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OPECOPEC—the Organization of the Petroleum Exporting Countries—was founded in Iraq in 1960 to coordinate oil policy among major exporters. Initially a reaction to Western dominance of global oil markets, it evolved into a powerful bloc capable of reshaping global energy prices, geopolitics, and development. OPEC works by setting production quotas for each member country. By coordinating supply cuts or increases, the group can tighten or loosen global oil supply, pushing prices up or down. Today, OPEC has 12 member countries spanning the Middle East, Africa, and South America—Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela—and works closely with non-member oil-producing allies in the wider "OPEC+" group.Explore OPEC
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OPEC can roll out production cuts among its members to control oil’s global supply and priceThe Organization of the Petroleum Exporting Countries (OPEC) was created to coordinate and unify petroleum policies to secure fair and stable prices. During the pandemic, for instance, the organization pushed through production cuts in an attempt to stabilize prices. World Economic ForumOPEC often intervenes to influence the price of oilThis guide explains how investing in oil works with in-depth explanations of each of the forces that control oil’s price. Oil is unique as a commodity in part because of OPEC’s role in regulating its price. InvestopediaSee a timeline that shows how volatile oil prices have been for decades, from OPEC-led embargoes in the 1970s and shale surges in the 2000s to the US flipping to become a net oil exporter in 2020.A history of the major moves in oil prices including the Arab oil embargo, First Gulf War, 2008 financial crisis, and 2020 crisis. InvestopediaIn 2016 OPEC and 10 major producers—including Russia—launched OPEC+OPEC+ emerged in 2016 when 10 additional producers, including Russia, joined to stabilize markets amid U.S. shale growth. In 2022, OPEC alone supplied 38 % of global crude oil, but combined with OPEC+, output reached nearly 59 % of world production—significantly amplifying its market power. US Energy Information AdministrationOPEC's 1973 embargo sparked the first global energy shock.The energy crisis in 1973 was one of two oil price shocks during the 1970s. The other occurred in 1979. InvestopediaOPEC (the Organization of the Petroleum Exporting Countries) has grown from five to 12 members since 1960. OPECExplore OPEC’s official webpageOPEC’s official website offers a comprehensive hub for its core work—featuring press releases, monthly and statistical reports, digital publications like the World Oil Outlook and Annual Statistical Bulletin, and other research center materials. Organization of the Petroleum Exporting CountriesThe 1973 oil embargo by OPEC inspired advances in alternative energy technologyThe shortages imposed by the Organization of Petroleum Exporting Countries (OPEC) created a global energy crisis and economic instability after the Arab-Israeli War. This led to investments in green technologies and improvements in automobile fuel efficiency and manufacturing. Smithsonian InstituteChina operates multiple different sovereign wealth funds, primarily backed by profits from a trade surplusUnlike other countries that primarily use profits from natural resources, China's sovereign wealth funds are fueled by the country's mounting trade surplus. Among the two largest are the State Administration of Foreign Exchange (SAFE) fund and the Chinese Investment Corporation (CIC). China also operates the Silk Road Fund, a strategic investment initiative that backs infrastructure creation in developing countries. Institutional InvestorNorway operates the largest SWF in the world—managing more than $2T in assetsThe fund is considered the gold standard SWF because of its transparency around investments, politically independent governance, and strong ethical boundaries that serve as the backbone of the investment philosophy. For example, fund managers will not invest in coal, tobacco, or nuclear weapons, because these investments are considered harmful to humanity. BloombergBoston opened the first subway tunnel in the US in 1897By the end of the 19th century, nearly 400,000 people were packed into less than a square mile of downtown Boston, with 8,000 horses pulling trolleys through streets choked with noise, manure, and congestion. This prompted the city to pursue a then-controversial subway system. PBSThe US exported more crude oil and petroleum products than it imported in 2025In fact, the US has been exporting more oil and petroleum products than it imports since August 2021. Petroleum and petroleum product exports totaled about 10.7 million barrels per day, whereas imports totaled about 7.9 million barrels per day. USAFactsParton opened the Dollywood theme park in 1986The theme park, situated in Pigeon Forge, Tennessee, offers roller coasters, games, and other family-friendly activities alongside Parton-themed exhibits, including a replica of her childhood home. American SongwriterThe opening chapters of bestselling novels are thousands of words shorter than they were in the 1950sNovels like "The Catcher in the Rye" and "Lord of the Flies" averaged opening chapters with about 4,500 words. Titles from the 2020s, on the other hand, including "Fourth Wing" and "Lessons in Chemistry," are closer to 2,500 words. The TimesWikipedia openly displays edit history and editorial disputes to assess trustworthinessUnlike a journal article, which may be reviewed by up to three people before publication, popular Wikipedia pages may be reviewed thousands of times by editors, potentially enhancing their reliability. Less reviewed articles still require reliable third-party sources and remain subject to verification by bots and administrators who can undo edits. The ConversationSpare capacity is the amount of oil production