Organization of the Petroleum Exporting Countries

Purpose - to coordinate and unify the petroleum policies - to ensure the stabilization of oil markets and regular supply of petroleum to consumers.

Roots - OPEC was founded in Baghdad, Iraq, in September 1960.

Landmark cases - oil crisis It was a embargo in response to the U.S. to supply the Israeli army during the Yon Kippur War. During oil crisis, oil prices had peaked up to $90.00 in the 80's

Effect on business - Many companies start developing new ways to create energy - Inflationary and deflationary impacts of domestic economies