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By chief business correspondent Ian Verrender, ABC
OPEC began in September 1960 in Baghdad as an angry reaction to Western oil companies continually undercutting the price of Persian Gulf oil
Photo: AFP / Hussein Faleh
Analysis: In the fractious world of Middle East politics, alliances can be fleeting affairs.
If there is one achievement for which the Organisation of Petroleum Exporting Countries (OPEC) can claim fame, apart from the 1973 oil crisis that saw fuel prices quadruple, it is that it lasted this long.
Technically,…
