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Iraq has remained a member of OPEC since the organization's founding, but Iraqi production was not a part of OPEC quota agreements from 1998 to 2016, due to the country's daunting political difficulties. [99] [100] Lower demand triggered by the 1997–1998 Asian financial crisis saw the price of oil fall back to 1986 levels.
List of OPEC secretaries general No. Name Country Tenure 1: Fuad Rouhani [A] Iran [B] 21 Jan 1961 – 30 Apr 1964 2: Abdul Rahman al-Bazzaz [A] Iraq [B] 1 May 1964 – 30 Apr 1965 3: Ashraf T. Lutfi Kuwait [B] 1 May 1965 – 31 Dec 1966 4: Mohammad Saleh Joukhdar Saudi Arabia [B] 1 Jan 1967 – 31 Dec 1967 5: Francisco R. Parra Venezuela [B]
Pérez Alfonzo helped found the political party Democratic Action (AD; Acción Democrática).As Minister of Development during the first democratic government of Venezuela, the short-lived administration of Rómulo Gallegos (1947–1948), he was responsible for increasing oil revenues for the country by raising taxes through what later became known worldwide as the 50/50 formula.
In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Since Saudi Arabia and other Arab OPEC members imposed their famous oil embargo as ...
On 9 January 1968, three of the then–most conservative Arab oil states – Kuwait, Libya, and Saudi Arabia – agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War.
The meeting [clarification needed] could be considered a success given the record high oil prices of the following years, but much of that is also a consequence of the 11 September 2001 attacks against the United States, the Iraq War, and the significant increase in demand for oil from developing economies like China and India, which helped ...
Countries that previously belonged to the Organization of the Petroleum Exporting Countries (OPEC). Pages in category "Former OPEC member states" The following 4 pages are in this category, out of 4 total.
This page is subject to the extended confirmed restriction related to the Arab-Israeli conflict. West Texas Intermediate oil price history from 1950–2000, adjusted for inflation (1947 prices) In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the ...