The Evolution of OPEC: From Oil Cartel to Crisis Manager

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Origins of OPEC and the Oil Shocks OPEC was initially formed in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to protect the national interests of oil-producing states against Anglo-American multinational oil companies. The organisation dramatically demonstrated its structural leverage during the 1973 oil shock—initiated by OAPEC following the Yom Kippur War—which forced a [...] The post The Evolution of OPEC: From Oil Cartel to Crisis Manager appeared first on Modern Diplomacy .