A report on OPEC and Cartel

Headquarters of the Rhenish-Westphalian Coal Syndicate, Germany (at times the best known cartel in the world), around 1910
The printing equipment company American Type Founders (ATF) explicitly states in its 1923 manual that its goal is to "discourage unhealthy competition" in the printing industry.
OPEC Conference delegates at Swissotel, Quito, Ecuador, December 2010.
OPEC headquarters in Vienna
(2009 building).
An undersupplied US gasoline station, closed during the oil embargo in 1973.
A woman uses wood in a fireplace for heat. A newspaper headline in the foreground shows a story regarding a lack of heating oil in the community.
Fluctuations of OPEC net oil export revenues since 1972
One of the hundreds of Kuwaiti oil fires set by retreating Iraqi troops in 1991
Fluctuations of Brent crude oil price, 1988–2015
OPEC members' net oil export revenues, 2000–2020
Countries by net oil exports (2008).
Countries by oil production (2013)
Gusher well in Saudi Arabia: conventional source of OPEC production
Shale "fracking" in the US: important new challenge to OPEC market share
Logo for JODI, in which OPEC is a founding member.
Sulfur content and API gravity of different types of crude oil.

Economists have characterized OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law.

- OPEC

The Seven Sisters was the name for the consortium of seven transnational oil companies which dominated the global petroleum industry from the 1940s to the 1970s. The contemporary equivalent is OPEC, an international organization of petroleum producing nations that sets production targets and prices among its members.

- Cartel

2 related topics with Alpha

Overall

Seven Sisters (oil companies)

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"Seven Sisters" was a common term for the seven transnational oil companies of the "Consortium for Iran" oligopoly or cartel, which dominated the global petroleum industry from the mid-1940s to the mid-1970s.

Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies in emerging-market economies, such as Saudi Aramco, Gazprom (Russia), China National Petroleum Corporation, National Iranian Oil Company, PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia).

Oil traders, Houston, 2009

Price of oil

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The price of oil, or the oil price, generally refers to the spot price of a barrel (1.00 oilbbl) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS).

The price of oil, or the oil price, generally refers to the spot price of a barrel (1.00 oilbbl) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS).

Oil traders, Houston, 2009
Nominal price of oil from 1861 to 2020 from Our World in Data
Weekly reports on crude oil inventories or total stockpiles in storage facilities like these tanks have a strong bearing on oil prices
Oil prices in USD, 1861–2015 (1861–1944 averaged US crude oil, 1945–1983 Arabian Light, 1984–2015 Brent). Red line adjusted for inflation, blue not adjusted.
West Texas Intermediate (WTI) oil prices and gas prices
Brent barrel petroleum spot prices since May 1987 in United States dollars (USD)
Movement of WTI price from January 2019 to April 2020. The crash started in mid-February 2020.
The Knock Nevis (1979–2010, used for floating storage in 2004–2009), a ULCC supertanker compared to the longest ships ever built
WTI crude oil price

These have included the of the Organization of Arab Petroleum Exporting Countries led by Saudi Arabia resulting in the 1973 oil crisis, the Iranian Revolution in the 1979 oil crisis, Iran–Iraq War (1980–1988), the 1990 Invasion of Kuwait by Iraq, the 1991 Gulf War, the 1997 Asian financial crisis, the September 11 attacks, the 2002–2003 national strike in Venezuela's state-owned oil company Petróleos de Venezuela, S.A. (PDVSA), Organization of the Petroleum Exporting Countries (OPEC), the 2007–2008 global financial collapse (GFC), OPEC 2009 cut in oil production, the Arab Spring 2010s uprisings in Egypt and Libya, the ongoing Syrian civil war (2011–present), the 2013 oil supply glut that led to the "largest oil price declines in modern history" in 2014 to 2016.

Since 1927, a cartel known as the "Seven Sisters"—five of which were headquartered in the United States—had been controlling posted prices since the so-called 1927 Red Line Agreement and 1928 Achnacarry Agreement, and had achieved a high level of price stability until 1972, according to Yergin.