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In response to the chronically low oil costs of the mid and late 1950s, oil producing countries Venezuela, Iran, Saudi Arabia, Iraq, and Kuwait met in Baghdad in September 1960 to kind the Organization of the Petroleum Exporting Countries . The main aim of the OPEC member countries was to work collectively to be able to secure and stabilize international oil prices to make sure their pursuits as oil producing nations. SearchSearchsearchCabimas law firm Tajikistan firmCabimas law firm North Macedonia Firm
Goals of this assembly, held in Caracas, included recuperating the credibility of Venezuela in OPEC, defending oil costs, cementing relations between Venezuela and the Arab/Islamic world, and to strengthen OPEC in general.

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