![]() That gives the organization significant control over the commodity. The members of OPEC+ control roughly 40% of the world’s production of crude oil and account for 60% of the oil traded internationally. When OPEC meets, it discusses many topics, including the current economic climate, supply and demand for energy - including oil - and other factors that can influence the value of oil and the profitability of producing and exporting it. Today, OPEC collaborates on things such as levels of oil production to try to influence international oil prices and to ensure that member nations receive top dollar for their exports. Supply and prices have ebbed and flowed in the decades since. Increased prices and the embargo led western countries to try to reduce their reliance on oil from the Middle East. and other nations supporting Israel in the Yom Kippur War. OPEC followed this with an embargo on sales to the U.S. In 1973, some OPEC members nationalized their country’s oil production and increased prices. Over the next decade, OPEC expanded from five members to include many of its current members. This meeting, which included a delegation from Venezuela, resulted in an agreement to form an Oil Consultation Commission.ġ960 saw the official founding of OPEC in response to further cuts in the prices oil companies were willing to pay for crude oil. In response, the first Arab Petroleum Congress met. In 1959, these major oil companies informed oil-producing nations that they would pay 10% less for oil going forward. Of the seven largest oil companies in the world, five were headquartered in the US. At the time, the United States was both the world’s largest consumer and producer of oil. OPEC began shortly after World War II when Venezuela and Iran invited Iraq, Kuwait and Saudi Arabia to meet to discuss petroleum exports. Tryq About Q.ai's Global Trends Investment Kit | Q.ai - a Forbes company The history of OPEC
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