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