Venezuela helped form OPEC in 1960 because they wanted to have more control over their oil industry and ensure fair market prices for their oil exports. By joining forces with other oil-producing countries, Venezuela sought to collectively negotiate and regulate oil prices, production levels, and export quotas in order to maximize their profits and protect their national interests. Additionally, OPEC provided a platform for member countries to address common concerns and challenges related to the oil industry, such as market volatility and competition from non-member oil producers. Ultimately, Venezuela saw OPEC as a means to strengthen their position in the global oil market and assert their influence on the international stage.
