Timeline

20th century

1. September 14, 1960★★★★★

   OPEC founded

   Iran, Iraq, Kuwait, Saudi Arabia and Venezuela found the Organization of the Petroleum Exporting Countries at the Baghdad Conference.

   Economy· Iraq, Iran, Kuwait, Saudi Arabia, Venezuela
2. October 1973 – March 1974★★★★★

   1973 oil crisis

   Arab oil producers impose an embargo on countries supporting Israel, causing world oil prices to soar.

   Economy· Saudi Arabia, Kuwait, Iraq, United States