''The 35,000 Gold sovereigns paid for the Saudi Arabian oil exploration
concession in 1928 were reportedly counted by Sheik Abdullah Sulaiman
himself. Oil was struck in 1937, and over the next thirty years Aramco
discovered petroleum reserves in Saudi Arabia in excess of 180 billion
barrels, a quarter of the known reserves of the planet at that time.
Co-founded by Venezuela and Saudi
Arabia in 1960, the Organization of Petroleum Exporting Countries cartel
was established to safeguard the members interests, ie. profiting from
their oil. OPEC from the beginning maintained that oil was a
depleting asset, and it had to be replaced by other assets to balance
national budgets and fund developments.''
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