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[33] [34] Internationally important conflicts in OPEC's history have included the Six-Day War (1967), Yom Kippur War (1973), a hostage siege directed by Palestinian militants (1975), the Iranian Revolution (1979), Iran–Iraq War (1980–1988), Iraqi occupation of Kuwait (1990–1991), September 11 attacks (2001), American occupation of Iraq ...
On 9 January 1968, three of the then–most conservative Arab oil states – Kuwait, Libya, and Saudi Arabia – agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War.
List of OPEC secretaries general No. Name Country Tenure 1: Fuad Rouhani [A] Iran [B] 21 Jan 1961 – 30 Apr 1964 2: Abdul Rahman al-Bazzaz [A] Iraq [B] 1 May 1964 – 30 Apr 1965 3: Ashraf T. Lutfi Kuwait [B] 1 May 1965 – 31 Dec 1966 4: Mohammad Saleh Joukhdar Saudi Arabia [B] 1 Jan 1967 – 31 Dec 1967 5: Francisco R. Parra Venezuela [B]
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 ...
A drop in oil production in the wake of the Iranian revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, [2] the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m 3).
Fluctuations of OPEC net oil export revenues since 1972, showing elevated inflation-adjusted levels during 1974–1981 and 2005–2014 [1] [2] Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). [3]
June: OPEC production-cut talks fail, ending in a tentative majority pact on an average 1986 ceiling of 17.6 Mbbl/d (2,800,000 m 3 /d). June 8: Iraqi jets attack Assadabad satellite station. July: Brent price dips under $9 per barrel. OPEC production rises to 20 Mbbl/d (3,200,000 m 3 /d). Jul 27: Iraqi jets attack central Iranian city of Arak ...
The OPEC Fund considers its own EPI as complementary to the objectives of SEforAll. In 2011, the OPEC Fund's then Director-General Suleiman Jasir Al-Herbish was invited to join the UN Secretary-General's High-level Group on SEforAll, which was charged with developing the Action Agenda that was presented to the 2012 Rio+20 Summit.