OPEC

In 1959, U.S. President Dwight Eisenhower implements the Mandatory Oil Import Program to address oversupply issues by imposing a quota system on oil imports, limiting them to 9 percent of domestic consumption. The program also grants preferential treatment to Canada and Mexico, lasting for fourteen years.

The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960 to coordinate and unify the petroleum policies of its member countries and ensure fair and stable prices for petroleum producers.

The 1st OPEC Conference took place from 10-14 September 1960 in Baghdad, Iraq, marking a significant milestone in the historic journey of the Organization.

The Organization of Petroleum Exporting Countries (OPEC) was founded by five oil-producing countries at a Baghdad conference on September 14, 1960, and played a significant role in the 1973 Oil Embargo and subsequent oil crisis.

On September 14, 1960, OPEC is established by representatives from Iran, Kuwait, Qatar, Saudi Arabia, Venezuela, and Iraq to defend oil prices.

In 1961, the Organization of the Petroleum Exporting Countries (OPEC) was founded by five major oil-producing countries to coordinate and unify petroleum policies among its members.

The OPEC Board of Governors met on 3 September 1962 in Geneva, Switzerland, to discuss important matters related to the Organization.

The 7th OPEC Conference was held from 23-28 November 1964 in Jakarta, Indonesia, focusing on key issues in the oil market.

On September 1, 1965, OPEC moved its headquarters to Vienna, Austria, after Switzerland declined to extend diplomatic privileges. This move was influenced by Switzerland's restrictions on foreigners and Austria's attractive terms for international organizations.

The Six-Day War in 1967 was an internationally important conflict in OPEC's history that had implications on oil supplies and prices.

In 1968, OPEC released the Declaratory Statement of Petroleum Policy in Member Countries, emphasizing the sovereignty of nations over their natural resources for national enrichment and development amidst the decolonization movement.

By 1969, OPEC had expanded its membership with the addition of five new member nations - Qatar, Indonesia, Libya, United Arab Emirates, and Algeria. This expansion marked a significant growth in the organization's influence and representation.

In 1970, Libya negotiated a 58/42 profit-sharing agreement with the oil company Occidental, prompting other OPEC members to seek better agreements with oil companies. This marked a shift from the previous 50/50 profit agreements.

The Tripoli Agreement was signed on April 2, 1971, between major oil companies and OPEC members operating in the Mediterranean Sea region. This agreement raised oil prices and increased the profit shares of producing countries.

The 1973 oil crisis was triggered by OPEC's decision to impose an oil embargo on countries supporting Israel in the Yom Kippur War, leading to a sharp increase in oil prices and global economic repercussions.

The first Summit of Heads of State and Government in Algiers in 1975 marked a significant moment for OPEC, addressing the challenges faced by poorer nations and calling for increased cooperation in international relations for global economic development and stability.

The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1976 to coordinate and unify the petroleum policies of its member countries and ensure fair and stable prices for petroleum producers.

The Iranian Revolution in 1979 had a significant impact on OPEC's operations and the global oil market.

The Iran-Iraq War from 1980 to 1988 was a major conflict that disrupted oil supplies and had lasting effects on OPEC's functioning.

The 73rd (Extraordinary) OPEC Conference was held from 28–30 January 1985 in Geneva, Switzerland, discussing important developments in the energy sector.

Due to falling revenue from oil sales, Saudi Arabia flooded the market with cheap oil, causing prices to fall below US$10/bbl. This led to higher-cost producers becoming unprofitable and a significant decline in the price of oil.

The Iraqi occupation of Kuwait from 1990 to 1991 was a significant event that impacted OPEC member countries and the oil market.

The September 11 attacks in 2001 had repercussions on OPEC's operations and the stability of the oil market.

The American occupation of Iraq from 2003 to 2011 was a notable event that influenced OPEC's strategies and oil production.

In 2004, market forces, speculation, and other factors led to increased volatility in the well-supplied crude market, transforming the situation.

The Third OPEC Summit took place on 17-18 November 2007 in Riyadh, Saudi Arabia, focusing on key issues affecting the oil market.

A production dispute arose within OPEC when Saudi Arabia walked out of a negotiating session where rival members voted to reduce OPEC output. Despite officially endorsing the new quotas, Saudi Arabia stated anonymously that they would not observe them.

Delegates and guests gathered at OPEC's new Headquarters in Vienna, Austria.

Saudi oil minister Ali Al-Naimi blocked appeals from poorer OPEC members for production cuts to support prices. He argued that the oil market should rebalance itself competitively at lower price levels, aiming to end the profitability of high-cost US shale oil production.

The 6th OPEC International Seminar took place at Hofburg Palace in Vienna, Austria.

The 167th OPEC Conference was held in Vienna, Austria.

OPEC exceeded its production ceiling for 18 consecutive months, world markets were oversupplied by at least 2 million barrels per day, and major adjustments were being made by oil producers to withstand low prices.

The OPEC Reference Basket price dropped to US$22.48/bbl, significantly lower than previous highs, due to market pressures and oversupply.

OPEC decided to extend the new quotas through March 2018, aiming to reduce the oil-inventory glut.

Russia and OPEC agreed to extend the production cut of 1.8 mbpd until the end of 2018.

OPEC met on 18 July to agree upon a new deal involving higher production limits for countries like the United Arab Emirates, Russia, and Saudi Arabia, which resulted in a slip in oil prices but potentially giving OPEC more control over the oil price in the future.

Qatar announced its withdrawal from OPEC effective 1 January 2019, as a strategic response to the Qatar diplomatic crisis.

Ecuador announced its withdrawal from OPEC on 1 January 2020 due to financial problems facing the country.

In July 2021, OPEC+ member United Arab Emirates rejected a Saudi proposed eight-month extension to oil output curbs. A compromise deal allowed UAE to increase its maximum oil output, and all members would gradually increase output to offset previous cuts made due to the COVID pandemic.

The 25th OPEC and non-OPEC ministerial meeting took place on February 2, 2022. This meeting involved discussions and decisions regarding oil production, pricing, and market stability.

Oil prices decrease due to discussions about a ceasefire in the Middle East.