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by September 14, the group had completed its work. A new entity had been established with which to confront the international oil companies. It was called the Organization of Petroleum Exporting Countries, and it made its intention clear: to defend the price of oil—more precisely, to restore it to its precut level. From here on, the member countries would insist that the companies consult them on the pricing matters that so centrally affected their national revenues. They also called for a system of “regulation of production,” Tariki’s and Pérez Alfonzo’s dream of a worldwide Texas Railroad ...more
The Prize: The Epic Quest for Oil, Money, and Power
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