why did venezuela help form opec ghe organization of petroleum exporting counties?

Question

Venezuela wanted to make sure other countries did not produce oil?
Other oil-producing countries forced it to join or lose money.
Venezuela wanted to protect its role in the oil industry.
This was part of Venezuelas import substitution industrialization policy.

Answer 1

Venezuela helped form OPEC to protect its role in the oil industry and ensure it had a say in setting oil prices. OPEC was initially formed to counter the dominance of Western oil companies and ensure that oil-producing countries had control over their own resources. By joining OPEC, Venezuela was able to collectively negotiate with other oil-producing countries and have more influence in the global oil market.