History Of Opec Agreements

Sep 22 2021 • Posted in Uncategorized

In 1982, in order to combat declining revenues from oil sales, Saudi Arabia urged OPEC to obtain controlled domestic production quotas in order to limit production and raise prices. When other OPEC countries did not comply, Saudi Arabia initially reduced its own production from 10 million barrels per day in 1979-1981 to only a third of that level in 1985. . . .

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