OPEC Timeline of Events

Home / Timelines / OPEC

OPEC

OPEC is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings among the oil ministers of its Member Countries...

Timeline of Events

1960

9.14.1960

The Organization of the Petroleum Exporting Countries (OPEC) is founded.

1973

10.17.1973

OPEC starts an oil embargo against a number of western countries, considered to have helped Israel in its war against Syria.

1974

1.2.1974

President Richard Nixon signs a bill lowering the maximum U.S. speed limit to 55 MPH in order to conserve gasoline during an OPEC embargo

3.18.1974

Oil embargo crisis: Most OPEC nations end a five-month oil embargo against the United States, Europe and Japan.

1979

12.16.1979

Libya joins four other OPEC nations in raising crude oil prices, having an immediate dramatic effect on the United States.