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At a conference held in Baghdad, the governments of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela founded OPEC to help coordinate their petroleum policies and influence global oil prices.
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Baghdad
Capital and largest city of Iraq
Baghdad is the capital and largest city of Iraq, located along the Tigris in the central part of the country. With a population exceeding 7 million, it ranks among the most populous cities in the Middle East and Arab world and forms 22% of the country's population. Spanning an…Source: Wikipedia (CC BY-SA)
OPEC
International petroleum organization
The Organization of the Petroleum Exporting Countries is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by…Source: Wikipedia (CC BY-SA)
Price of oil
Spot price of a barrel of benchmark crude oil
The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals…Source: Wikipedia (CC BY-SA)