-
The creation of OPEC
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. -
Growth of OPEC
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. -
Arab- Israeli War
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. -
New Goals
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. -
Hostage Crisis
OPEC headquarters were attacked. Many ministers of OPEC were taken hostage. Three people died in the attack and 59 were released. -
Iran - Iraq War
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. -
Prices Crash
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. -
Price Band
The Price Band helped stabilize the prices of oil. Uncertainty raised the prices of oil. In 2005 the price band was quietly disbanded. -
9/11
9/11 attacks lead to oil prices falling. Terror rocks the the USA economy. OIl dropped to $23 a barrel. -
Oil Crises
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. -
Resources
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
