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by
mutant
Sat Sep 30 2000 at 11:55:36
1960
Opec
, or the
Organisation of Petroleum Exporting Countries
, was formed by joint agreement at the
Baghdad Conference
by
Iran
,
Iraq
,
Kuwait
and
Saudi Arabia
. The
cartel
is intended to counterweight the influence of the big seven western oil companies (the so-called "
Seven Sisters
") which dominated the
global
petroleum business
at that time.
1973
Opec becomes a
household word
in western nations as
oil prices
surge to unprecedented levels in the wake of the
Arab oil embargo
of industrialised countries, following the
October
war between
Israel
and its
Arab
neighbours.
1979
The second
oil shock
of the
decade
hits the
world
as a result of widespread disruption of the
Iranian
oil industry after the
Islamic revolution
.
1985/86
After rising steadily in the early years of the decade, oil prices suddenly
collapse
after widespread Opec cheating on oil quotas forces Saudi Arabia to slash
export
s from some 7m barrels a day to 2.6m barrels / day. Saudis efforts to reclaim
market share
causes a deep slump in the price of oil globally.
1990/91
Panic buying sends oil prices soaring after Iraq's
invasion
of Kuwait, but a surge in Saudi output a the brief use of Western Strategic Oil stocks prevents a fourth oil price crisis.
1998/99
Oil prices collapse to under $10 a barrel as a result of chronic Opec quota
cheating
and the
economic collapse
in
Asia
.
1999/2000
Opec responds with a series of deep
production cuts
which reverse
bearish
sentiment and trigger a slow, steady rise in oil prices.
2000
Fears that the world will be starved of sufficient oil supplies to maintain the
economic expansion
and emerging bottlenecks throughout the worlds oil industry drives prices to a series of fresh 10-year peaks. Three Opec
production increase
s fail to quell fears, prompting the US to order the release of strategic petroleum stocks for only the second time.
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Jimmy Carter
Organization of Petroleum Exporting Countries
Light sweet crude
Yom Kippur War
Cartel
Drake's Well
Qatar
Fourth World
How to fight Globalization
Petrol crisis
Oil
National Energy Program
crude oil
Seven Sisters
United Arab Emirates
Saudi Arabia
Ethanol
price war
Fuel rationing
Record Oil Spills
North sea oil
Shiite