In 1960, an association was formed that would change the face of international oil acquisition forever. In order to combat the actions taken by the multi-national oil corporations to cut the prices of crude oil, five of the leading oil-exporting countries formed the Organization of Petroleum Exporting Countries (OPEC). These five countries- Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela- were responsible for nearly 80% of all world oil exports at the time. From this point forward, OPEC would become the primary policy-making body for the price regulation of petroleum exports. Fuad Rouhani, the first Secretary-General of OPEC, established that the objectives of this organizations were:1) Endeavoring by all possible means to restore the price of crude oil to the level existing before the reductions.2) Ensuring that the oil companies maintain their prices at a stable level, avoiding any unnecessary fluctuations.3) Demanding that the companies should consult the countries concerned each time they consider that the position of the market calls for a modification of prices; in such an event, they would have to furnish a full explanation to justify their point of view.4) Elaborating a formula to ensure the stability of prices, and for this purpose resorting, if necessary, to a regime of control of production.5) Conducting the Organizations studies and activities in conformity with the following objectives: guaranteeing a stable revenue to the producing countries, an effective, economic and regular supply of petroleum to consumers, and an equitable remuneration to investors.6) Organizing a system of regular consultation among the members with a view to co-ordinating and unifying their petroleum policies and determining the best means of safeguarding their common interests, both individually and collectively. (AL_Sowayegh, 34)OPEC would consist of a Board of Governors, with one representative from each of the member countries. Also, the ...