OPEC was created in 1960 by five countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. At the time, big international oil companies had a lot of control over oil prices. These countries wanted more control over their own natural resources. By working together, they could negotiate better deals and protect their income. The goal was also to prevent sudden drops in oil prices. Over time, the group grew as more countries joined. Today, its founding idea of cooperation still shapes how it operates.
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