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Opec is created
Opec is created at the Baghdad Conference, by there first five founding members, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. -
The creation of OPEC Fund for International Development
The things that led toward the cration of this organization was when Opec took control of oil prices. After this oil prices rose steeply in a volatile market, because of the first insance which is the Arab oil embargo in 1973 and then the second time in the outbreak of the Iranian Revolution in 1979. After this OPEC broadened its mandate with the first Summit of Headsc of State and Government in Algiers in 1975, adressing plight of the poorer nations. -
The crash
In the early 80's they were reaching record leverls. But then they crashed in 1986,brcause of a big oil glut and consumer shift away from this hydrocarbon. OPEC’s share of the smaller oil market fell heavily and its total petroleum revenue dropped below a third of earlier peaks, causing severe economic hardship for many Member Countries. -
Better than ever
An innovative OPEC oil price band mechanism helped strengthen and stabilise crude prices in the early years of the decade. But a combination of market forces, speculation and other factors transformed the situation in 2004, pushing up prices and increasing volatility in a well-supplied crude market. Oil was used increasingly as an asset class. Prices soared to record levels in mid-2008. -
Connection
I think Opec played a big part in the shape of SouthWest Asia, and how it turned out today. Up until the discovery of oil this area was considered nothing, but a wasteland. But Aafter the discovery and the help of Opec it was put on the map. The discovery of oil has also caused wars and disagreement between the world, shaping many fueds. It brought riches to this land. Also with the help of Opec it create one of the largest oil trade systems ever. -
Connection part 2
It has help some countreis raise there standard of living as well. Another thing is that them being able to move up has given the opertunity of education, wealth, jobs, transportation, and many other things to this land. It has also created a fued between the rich and the poor. Mainly between Kuwait and Saudi Arabia. And caused much hatred. All in all I believe the effects of Opec has created a huge impact.
