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Iraq, Iran, Kuwait, Saudi Arabia and Venezuela formed OPEC.
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Period: to
OPEC
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OPEC decided to set oil prices without consulting buyers.
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During the OPEC oil embargo oil prices were increased.
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OPEC raised oil prices. The price of a barrel of oil increased 50%
OPEC raised oil prices. The price of a barrel of oil increased 50% since a year earlier. -
opec
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9/11 attacks cause oil prices to skyrocket
The terrorist attacks on the World Trade Center caused the invasion of Iraq and Afghanistan, which significantly drove the price of oil up. -
Russia agreed to cut its oil exports by 150,000 barrels a day
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OPEC agreed to cut oil production by as much as 7%.
