History Hop Tags - Opec

Opec
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Opec - Historical Events
Date Event
1960-09-14

Iraq, Iran, Kuwait, Saudi-Arabia & Venezuela form Organization of Petroleum Exporting Countries (OPEC)

1960-11-14

OPEC (Organization of Petroleum Exporting Countries), forms

1970-12-09

OPEC meeting in Caracas establishes 55 percent as minimum tax rate and demands that posted prices be changed to reflect changes in foreign exchange rates

1971-01-12

Negotiations over price of petroleum begin in Tehran between 6 OPEC Persian Gulf states and 22 oil companies

1971-02-03

OPEC mandates "total embargo" against any company that rejects 55 percent tax rate

1971-09-22

OPEC directs members to negotiate price increases to offset the devaluation of the US dollar

1972-03-11

OPEC threatens "appropriate sanctions" against companies that "fail to comply with . . . any action taken by a Member Country in accordance with [OPEC] decisions."

1972-06-09

In a show of support for Iraq, OPEC moves to prevent companies whose interests were nationalized in Iraq from increasing production elsewhere

1972-10-27

OPEC approves plan providing for 25 percent government ownership of all Western oil interests operating within Kuwait, Qatar, Abu Dhabi and Saudi Arabia

1973-03-16

OPEC discusses raising prices to offset decline of U.S. dollar value

1973-04-01

OPEC increases price of petroleum by 5.7 percent

1973-06-01

Eight OPEC countries raise price of petroleum by 11.9 percent

1973-09-15

OPEC supports price hikes and designates six Gulf countries to negotiate collectively with companies over prices; other members to negotiate individually

1973-10-08

OPEC meets with oil companies to discuss revision of 1971 Tehran agreement and oil prices; negotiations fail.

1973-10-17

OPEC oil ministers agree to use oil weapon in Arab-Israeli War, mandate cut in exports, and recommend embargo against unfriendly states

1973-10-20

OPEC oil embargo begins

1973-12-22

OPEC Gulf Six decides to raise the posted price of marker crude from $5.12 to $11.65 per barrel effective January 1, 1974

1973-12-25

Arab oil ministers cancel January 5 percent production cut; Saudi Arabian oil minister promises 10 percent OPEC production rise

1974-07-10

OPEC ends oil boycott against Netherlands

1974-09-13

OPEC instructs its Secretary General to "carry out a study of supply and demand in relation to possible production controls"

1975-09-24

OPEC announces a 15% increase in government per barrel revenues

1978-12-17

OPEC raises oil prices 18%

1978-12-17

OPEC decides on a 14.5 percent petrolium price increase for 1979, to be implemented quarterly

1979-03-26

OPEC makes full 14.5% oil price increase for 1979 effective on April 1

1979-06-28

OPEC raises oil prices 24%

1983-03-14

OPEC cut oil prices for 1st time in 23 years

1986-02-03

OPEC (Organization of the Petroleum Exporting Countries) fails to agree upon a production accord after a two-day meeting in Vienna

1986-08-04

Reports of probable OPEC (Organization of the Petroleum Exporting Countries) agreement on output quotas sends oil prices higher

1986-11-28

OPEC reaches oil production accord

1986-12-19

OPEC reaches an accord that would cut production by 7 percent for the first six months of 1987 and would raise prices immediately toward a target world oil price of $18 per barrel

1990-08-27

Market prices plunge as OPEC nears informal agreement to increase output to cover shortfall due to invasion; cash market trading experiences abrupt decline.

1991-03-12

OPEC announces oil production cut to 22.3 Mbbl/d (3,550,000 m3/d)

1991-03-13

Saudi Arabia and Iran say OPEC oil production cuts will take effect April 1

1995-09-13

The Kuwaiti Oil Ministry states its intention to seek a 200-million-barrels-per-day increase to its current 2-million-barrels-per-day crude oil production quota at OPEC meeting in Vienna

1995-11-22

OPEC states that it will roll over its current oil production quota of 25.42 million barrels per day

1997-11-29

OPEC agrees to an increase in its production ceiling. OPEC has raised the ceiling to 27.5 million barrels per day for the first half of 1998

2001-01-17

OPEC agrees at a meeting of ministers in Vienna, to reduce members' oil production quotas by 1.5 million barrels per day

2001-06-05

OPEC ministers agree to leave the cartel's oil production quotas unchanged for at least a month, until a scheduled emergency meeting July 3

2001-07-03

At a meeting of its oil ministers, OPEC agrees to maintain current production quotas; ministers indicate that, if Iraqi oil returns to the market, they may cut production in response to maintain their desired level of prices

2001-07-25

Faced with declining oil prices, OPEC ministers agree to cut crude oil production quotas by about 4%, or 1 million barrels per day

2001-09-27

At its two-day meeting in Vienna, OPEC decides to keep its production quotas unchanged at 23.2 million barrels per day, despite crude oil being at its lowest price levels since 1999

2001-11-06

Crude oil for December delivery on the New York Mercantile Exchange (NYMEX) falls to a two-year low after OPEC members warn that a downward price spiral could occur if major non-OPEC oil exporters do not reduce oil production

2001-11-14

OPEC announces that it intends to cut its crude oil output quotas by 1.5 million barrels per day effective, but only if non-OPEC producers cut their output by 500,000 barrels per day as well.

2001-12-26

Crude oil prices on the New York Mercantile Exchange (NYMEX) record one of their largest 1-day jumps of the year as traders become convinced that OPEC will follow through on production cuts

2001-12-28

OPEC oil ministers meeting in Cairo agree to reduce their crude oil output quotas by a combined 1.5 million barrels per day

2016-03-14

OPEC sees lower 2016 demand for its oil, pointing to higher surplus

2016-11-29

Oil prices fall as Russia says will not attend OPEC meeting

2016-11-30

Saudi Arabia asks Opec to cut world oil supply

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Opec - Birthdays
Date Event
2001-03-17

OPEC decides to cut output by 4% or 1 million barrels per day, effective April 1


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