at how the club of oil produces came to be at the baghdad conference in september 1965 countries saudi arabia iran iraq kuwait and venezuela form the organization of petroleum exporting countries their objective as laid out opec founding resolutions it's to coordinate petroleum policies for its members and to safeguard their interests individually and collectively. this meant deciding as a group today composed of 13 countries to control production levels to prop up prices increasing demand for oil fed the cartels influence and it played a role in geopolitical events the arab israeli war in 1973 saw the cartel hit israel's allies with an embargo the us and europe suffered an energy crisis. germany for example banned driving on sundays to curb oil consumption. the embargo was lifted in 1974 but the next oil shock was just around the corner. the earring in revolution of $979.00 triggered a sharp supply decline oil prices shot up words nearly tripling in a year. the twin oil crises of the seventy's spurred or oil exploration and production among non opec oil producers today some of the world's largest like russia china and the united states are not opec members the rise

of oil producers came to be. at the baghdad conference in september 1965 countries saudi arabia iran iraq kuwait and venezuela form the organization of petroleum exporting countries. their objective as laid out in opec founding resolutions it's to coordinate petroleum policies for its members and to safeguard their interests individually and collectively. this meant deciding as a group today composed of 13 countries to control production levels to prop up prices increasing demand for oil fed the cartels influence and it played a role in geopolitical events the arab israeli war in 1973 saw the cartel hit israel's allies with an embargo the us and europe suffered an energy crisis. germany for example banned driving on sundays to curb oil consumption. today some of the world's largest like russia china and the united states are not opec members the rise of new technology like fracking has also diminished the oil cartels way renewable energy sources have also grown. in 2020 opec 60th year recurring oil market turmoil has failed to become a thing of the past crushing crude demand amid a global pandemic that threatens to become a long term decline further ero

that the organization of the petroleum exporting countries opec is celebrating its 60th anniversary it's marks the occasion by downgrading its outlook for global oil demand this year a coronavirus pandemic has pushed already low oil prices down even further that's proving a disaster for oil reliance economies particularly in africa 7 of opec's 13 members are african nations including our geria nigeria i could tauriel guinea and congo. so we can now speak to n.j. i accuse c.e.o. of security and law group which specializes in oil and gas law in africa how africa's oil exporter is doing are they struggling even more than the likes of saudi arabia and iran. abscess absolutely you know what a saudi arabia. iraq and some of the m.p.'s are produces when they have a recession and african states having depression because the reliance so much on these pro huge parts of government spending come out of our house so when you have to reduce decor crimes to be cheap and i think harken states are suffering and beyond that a lot of projects have been counsel and a lot and jobs are being lost on the hopin

for the organization of the petroleum exporting countries opec is celebrating its 60th anniversary it'smarks the occasion by downgrading its outlook for global oil demand for this year a coronavirus pandemic has pushed already low oil prices down even further that's proving a disaster for oil reliance economies particularly in africa 7 of opec's 13 members are african nations including algeria nigeria i could tauriel guinea and congo. so we can now speak to n.j. i accuse c.e.o. of security and law group which specializes in oil and gas law in africa how are africa's oil exporters doing are they struggling even more than the likes of saudi arabia and iran. abscess absolutely you know what a saudi arabia. iraq and some of the our producers when they have a recession african states having depression because they rely so much on these products huge parts of government spending come out of our house so when you how during these difficult times get to the beach and i think harken states are suffering and beyond that a lot of projects have been counsel and a lot and jobs of the last i knew tha