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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