The Rise and Fall of OPEC in the Twentieth Century

The Organization of the Petroleum Exporting Countries (OPEC) is a significant international organization associated with the 1973 oil shock. This book provides the first history of OPEC and its members, tracing its formation from the late 1920s to the 1970s, its global ascent, and its crisis in the late-1980s and early-1990s. OPEC, formed in 1960, was the first international organization of the Global South and played a crucial role in oil politics. The enduring cooperation between petrostates such as Venezuela, Nigeria, Algeria, Saudi Arabia, Iraq, and Iran highlights the importance of natural resources in the history of the twentieth century and the conflict between producers and consumers.

Format: Paperback / softback
Length: 448 pages
Publication date: 06 May 2021
Publisher: Oxford University Press

The Organization of the Petroleum Exporting Countries (OPEC) stands as one of the most widely recognized acronyms among international organizations. Its association is predominantly linked to the profound oil shock of 1973, which witnessed a staggering quadrupling of petroleum prices, exerting significant pressure on industrialized nations and their consumers. This pivotal event challenged the very foundations of their development models, forcing them to confront the limitations imposed upon them. Presented here is the first comprehensive history of OPEC and its member states, penned by a professional historian. Spanning from the emergence of the world's first petrostate, Venezuela in the late 1920s, to the ascendancy of petrostates and OPEC during the 1970s, this narrative takes readers on a journey through their crisis in the late-1980s and early-1990s.

Formed in 1960, OPEC emerged as the pioneering international organization representing the Global South. It was perceived as the economic vanguard of this region, assuming a role that extended far beyond the realm of oil politics. Petrostates like Venezuela, Nigeria, Algeria, Saudi Arabia, Iraq, and Iran played pivotal roles, showcasing enduring cooperation amidst wide political and cultural differences, even in the face of conflicts and wars. This remarkable collaboration underscores the centrality of natural resources in shaping the history of the twentieth century and highlights the ongoing tension between producers and consumers of these vital resources.

Weight: 732g
Dimension: 235 x 156 x 21 (mm)
ISBN-13: 9780192897527