International Economics 14th Edition by Robert Carbaugh

تمرين 5

The average person probably had never heard of the Organization of Petroleum Exporting Countries until 1973 or 1974, when oil prices skyrocketed. In fact, OPEC was founded in 1960. Why did OPEC not achieve worldwide prominence until the 1970s? What factors contributed to OPEC's problems in the 1980s?