The Organization of Petroleum Exporting Countries came into existence at a conference held in?

A. Tripoli
B. Caracas
C. Riyadh
D. Baghdad

Correct Answer:

Option D – Caracas

Explanation

The Organization of Petroleum Exporting Countries came into existence at a conference held in Baghdad.

According to G.A.I. Ofoegbu, the successful nationalization of oil industries by Mexico and Iran contributed to the foundation of OPEC.

As a result of the above developments, Iraq, Kuwait, Saudi Arabia, Iran and Venezuela held a conference in Baghdad, Iraq on September 14, 1960 to lay the foundation of OPEC. Again so many authors commonly agreed that the governments of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela met in Baghdad on 14th September, 1960, and founded the Organization of Petroleum Exporting countries (OPEC)