OPEC, the Organization of the Petroleum Exporting Countries, is an intergovernmental cartel founded on 14 September 1960 in Baghdad by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to coordinate and unify the petroleum policies of its member countries and secure a steady income for producing states. It has since become the vehicle through which member states set production quotas to influence the global price of oil, most consequentially in the 1973 oil shock, when an Arab members' embargo and coordinated OPEC price increases quadrupled world oil prices.
Facts
Geography
Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Founding Year Founding Date HeadquartersOPEC's founding conference was in Baghdad; its permanent secretariat has been based in Vienna, Austria since 1965, per OPEC's own published history. Classification
Institution Subtype Connections
Associated With
Source Milestones: Oil Embargo, 1973-1974
In the Other Atlases
Sources
1. OPEC (Wikipedia)
2. OPEC - Wikipedia (Wikipedia)
3. Wikipedia
Wikimedia FoundationOPECQuote, OPEC
coordinate and unify the petroleum policies of member countries
Milestones: Oil Embargo, 1973-1974
United States Department of State, Office of the HistorianAssociated With: 1973 Oil Shock, Milestones: Oil Embargo, 1973-1974Quote, Associated With: 1973 Oil Shock, Milestones: Oil Embargo, 1973-1974
Arab members of OPEC announced they would no longer ship petroleum to nations that had supported Israel, and OPEC coordinated production cuts and price increases that quadrupled the world price of oil.
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