This Day in History: Organization of the Petroleum Exporting Countries (OPEC) Founded (1960)

This Day in History:
Organization of the Petroleum Exporting Countries (OPEC) Founded (1960)

OPEC is a multinational organization that was established in 1960 to coordinate the petroleum production and export policies of its original members, Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Other nations have since joined the organization. In 1973, OPEC began a series of oil price increases in retaliation for Western support of Israel in the Yom Kippur War, and its members’ income greatly increased as a result. Today, the organization’s members produce how much of the world’s crude oil? More…: https://play.google.com/store/apps/details?id=com.tfd.mobile.TfdSearch

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