Dating back to the early 1960s, the Organization of Petroleum Exporting Countries (OPEC) has sought to protect the interests of its production regions, primarily in South America, North Africa and the Middle East. For more than 50 years it has taken measures to do so, including dramatic embargoes and deep production cuts. Its actions continue to have a profound impact upon the global oil markets today. Setting Precedent: The Oil Embargo Of 1973 The most famous of all OPEC actions took place in 1973, amid the angst of the Arab-Israeli Yom Kippur War. In response to Western allies’ support of Israel, OPEC placed a ... (full story)