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The Organization of the Petroleum Exporting Countries (OPEC / ˈ oʊ p ɛ k / OH-pek) is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit.
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 1973 Yom Kippur War, which began after Egypt and Syria launched a large-scale surprise attack ...
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.
In the 1960s, the Shah initiated the formation and organization of large oil-exporting countries which would become known as the Organization of the Petroleum Exporting Countries (OPEC). The Shah also sought to terminate the 1954 Consortium Agreement an effort which was finalized with the 1973 Sale and Purchase Agreement. [2]
In the United States, Europe and Japan, oil consumption had fallen 13% from 1979 to 1981, due to "in part, in reaction to the very large increases in oil prices by the Organization of Petroleum Exporting Countries and other oil exporters", continuing a trend begun during the 1973 price increases. [32]
The path taken by the attackers inside OPEC Headquarters. On 21 December 1975, Saudi Arabian Minister of Petroleum Ahmed Zaki Yamani and the other oil ministers of the members of OPEC were taken hostage in Vienna, Austria, where the ministers were attending a meeting at the OPEC headquarters at Dr-Karl-Lueger-Ring 10 (renamed Universitätsring in 2012).
Below is a list with each secretary general of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. [1] [2] [3] [needs update] The secretary general is OPEC's chief executive officer.
Fluctuations of OPEC net oil export revenues since 1972 [8] [9] The rise in oil prices benefited a few members of the Organization of Petroleum-Exporting Countries , which made record profits. Under the new Iranian government, oil exports later resumed but production was inconsistent and at a lower volume, further raising prices.