On 14 September 1960, a meeting took place among the oil ministers of Venezuela (Perez Alfonso), Saudi Arabia (Abdullah Tariqi), and Iran (Fouad Rouhani), the Iraqi minister of planning (Talaat Shaybani), and the assistant finance director in Kuwait (Ahmed Sayed Omar) in Baghdad. On hand was a Qatari observer delegate, for the signing of the document that established OPEC (the Organization of Petroleum Exporting Countries). It was an uprising against the giant oil companies that had long dominated the resources of these countries, and that wanted between 1959 and 1960 to reduce the revenues of oil states without consulting their governments. OPEC was established, and Saudi minister Tariqi and Venezuela's Perez Alfonso had key roles in the formation of this organization, which this month celebrates its fifty years. A wave of international reactions was sparked by the uprising of oil-producing states against the oil giants that used to benefit from these countries' resources at the expense of the peoples, who were long deprived of revenues that were their legal right. Even today, after the world has changed, some western parties see OPEC in a negative light and call it a “cartel” that monopolizes production and prices, to the detriment of the world. However, the truth is that OPEC has now become an organization of 12 states, some of which have recently become members, such as Angola and Ecuador, which left and returned to the organization, due the importance of benefiting from membership in OPEC. The organization has certainly changed over the last half-century; it now has the attention of all players in markets, from companies to investors and governments. This is evident during the organization's many conferences held in Vienna or in member states, where there is a heavy presence of investors and representatives of companies and financial institutions in the foyers of the hotel that is hosting the delegations. There are hordes of media as well; they have accompanied Saudi Oil Minister Ali Al-Nuaymi (the minister of the biggest oil state in the organization) during his morning walk, to get a hint about the direction of the markets. If Al-Nuaymi says markets are stable, the representatives of news agencies rush to their phones to relay the information. The reporters do the same thing if he says that there is an excess in production. If he is silent, the media becomes anxious and there is increasing speculation that “perhaps there is a dispute or a problem.” OPEC has imposed itself on the world and on oil markets. For about a decade, it has shown a considerable ability to overcome political disputes within its ranks. OPEC has managed to protect its natural resources and revenues and preserve market stability, thanks to Saudi Arabia, OPEC's biggest producer, despite war between its members, such as the Iran-Iraq war, and the Iraqi invasion of Kuwait, and now the international sanctions on Iran and the American war on Iraq, and the American withdrawal from Iraq. If some ministers had not behaved rationally and always sought to keep the organization neutral from political disputes, the crises could not have been overcome, and the resources protected. Leading this group of successful ministers is Ali Al-Nuaymi, and the deputy prime minister of Qatar, Abdullah Al Attiya. Both have long been responsible for the oil sector in their respective countries. In fact, in the 1980s and 1990s, OPEC conferences used to last for weeks of negotiations amid political disputes among the members. For around a decade now, things have changed. Meetings now do not last more than one day. Meanwhile, decisions are taken as they are in the boards of directors of giant firms, without getting into politics. This has led to the organization's success in imposing its will to protect the interests and revenues of member states, while preserving the stability of the sector and its future in the international arena.
