OPEC was established in 1960 to coordinate petroleum policies among member countries. Initially five founding members, now includes 14 countries total. Headquarters moved from Geneva to Vienna in 1965. Members collectively control about four-fifths of world's petroleum reserves
OPEC was established in 1960 by five founding members in Baghdad. Organization restructured global oil production away from Anglo-American "Seven Sisters". By 1970s, OPEC members controlled over half of world's oil production
Wood was primary fuel in agrarian era, coal became preferred in 18th century. First oil discovered by Chinese in 600 BC, transported in bamboo pipelines. Edwin Drake drilled first successful oil well in Pennsylvania in 1859
Oil and gas industry involves exploration, development, and refining of crude oil and natural gas. Industry consists of upstream, midstream, and downstream segments. OPEC controls 75% of reserves and 43% of oil production
Oligopoly is a market where a small number of firms control the market. Firms can restrict output or prices to achieve higher returns. No single firm can prevent others from significantly influencing the market. Firms set prices collectively or under leadership of one firm
Global crude oil exports reached $1.29 trillion in 2023, up 52.5% from 2019. Crude oil ranked as world's most valuable exported product. Top 5 exporters supplied 50.8% of global crude oil exports