The formation of OPEC in 1971 precipitated a sharp decline in the price of oil on world markets.

Name: The formation of OPEC in 1971 precipitated a sharp decline in the price of oil on world markets.
Brand: Quizplus
Rating: 4.9 (51 reviews)

Question

Quizplus · Accepted Answer

OPEC (Organization of the Petroleum Exporting Countries) was formed in 1960, not 1971, and its actions, particularly during the 1973 oil embargo, led to a sharp increase in oil prices, not a decline.

The Formation of OPEC in 1971 Precipitated a Sharp Decline