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OPEC stands for the Organizations of the Petroleum Exporting Countries. OPEC was founded by five countries. The five founding countries were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
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OPEC grows to ten members. The new members are Qatar, Indonesia, U.A.E., Libya, and Algeria. Indonesia later suspends it's member ship in 2009.
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The Arab population in OPEC wanted an oil embargo on the United Sates and other countries for supporting the Israelis. The oil embargo increased the prices of oil greatly. The oil embargo also introduced a cut in oil production.
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OPEC decided it wanted to help poor nations. The OPEC Special Fund was established in March of 1975. The Special Fund united OPEC countries with the poor and underdeveloped to help strengthen them.
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OPEC headquarters were attacked. Many ministers of OPEC were taken hostage. Three people died in the attack and 59 were released.
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OPEC ramps up production to make up for the shortage of oil during the war. OPEC increases oil prices. U.S. Economy suffers from the raise in oil prices.
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Non - OPEC countries increase production at cheap prices. OPEC scrambles to cut production and introduce quotas to try and control the oil production. Oil drops to $10 a barrel.
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The Price Band helped stabilize the prices of oil. Uncertainty raised the prices of oil. In 2005 the price band was quietly disbanded.
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9/11 attacks lead to oil prices falling. Terror rocks the the USA economy. OIl dropped to $23 a barrel.
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Oil prices are pushed to $147 a barrel. A financial crises sets the oil back at $40 a barrel. OPEC cuts production by 2.2 million barrels a day.
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http://www.marketwatch.com/story/a-brief-wondrous-history-of-landmark-events-in-opecs-oil-cartel-2014-11-26
By: William Watts http://www.opec.org/opec_web/en/about_us/24.htm
By: Unknown https://history.state.gov/milestones/1969-1976/oil-embargo
By: Unknown http://www.reuters.com/article/opec-idAFLDE67005M20100910
By: Unknown
