nigeria

3. OPEC OPEC currently includes 13 countries (Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Indonesia and Venezuela) Its headquarters is in Vienna (Since 1965) hosts regular meetings among the oil ministers of its Member Countries Since 1970 it experienced several successes and failures in controlling the oil prices, yet remains a key player in the oil world