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OPEC Conference delegates at Swissotel, Quito, Ecuador, December 2010. The OPEC Conference is the supreme authority of the organisation, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organisation is the OPEC secretary general. The conference ordinarily meets at the Vienna ...
This page is subject to the extended confirmed restriction related to the Arab-Israeli conflict. West Texas Intermediate oil price history from 1950–2000, adjusted for inflation (1947 prices) In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the ...
One of the first challenges OPEC faced in the 1970s was the United States' unilaterally pulling out of the Bretton Woods Accord and taking the U.S. off the established Gold Exchange Standard in 1971. The change resulted in instability in world currencies and depreciation of the value of the U.S. dollar, as well as other currencies. The revenues ...
The Organization of Oil Exporting Countries -- better known as OPEC -- has been a dominant player in the oil market since it was formed in 1960. The 12 member countries have provided over 40% of ...
For much of its more than 50 year history, OPEC has been a dominant force in the oil market. By setting production quotas and regulating output among its member states, OPEC has been able to ...
The first thought that comes to mind with OPEC is oil. This collection of countries is responsible for over 40% of all oil production around the world. For many of these countries, oil is far and ...
[citation needed] As well as this, in 1960 the Organisation of the Petroleum Exporting Countries (OPEC) was created. Venezuela, along with Iran, Iraq, Kuwait and Saudi Arabia were its founding members. [2] Despite the creation of OPEC in 1960, they only began setting the oil price in 1973.
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