that can be brought online within 30 days and sustained for at least 90 daysSpecifically, a country’s “spare capacity” signifies the difference between its maximum sustainable oil production and its current output. OPEC member countries hold nearly all of the world’s spare oil production capacity. Historically speaking, Saudi Arabia has been the country with the largest spare capacity. US Energy Information AdministrationSoap operas are significantly less popular now than in past decades, though that might be due to a genre classification problem rather than declining viewership. Stat SignificantSoap operas were especially popular in the '70s and '80sShows like "As the World Turns" and "Love of Life" attracted tens of millions of viewers and had many high-profile fans, including Andy Warhol, Sammy Davis Jr. and Supreme Court Justice Thurgood Marshall. This Time cover story from 1976 explores the pop culture phenomenon. TIMESoap operas are long-form, serialized melodramasThe genre was historically aimed at housewives, and its storylines often involve romantic entanglements and family dynamics that transpired over many years. Media scholar Robert J. Thompson called the soap opera “arguably the most unique contribution that broadcasting has made to the art of storytelling.” Science DirectSoap operas earned their name thanks to the sponsorships of soap brandsMany early 20th-century radio programs for women were sponsored by brands that introduced each new episode. Because these dramas were aimed at women, many of their sponsors were for household products, like soap. The association led some to refer to the shows as "soap operas," a title that stuck. The Classic Archives Old Time Radio ChannelContemporary operas explore topics like gun violenceFinnish composer Kaija Saariaho's 2021 opera "Innocence" explores the aftermath of a school shooting. Featuring traditional operatic singing in a modern setting, this story makes the classic art form particularly relevant to today's audience. The Metropolitan OperaOil shocks, war, and the 1970s crisis that remade American energy and economicsThe oil crises of the 1970s—fueled by Middle East conflict and OPEC's dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics. The Marginal Revolution PodcastOil's legacy: fueling industrial growth and shaping imperial strategiesThis episode of The Rest Is History podcast traces oil's pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis. The Rest is HistoryTrace the rise of oil: from early drilling to today’s global powerThis animated map video vividly illustrates how petroleum shaped global politics and industry—from 18th-century uses and 19th-century drilling booms in North America to today’s OPEC strategies, shale revolution, and geopolitical oil influence. Geo HistoryAs of 2022, the US accounted for nearly one-fifth of global oil productionBy 2022, the US had cemented its position as the world’s top oil producer with close to 18 million barrels per day. This eclipsed Saudi Arabia and Russia. Visual CapitalistIran-Iraq war drained over $1T from the combined economies of Iran and IraqAcross eight years (1980-88), Iran and Iraq each lost about $500 B in GDP, infrastructure destruction, military expenses, disrupted oil exports, and mounting debt—totaling over $1 T in economic damage. TheCollectorIran's 1979 revolution sparked a second oil shock—and reconfigured global energy markets.The Iranian revolution and the oil price shocks that followed catalyzed a number of important changes in petroleum markets that remain in place today. BrookingsThe Seven Sisters were a dominant midcentury Western oil consortiumAmid the fallout of World War II, Western multinational corporations expanded their control of the production of oil across the oil-rich Middle East, earning the pejorative nickname of the Seven Sisters. In the 1970s, the group’s role diminished as nationalist movements pursued sovereign control of the oil. Herold Financial DictionaryThe Open Era redefined both men's and women's tennisThe early days of modern tennis were largely enjoyed by the upper class, who had money for lawns to play on. More often than not, the best players competed for the love of the game, not money. This led to Grand Slams limiting the competitions to amateur athletes. Things changed in 1968, considered the start of the Open Era, when professional players were permitted to play. TennisCompanionTry OpenAI's ChatGPT for freeIn late 2022, OpenAI launched a chatbot that quickly became one of the most viral tech products of all time. The software uses code to interpret natural language to produce sophisticated content based on simple user prompts. OpenAIOpenAI CEO Sam Altman has called OpenAI 'the most capital-intensive startup in history'As of 2024, Silicon Valley was set to spend $1T in the coming years building AI. As companies, including Google and Microsoft, fling billions at AI dreams, concerns are rising about whether that money will ever be recouped. To learn about the argument that there is an AI bubble—and that it could soon burst if AI doesn't prove its worth—read this article. VoxDisneyland’s opening day was called 'Black Sunday'A rushed, hectic construction process left the park was in bad shape for its opening, leading to a disastrous first day at the park, which employees came to call “Black Sunday.” SFGateDisneyland opened in 1955Walt Disney teased the amusement park a year in advance through his ABC show, "Walt Disney's Disneyland." This episode was from the park's opening day, an event that necessitated a news-like live broadcast and walked viewers through the park's attractions and amenities. One in three Americans watched the broadcast, despite its numerous technical difficulties. YouTubeDylan opened for Martin Luther King Jr. at the March on WashingtonThe apex of Dylan’s era as a “protest singer” was his appearance, alongside collaborator and sometimes-lover Joan Baez, at the March on Washington for Jobs and Freedom. It was the same demonstration where Martin Luther King Jr. delivered his “I Have a Dream” speech. Dylan performed four songs, including a scathing version of “Only a Pawn in Their Game,” a ballad about Medgar Evers, an activist who was murdered at his home in Mississippi by a white supremacist. YouTubeOpera seria and opera buffa differ in their tones and themesOpera began in the late 1590s with "Dafne" and evolved into two styles by the 18th century. Opera seria catered to elites with heroic, mythological themes, while opera buffa brought humor and relatable stories to wider audiences. Today, modern opera often tackles contemporary social issues. 