members of the Organization of OPEC
Channel: World Paper
Date: 01/07/2023

In February 1959, world oil prices experienced a drastic decline due to the monopoly exercised by the world's giant oil company, The Seven Mayors. The companies come from developed countries, such as England, Japan, the United States and West Germany.

The Seven Mayors control the oil industry and set the price of oil on the international market unilaterally without regard to advice from other countries. This condition makes oil exporting countries unable to remain silent. They must act to overcome this.

Finally, OPEC was founded, which at that time consisted of the world's five largest oil producing countries, namely Saudi Arabia, Iran, Iraq, Kuwait and Venezuela. Then followed by other countries, including Indonesia.