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
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
