OPEC

OPEC is an intergovernmental organization of oil-exporting countries that coordinates petroleum policies and seeks to stabilize oil markets.

OPEC Conference: OPEC’s highest authority, composed of representatives from member countries and responsible for setting the organization’s policies. It is where member governments negotiate shared positions and production policy.
Baghdad Conference: The September 1960 meeting in Baghdad at which Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela founded OPEC. This founding meeting established the organization and its initial membership.
1973 oil crisis: A major oil supply disruption and price shock triggered by an Arab oil embargo during the 1973 Arab–Israeli War. The embargo demonstrated how producer coordination could transmit geopolitical conflict into energy markets.
International Energy Agency: An organization of energy-consuming countries that coordinates responses to oil supply disruptions and analyzes energy markets. It represents a consumer-country counterpart to OPEC’s producer organization.
OPEC quota: A production target assigned to an OPEC member as part of a collective output agreement. Quotas turn coordination into country-level output commitments.
Juan Pablo Pérez Alfonzo: A Venezuelan politician and oil minister who helped initiate the negotiations that led to OPEC’s creation. His diplomacy connected Venezuela’s producer-policy aims with Middle Eastern counterparts.
1979 oil crisis: A sharp rise in oil prices associated with the Iranian Revolution and subsequent disruption to Iranian production. The shock exposed how political upheaval in a major member could tighten supply.
Texas Railroad Commission: A Texas state agency that historically regulated oil production and influenced global supply before its market power waned. Its former role offers a domestic predecessor to coordinated supply management.
OPEC Secretariat: OPEC’s administrative body, based in Vienna, which supports research, communication, and organizational work. Its analysis and administration support decisions made by member governments.
Enrico Mattei: An Italian industrialist who challenged the dominance of major oil companies and supported producer-country bargaining power. His proposed alternatives to traditional concessions formed part of the era’s pressure for change.

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