OPEC and the post-war evolution of the oil industry, part 1: The birth of OPEC
Continuing our 90th anniversary deep dive into the history of oil, the first part of our second chapter covers the post-war world and the beginnings of OPEC
OPEC has had a turbulent history since its inception in 1960. It is an organisation that has at times exercised enormous power over global oil markets, not least in the historic year 1973, when it controlled 50% of the global oil supply and by extension had enormous influence on the global economy. This influence was demonstrated by the huge increases in the price of oil that followed the Yom Kippur War. Despite the rise of several competitors, principally the North Sea, Canada, Brazil, and the US, OPEC today retains a 32% share of production and, despite many predictions of its demise, its power is still considerable. Indeed, since the signing of the Declaration of Cooperation in 2016—whi
Also in this section
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
6 August 2025
Diesel market disruptions have propelled crude prices above $100/bl twice in this century, and now oil teeters on the brink of another crude quality crisis
