What is OPEC?
The Organisation of the Petroleum Exporting Countries is an international cartel currently made up of thirteen member states. Over the years, it has played an important role in the global economy, coordinating the petroleum policies of its members. But right now, its influence is waning, due in no small part to the Covid-19 pandemic. OPEC was created in 1960 in Baghdad. At the time, there was a high level of competition between petrol companies, meaning prices were low. The main petrol-producing Arabic countries therefore decided to join forces to rival Western companies. Together, they decided to produce less petrol, forcing prices up as a result.
When was it created ? What’s the link between petroleum and a health crisis? In under 3 minutes, we answer your questions !
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