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(OPEC) Organization of Petroleum Exporting Countries

By LuisG.23

  • Iraq, Iran, Kuwait, Saudi Arabia and Venezuela formed OPEC.

  • Period: to

    OPEC

  • OPEC decided to set oil prices without consulting buyers.

  • During the OPEC oil embargo oil prices were increased.

  • 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

    opec

  • 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

  • OPEC agreed to cut oil production by as much as 7%.

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