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The Organization of the Petroleum Exporting Countries (OPEC),
celebrating its 60th anniversary in 2020, is one of the most
recognizable acronyms in international politics. The organization
has undergone decades of changing importance, from political
irrelevance to the spotlight of world attention and back; and from
economic boom for its members to deep political and financial
crisis. This handbook, with chapters provided by scholars and
analysts from different backgrounds and specializations, discusses
and analyzes the history and development of OPEC, its global
importance, and the role it has played, and still plays, in the
global energy market. Part I focuses on the relationship between
OPEC and its member states. Part II examines the relationship
between OPEC and its customers, the consuming countries and their
governments, while Part III addresses the relationship between OPEC
and its competitors and potential partners, the non-OPEC producers,
and the international oil companies. The final section, Part IV,
looks at OPEC and the governance of international energy.
The Organization of the Petroleum Exporting Countries (OPEC),
celebrating its 60th anniversary in 2020, is one of the most
recognizable acronyms in international politics. The organization
has undergone decades of changing importance, from political
irrelevance to the spotlight of world attention and back; and from
economic boom for its members to deep political and financial
crisis. This handbook, with chapters provided by scholars and
analysts from different backgrounds and specializations, discusses
and analyzes the history and development of OPEC, its global
importance, and the role it has played, and still plays, in the
global energy market. Part I focuses on the relationship between
OPEC and its member states. Part II examines the relationship
between OPEC and its customers, the consuming countries and their
governments, while Part III addresses the relationship between OPEC
and its competitors and potential partners, the non-OPEC producers,
and the international oil companies. The final section, Part IV,
looks at OPEC and the governance of international energy.
The oil price collapse of 1985-6 had momentous global consequences:
non-fossil energy sources quickly became uncompetitive, the
previous talk of an OPEC 'imperium' was turned upside-down, the
Soviet Union lost a large portion of its external revenues, and
many Third World producers saw their foreign debts peak. Compared
to the much-debated 1973 `oil shock', the `countershock' has not
received the same degree of attention, even though its legacy has
shaped the present-day energy scenario. This volume is the first to
put the oil `counter-shock' of the mid-1980s into historical
perspective. Featuring some of the most knowledgeable experts in
the field, Counter-Shock offers a balanced approach between the
global picture and local study cases. In particular, it highlights
the crucial interaction between the oil counter-shock and the
political `counterrevolution' against state intervention in
economic management, put forward by Ronald Reagan and Margaret
Thatcher in the same period.
The 1973 'Oil Shock' is considered a turning point in the history
of the twentieth century. At the time it seemed to mark a
definitive shift from the era of low priced oil to the era of
expensive oil. For most Western industrialized countries, it became
the symbolic marker of the end of an era. For many oil producers,
it translated into an unprecedented control over their energy
resources, and completed the process of decolonization, leading to
a profound redefinition of international relations. This book
provides an analysis of the crisis and its global political and
economic impact. It features contributions from a range of
perspectives and approaches, including political, economic,
environmental, international and social history. The authors
examine the origins of what was defined as an 'oil revolution' by
the oil-producing countries, as well as the far-reaching effects of
the 'shock' on the Cold War and decolonization, on international
energy markets and the global economy. In doing so, they help place
the event in its historical context as a key moment in the
transformation of the international economy and of North-South
relations.
The 1973 'Oil Shock' is considered a turning point in the history
of the twentieth century. At the time it seemed to mark a
definitive shift from the era of low priced oil to the era of
expensive oil. For most Western industrialized countries, it became
the symbolic marker of the end of an era. For many oil producers,
it translated into an unprecedented control over their energy
resources, and completed the process of decolonization, leading to
a profound redefinition of international relations.This book
provides an analysis of the crisis and its global political and
economic impact. It features contributions from a range of
perspectives and approaches, including political, economic,
environmental, international and social history. The authors
examine the origins of what was defined as an 'oil revolution' by
the oil-producing countries, as well as the far-reaching effects of
the 'shock' on the Cold War and decolonization, on international
energy markets and the global economy. In doing so, they help place
the event in its historical context as a key moment in the
transformation of the international economy and of North-South
relations.
The oil price collapse of 1985-6 had momentous global consequences:
non-fossil energy sources quickly became uncompetitive, the
previous talk of an OPEC 'imperium' was turned upside-down, the
Soviet Union lost a large portion of its external revenues, and
many Third World producers saw their foreign debts peak. Compared
to the much-debated 1973 `oil shock', the `countershock' has not
received the same degree of attention, even though its legacy has
shaped the present-day energy scenario. This volume is the first to
put the oil `counter-shock' of the mid-1980s into historical
perspective. Featuring some of the most knowledgeable experts in
the field, Counter-Shock offers a balanced approach between the
global picture and local study cases. In particular, it highlights
the crucial interaction between the oil counter-shock and the
political `counterrevolution' against state intervention in
economic management, put forward by Ronald Reagan and Margaret
Thatcher in the same period.
The Organization of the Petroleum Exporting Countries (OPEC) is one
of the most recognizable acronyms among international
organizations. It is mainly associated with the 'oil shock' of 1973
when prices of petroleum quadrupled and industrialized countries
and consumers were forced to face the limits of their development
model. This is the first history of OPEC and of its members written
by a professional historian. It carries the reader from the
formation of the first petrostate in the world, Venezuela in the
late 1920s, to the global ascent of petrostates and OPEC during the
1970s, to their crisis in the late-1980s and early- 1990s. Formed
in 1960, OPEC was the first international organization of the
Global South. It was perceived as acting as the economic
'spearhead' of the Global South and acquired a role that went far
beyond the realm of oil politics. Petrostates such as Venezuela,
Nigeria, Algeria, Saudi Arabia, Iraq, and Iran were (and continue
to be) key regional actors, and their enduring cooperation, defying
wide political and cultural differences and even wars, speaks to
the centrality of natural resources in the history of the twentieth
century, and to the underlying conflict between producers and
consumers of these natural resources.
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