In 1960 two important institutions were created by Juan Pablo Pérez Alfonso, Betancourt's minister of Mines and Hydrocarbons: the Venezuelan Petroleum Corporation (Corporación Venezolana del Petróleo — CVP), conceived to oversee the national petroleum industry, and the Organization of the Petroleum Exporting Countries (OPEC), the international oil cartel that Venezuela established in partnership with Kuwait, Saudi Arabia, Iraq, and Iran.
Under 1960 skapades två viktiga institutioner av Juan Pablo Pérez Alfonso, Betancourts energiminister: Venezuelas Petroleum Bolag (Corporación Venezolana de Petróleos – CVP) bildades för att övervaka den nationella petroleumindustrin, samt Organization of the Petroleum Exporting Countries (OPEC), den internationella oljekartell som Venezuela etablerat i samarbete med Kuwait, Saudiarabien, Irak och Iran.