OPEC in History

International Organisations: ASEAN - Commonwealth - European Union - IMF - NATO - United Nations - Warsaw Pact - World Bank

Historical Events

  • 1960-09-14 Iraq, Iran, Kuwait, Saudi-Arabia & Venezuela form Organization of Petroleum Exporting Countries (OPEC)
  • 1970-12-09 OPEC meeting in Caracas establishes 55 percent as minimum tax rate and demands that posted prices be changed to reflect changes in foreign exchange rates
  • 1971-01-12 Negotiations over price of petroleum begin in Tehran between 6 OPEC Persian Gulf states and 22 oil companies
  • 1971-02-03 OPEC mandates "total embargo" against any company that rejects 55 percent tax rate
  • 1971-09-22 OPEC directs members to negotiate price increases to offset the devaluation of the US dollar
  • 1972-03-11 OPEC threatens "appropriate sanctions" against companies that "fail to comply with . . . any action taken by a Member Country in accordance with [OPEC] decisions."
  • 1972-06-09 In a show of support for Iraq, OPEC moves to prevent companies whose interests were nationalized in Iraq from increasing production elsewhere
  • 1972-10-27 OPEC approves plan providing for 25 percent government ownership of all Western oil interests operating within Kuwait, Qatar, Abu Dhabi and Saudi Arabia
  • 1973-03-16 OPEC discusses raising prices to offset decline of U.S. dollar value
  • 1973-04-01 OPEC increases price of petroleum by 5.7 percent
  • 1973-06-01 Eight OPEC countries raise price of petroleum by 11.9 percent
  • 1973-09-15 OPEC supports price hikes and designates six Gulf countries to negotiate collectively with companies over prices; other members to negotiate individually
  • 1973-10-08 OPEC meets with oil companies to discuss revision of 1971 Tehran agreement and oil prices; negotiations fail.
  • 1973-10-17 OPEC oil ministers use oil as an economic weapon in the Arab-Israeli War, mandating a cut in exports and recommending an embargo against unfriendly states
  • 1973-10-20 OPEC oil embargo begins
  • 1973-12-22 OPEC Gulf Six decides to raise the posted price of marker crude from $5.12 to $11.65 per barrel effective January 1, 1974
  • 1973-12-25 Arab oil ministers cancel January 5 percent production cut; Saudi Arabian oil minister promises 10 percent OPEC production rise
  • 1974-07-10 OPEC ends oil boycott against Netherlands
  • 1974-09-13 OPEC instructs its Secretary General to "carry out a study of supply and demand in relation to possible production controls"
  • 1975-09-24 OPEC announces a 15% increase in government per barrel revenues
  • 1978-12-17 OPEC raises oil prices by 18% and agrees on a 14.5% petrolium price increase for 1979, to be implemented quarterly
  • 1979-03-26 OPEC makes full 14.5% oil price increase for 1979 effective on April 1
  • 1979-06-28 OPEC raises oil prices 24%
  • 1979-12-16 Libya raises crude oil prices, joining four other OPEC nations, which has a dramatic effect on the United States
  • 1983-03-14 OPEC cut oil prices for 1st time in 23 years
  • 1986-02-03 OPEC fails to agree upon a petroleum production agreement after a 2 day meeting in Vienna
  • 1986-08-04 Reports of probable OPEC (Organization of the Petroleum Exporting Countries) agreement on output quotas sends oil prices higher
  • 1986-11-28 OPEC reaches oil production accord
  • 1986-12-19 OPEC reaches an accord that would cut production by 7 percent for the first six months of 1987 and would raise prices immediately toward a target world oil price of $18 per barrel
  • 1990-08-27 Market prices plunge as OPEC nears informal agreement to increase output to cover shortfall due to invasion; cash market trading experiences abrupt decline.
  • 1991-03-12 OPEC announces oil production cut to 22.3 Mbbl/d (3,550,000 m3/d)
  • 1991-03-13 Saudi Arabia and Iran say OPEC oil production cuts will take effect April 1
  • 1995-09-13 The Kuwaiti Oil Ministry states its intention to seek a 200-million-barrels-per-day increase to its current 2-million-barrels-per-day crude oil production quota at OPEC meeting in Vienna
  • 1995-11-22 OPEC states that it will roll over its current oil production quota of 25.42 million barrels per day
  • 1997-11-29 OPEC agrees to an increase in its production ceiling. OPEC has raised the ceiling to 27.5 million barrels per day for the first half of 1998
  • 2001-01-17 OPEC agrees at a meeting of ministers in Vienna, to reduce members' oil production quotas by 1.5 million barrels per day
  • 2001-03-17 OPEC decides to cut output by 4% or 1 million barrels per day, effective April 1
  • 2001-06-05 OPEC ministers agree to leave the cartel's oil production quotas unchanged for at least a month, until a scheduled emergency meeting July 3
  • 2001-07-03 At a meeting of its oil ministers, OPEC agrees to maintain current production quotas; ministers indicate that, if Iraqi oil returns to the market, they may cut production in response to maintain their desired level of prices
  • 2001-07-25 Faced with declining oil prices, OPEC ministers agree to cut crude oil production quotas by about 4%, or 1 million barrels per day
  • 2001-09-27 At its two-day meeting in Vienna, OPEC decides to keep its production quotas unchanged at 23.2 million barrels per day, despite crude oil being at its lowest price levels since 1999
  • 2001-11-06 Crude oil for December delivery on the New York Mercantile Exchange (NYMEX) falls to a two-year low after OPEC members warn that a downward price spiral could occur if major non-OPEC oil exporters do not reduce oil production
  • 2001-11-14 OPEC announces that it intends to cut its crude oil output quotas by 1.5 million barrels per day effective, but only if non-OPEC producers cut their output by 500,000 barrels per day as well.
  • 2001-12-26 Crude oil prices on the New York Mercantile Exchange (NYMEX) record one of their largest 1-day jumps of the year as traders become convinced that OPEC will follow through on production cuts
  • 2001-12-28 OPEC oil ministers meeting in Cairo agree to reduce their crude oil output quotas by a combined 1.5 million barrels per day