1440Starbucks operates more than 38,000 stores on six continentsThe brand started with a single Seattle cafe and grew into an international sensation, thanks to former CEO Howard Schulz’s bold move toward “reigniting the emotional attachment with customers” rather than focusing on expansion. Wealth ProfessorOpera faces many economic problems todayOpera is a notably expensive art form, and therefore currently struggling to survive economically. Pandemic losses, reduced government funding, and dwindling ticket sales all pose a threat to its continuation. According to a recent survey, about half of the UK wouldn't feel impacted if all opera houses were shut down. The ConversationThe opera based on the friendship of US Supreme Court Justices Ginsburg and Scalia Former US Supreme Court Justices Ruth Bader Ginsburg and Antonin Scalia had a friendship that fascinated the country. The unsuspecting bond formed between people on two opposing ends of the political spectrum even inspired an opera titled “Scalia/Ginsburg” by composer Derrick Wang. The Kennedy CenterOperas can be serious, comedic, or bothOpera is a complex art form that includes a range of genres. The most commonly presented types are opera seria, opera buffa, opera semiseria, opéra comique, and grand opéra. Each genre varies in its philosophy and approach, with differences in subject matter, tone, and display. OperaWireOperatic singing involves a number of different vocal personalitiesOpera singing ranges are typically categorized by gender and then further subdivided into specific voice types like bass, baritone, tenor, mezzo-soprano, countertenor, and soprano voices. From the lowest to highest range, experience the difficult and impressive singing styles. Royal Ballet and OperaOpera terminology heavily relies on ItalianMost commonly used Opera terms are not in English. This glossary provides definitions of keywords like “libretto,” the text of a piece, “tenor,” the highest natural adult male singing voice, and “diva,” a female opera star. GlyndebourneOperas rely more on music for storytelling than musicalsIt’s easy to confuse operas and musicals since they both tell stories through singing and music—but a few key differences remain. While musicals rely on words as the primary tool for storytelling, opera relies more on music. Other key distinctions lie in vocal techniques. BBC Music MagazineOpera melodies from centuries ago still appear in TV and movies todayEven if you haven't witnessed an 18th century opera, you've likely heard melodies from one in modern media like “Apocalypse Now” and “Sesame Street.” Today, sports events, movies, and television feature operatic melodies even over a century after they were written. BBCOperas first began at the end of the Italian RenaissanceOpera is a storytelling art form that has seen various eras including the Renaissance, Baroque period, Classical period, Romantic period, 20th Century, and Modern period. Each era has its own distinct style, reflecting the tastes of its people and prominent composers. Classical BreakdownOpen-end and closed-end funds differ in how they create and distribute sharesOpen-end funds are able to create new shares on a daily basis, while closed-end funds have a set number of shares. This impacts the way shares are traded on the open market, and the way they’re priced. Khan AcademyOpenAI initially focused on novelty projects, like training AI bots to win video games, before becoming known for its AI chatbot ChatGPT.Curious about OpenAI? 1440's got your breakdown of how it works. Led by CEO Sam Altman, OpenAI burst into the public consciousness in late 2022 with the release of ChatGPT, which by February 2023 had become the fastest-growing consumer app in history with a reported 100 million monthly active users. Its goal—to develop “highly autonomous systems that outperform humans at most economically valuable work.” 1440Tesla open-sourced all its patents to speed up industry adoption of electric vehiclesThe company employed a disruptive strategy to transform the transportation market, but early struggles, including leadership shifts and near bankruptcy in 2008, threatened its efforts to bring electric vehicles to the mainstream. Founders In the 1970s, the US experienced a period of stagflationIt was characterized by high inflation, slow economic growth, and high unemployment. The crisis was triggered by a combination of factors, including loose monetary policy that spurred excess demand and spiraling oil prices caused by an OPEC embargo in 1973. Philadelphia Federal ReserveOpen brain surgery is not required for BCIs inserted via blood vessel injectionSynchron's brain-computer interface, the Synchron Switch, takes advantage of preexisting medical devices, such as stents and catheters. Cells grow over the device over a 90-day period, incorporating it into the vessel wall and minimizing clots. CNETOpenAI helped kick-start an AI arms race in Silicon ValleyLed by CEO Sam Altman, OpenAI's mission is to "ensure artificial general intelligence benefits all of humanity" by making its products open to all users. In 2023, the $86B company behind the chatbot ChatGPT consisted of a for-profit arm under its nonprofit governing board. NPR
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