Opec oil price rise 1970s
OPEC was organized after the oil companies slashed the posted price of oil, but the posted price of oil remained consistently higher than the market price of oil between 1961 and 1972. [11] In 1963, the Seven Sisters controlled 86% of the oil produced by OPEC countries, but by 1970 the rise of "independent oil companies" had decreased their What we saw as a major cause of the 1970s oil crisis was the fact that oil prices were quadrupled by OPEC. This, along with the increased government spending which came with the Vietnam War, led to severe stagflation in the United States. For example, if OPEC countries are unsatisfied with the price of oil, it is in their interests to cut the supply of oil so prices rise. However, no individual country actually wants to reduce