OPEC

Organization of the Petroleum Exporting Countries

OPEC is an oil cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to secure supply of oil to the consumers. In the 1970's OPEC began to gain influence and steeply raised oil prices during the 1973 oil crisis in response to US aid to Israel during the Yom Kippur War. 1973 oil crisis lasted at least 6 months, it started in 1973 when the members of OAPEC proclaimed an oil embargo.