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About the Historical Anniversary of the Founding of OPEC
Politics
Ends: Sep 10, 2024
DESCRIPTION:
September 10 marks the anniversary of the Organization of Petroleum Exporting Countries (OPEC) creation in 1960. This organization aims to coordinate and unify the policies on petroleum among its member nations to create fair trade and prices of oil and its derivatives; create a regular supply of petroleum to consuming countries, and provide a reasonable return on capital for petroleum-producing nations. For the first five years, its headquarters were in Geneva. On September 1, 1965, it moved to Vienna, Austria.
Five countries founded OPEC: Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela. Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola, and Gabon joined later.
OPEC originated in Baghdad in September 1960 following changes in the international economic and political arena and the creation of newly independent states. The organization promoted a unifying vision and shared objectives. During the 1950s, the oil market was dominated by large multinational companies and the Soviet Union. OPEC changed that, focusing on the needs of the supplier nations rather than the corporations.
Within a decade, the member countries achieved dominance over their domestic petroleum production and collectively impacted the price of petroleum on the world market.
OPEC's collective power became apparent after the Yom Kippur War of 1973. In protest of the United States and its allies arming Israel, OPEC embargoed the nations, cutting off the supply of oil and banning the export of petroleum products. The effect was immediate. Americans and others worldwide found themselves waiting in hours-long lines to fill their gas tanks. Prices soared. The embargo lasted six months, and consumers worldwide learned a harsh lesson. Not only was the world dependent upon petrol, but OPEC was a power.
The actual cost of the oil embargo continues to resonate in America. Consider the auto industry. Though not the only cause, the embargo escalated events and provided opportunities that may have required several decades to occur without it.
During the fall of 1973, Americans were in shock. With petrol's scarcity and expense, the large American-made cars with massive engines and little fuel efficiency suddenly became undesirable. Though considered lower quality at the time, Japanese cars were less expensive, smaller, and fuel efficient. Brands including Datsun (Nissan), Honda, and Toyota rapidly stole market share from American manufacturers, forcing the closing of factories and the movement of supporting companies overseas. By 1980, US manufacturers were in a tailspin, and the high-paying blue-collar jobs supported by the industry were in jeopardy, sending entire regions of the nation into despair. Many of these areas never recovered. Today, Toyota is the top-selling auto brand in the United States, and Ford is number two.
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The shift in automobile markets is one example of the fallout from the 1973 oil embargo and illustrates OPEC's power in influencing current and future events. The organization continues to protect its members' interests, which is its purpose.
Thankfully, it hasn't used its embargo power again.
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