OPEC’s 60 th birthday should have been reason for celebration, but its largest producer Saudi Arabia is increasingly putting its own interests before the cartel’s objectives and has put the very existence of OPEC at stake on a number of occasions Founded 60 years ago this month by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, the Organization of the Petroleum Exporting Countries (OPEC) originated from a solid base of sensible values centred upon providing a collective voice for oil producers that were being exploited by the ‘Seven Sisters’ group of international oil companies. Its stated mission was to: “Co-ordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.” For nearly […]