Baghdad Conference Begins.
The 5-day long conference in Iraq’s capital city ended with the creation of the Organization of the Petroleum Exporting Countries (OPEC), an intergovernmental organization of oil-producing countries. Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela were the original members of the group. Today, there are 13 members of the organization. OPEC is responsible for coordinating and unifying oil and gas policies in member states and for creating an efficient and fair system of production, sale, and investment in the petroleum industry.