The Organization of Petroleum Exporting Countries (OPEC) was founded in 1960 by five leading Third World Oil producers—Iran, Iraq, Kuwait, Saudi Arabia and Venezuela—as a means of safeguarding their economic interests. The 1980s have witnessed a dramatic reduction in OPEC’s economic power, resulting from policies and actions of the major participants in the international oil industry, including OPEC main issues at stake. In a specially written introduction the author explains why he believes that OPEC is now at a crossroads in its development as a viable international organization.