news.goldseek.com / By: Jeff Desjardins, Visual Capitalist / 27 December 2016
In 10 short years, Canada has replaced the once mighty OPEC
The Chart of the Week is a weekly Visual Capitalist feature on Fridays.
OPEC was once a name that made world leaders shake in their boots.
In the early 1970s, the infamous oil cartel controlled more than 50% of global market share. The power of the cartel was also clear – in response to the Yom Kippur War of 1973, many OPEC countries (that were a part of OAPEC – the Organization for Arab Petroleum Exporting Countries) initiated production cuts and an oil embargo against Western countries.
Oil prices quadrupled from $3 to $12, and OPEC producers raked in the cash.
Meanwhile, the West was in a panic. Emergency energy rations were imposed, currencies were devalued, gasoline sales were restricted, and Sunday driving was banned in seven European countries.
No Longer Mighty?
The organization still has some influence, though it seems to be harder to come by.
After many months of squabbling, OPEC recently came to its first deal to cut production since 2008. That’s kept the oil price above $50/bbl, but gains will be effectively capped once low-cost shale producers ramp up production again.
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