OPEC was established in Baghdad, Iraq in September 1960. Like many other international organizations, OPEC was formed by a few founding members, namely, Iran, Iraq, Kuwait, Saudi Arabia and Venezeula. In the 1960s, five more countries became members: Qatar (1961), Indonesia (1962), Libya (1962), Abu Dhabi (1967) and Algeria (1969). In 1974, the United Arab Emirates of which Abu Dhabi was the dominant member took Abu Dhabi’s place.

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