#Welcome back to business!.... Opec is turning 50! The Organization of Petroleum Exporting Countries was created on the 14th of September, 1960. It included Iraq, Venezuela, Kuwait, and Saudi Arabia. They agreed upon fixed production quotas, how much oil entered the market, and how much it would cost. This price-setting monopoly appears to be no more. Speculators have entered the picture, there are improved fuel efficient engines, and other means of energy creation have sprung to life such as the wind turbines. And yet, it appears the value of oil will not decrease for a while yet.