(OPEC) Organization of Petroleum Exporting Countries By LuisG.23 Sep 14, 1960 Iraq, Iran, Kuwait, Saudi Arabia and Venezuela formed OPEC. Period: Sep 14, 1960 to Dec 5, 2002 OPEC Feb 3, 1971 OPEC decided to set oil prices without consulting buyers. Oct 20, 1973 During the OPEC oil embargo oil prices were increased. Jun 28, 1979 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. Mar 25, 1990 opec Sep 11, 2001 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. Dec 5, 2001 Russia agreed to cut its oil exports by 150,000 barrels a day Dec 12, 2002 OPEC agreed to cut oil production by as much as 7%.
