Beirut in the 1950s
From the Archives: Baghdad and Beirut
Our look into Petroleum Economist's archives continues with October 1960 coverage of another key moment in the history of oil and gas: the founding of OPEC
The Arab League’s second oil conference being held at Beirut this month will be dominated by the recent agreement at Baghdad between leading oil exporting countries to set up OPEC with a view to consulting together on important matters affecting their oil interests and to bringing about stability in crude oil prices. Some of the considerations which arise are outlined below. As well as providing a forum for discussing many aspects of the international oil industry, the wide-ranging talks at Beirut should bring much enlightenment about this significant new development. The evolving relationships between the international oil companies and the governments of the main countries in which they pr
Also in this section
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
20 March 2026
The US may be systemically stripping Russia of key geopolitical allies, but Moscow can reap rewards from the Hormuz crisis, both in the short and long term
