OPEC marks its 50th birthday

The Organization of Petroleum Exporting Countries was created in 1960 to influence the price of oil by managing supply. The Economist's Daily Chart shows that there have been a few spectacular price increases since, but they had little to do with OPEC. The price of oil soared during the Iranian Revolution and the Iran-Iraq War, then during the financial crisis. OPEC's most powerful member, Saudi Arabia, said the current price, about $75 a barrel, is "ideal."

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Economist (free content), The · Oil & Gas Journal · Emirates Business 24/7 (United Arab Emirates)

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