Sep 06 2024 8 mins 29
OPEC, the Organization of Petroleum Exporting Countries, has played a central role in the global oil market for over six decades. From the 1973 Oil Embargo to the rise of U.S. shale production, OPEC’s influence has evolved as the energy landscape has changed. Despite challenges, the organization continues to be a key player in determining global oil prices today.
In this second part of their two-part series on OPEC, Skip Montreux and Dez Morgan examine key moments in the history of the Organization of Petroleum Exporting Countries. They revisit the 1973 Oil Embargo, which drastically increased oil prices and led to a global recession, and the 1986 oil price crash caused by Saudi Arabia’s decision to raise production. Skip and Dez also discuss the current state of OPEC’s influence, with competition from U.S. shale production and the impact of China’s economic slowdown putting pressure on the organization’s ability to control oil prices.
Listeners looking to enhance their business English, Skip and Dez's discussion offers valuable insights into both OPEC and business English. Key points include:
- The 1973 Oil Embargo and its effect on the global economy.
- The 1986 oil price crash, which resulted from overproduction by OPEC members.
- How alternative energy sources have reduced global reliance on OPEC oil.
- OPEC’s current strategy of production limits to maintain higher oil prices.
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