OPEC was formed by some oil producing nations in

Analyze the question: The question asks for the year OPEC (Organization of the Petroleum Exporting Countries) was formed.

Explain the concept: OPEC was created to coordinate the petroleum policies of its member countries. This was meant to secure fair and stable prices for oil producers and a steady supply to consumers. It was a response to the major international oil companies cutting the posted prices of crude oil without consulting the producing countries.

Step-by-step solution:

1. In August 1960, the oil companies reduced the posted price of Middle Eastern crude oil.
2. In response, five oil-producing countries met in Baghdad, Iraq, in September 1960 (10-14 September).
3. The five founding members were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
4. Nigeria joined later, in 1971. Many students confuse this date with the founding date.

Checking the options:

• A. 1966: Wrong. The Organization was already six years old by then.
• B. 1960: Correct. This is the founding year, in Baghdad.
• C. 1959: Wrong. This is the year of the first Arab Petroleum Congress in Cairo, which was a precursor but not the founding.
• D. 1950: Wrong.

Exam tip: Remember "OPEC was born in 1960 with 5 members, and Nigeria joined in 1971." Also, the same year, 1960, is when Nigeria gained independence, so you can link the two dates in your memory. OPEC's headquarters were first in Geneva, then moved to Vienna in 1965.