Saudi Arabia helps found the Organization of …

Years: 1960 - 1960

Saudi Arabia helps found the Organization of Petroleum Exporting Countries (OPEC) in September of 1960 to coordinate the petroleum policies of its members and to provide the member states with technical and economic aid.

This organization, born of exasperation, is formed in response to the oil companies having, in 1959, twice cut crude oil prices in Venezuela and the Middle East without consulting their host governments.

Faisal, more competent than his brother, has developed the ministries of government and established for the first time an efficient bureaucracy.

In December 1960, however, he is obliged to resign as prime minister and Saud himself assumes the office.

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