Timeline By eternalprince1 Sep 14, 1960 OPEC is formed Period: Sep 14, 1960 to Aug 1, 2005 Timeline Jan 21, 1961 Qatar joins OPEC Jun 8, 1962 Libya and Indonesia join OPEC Sep 1, 1965 Austria becomes OPEC headquarter, Agreement is signed Dec 29, 1967 OPEC looks for practical oil production system Jan 12, 1971 OPEC demands for higher payments for oil Oct 16, 1973 Saudi Arabia threatens to cut off all supliest to U.S. if aid to Israel in Yop Kippur War continues Oct 20, 1973 Saudi Arabia announces halt in oil exports to U.S. Oct 21, 1973 More Arab countries announce a total embargo of oil to U.S Dec 21, 1975 Terrorist kidnaps OPEC ministers and demands a $1 Billion ransom Jan 1, 1976 OPEC begins to decline Dec 31, 1992 Ecuador withdraws from OPEC Aug 1, 2005 OPEC’s oil output hit a 26-year peak and began declining.
