Infographic: The Origins of OPEC

Full description. How did the world’s most powerful oil cartel come to be? Since its establishment in 1960, OPEC – the Organization of Petroleum Exporting Countries – quickly became a key economic influencer on the world stage. Though OPEC's oil pricing power is felt across the globe, the organization's history is less familiar. 

What's included. Learn about OPEC’s founding, its rise to power, and the member countries that belong to the organization. This infographic will provide an overview of:

1. The first OPEC conference: This meeting in September 1960 marked the beginning of OPEC’s climb to the top of the global oil market.
2. The “Seven Sisters” of oil: Discover the seven American and European oil producers that lost control of the oil market to OPEC.
3. How much oil OPEC owns: As of 2016, OPEC owned over 80% of the planet’s crude oil reserves.
4. When each OPEC member joined the organization: After five countries founded OPEC in September 1960, eight more countries joined the cartel from 1961 to December 2016.
5. How developed nations are reacting to OPEC’s oil pricing power: To decrease their dependence on oil, many large companies in the U.S. are turning to wind power. The automotive industry is gradually shifting toward electric propulsion as an alternative form of energy.

By viewing this infographic, you’ll gain a better understanding of what OPEC is, how it came to be, and why it’s so influential in the global oil market.