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OPEC turns 60; Once an American enemy, now an ally

OPEC turns 60; Once an American enemy, now an ally

  • Update Time : Sunday, September 13, 2020
  • 167 Time View
OPEC turns 60 Once an American enemy, now an ally
OPEC turns 60 Once an American enemy, now an ally

In 1973, OPEC’s Arab states brought the US economy to it’s knee. But exactly 60 years later, OPEC has more likely become a friend of Washington.

As a result of Yom Kippur’s cooperation with Israel in the war, Saudi Arabia and other Arab states declared oil war against the United States. As a result, world politics turned upside down and the US oil business collapsed.

Iran and Venezuela, two of OPEC’s most important members, are currently under US sanctions, while oil-rich Saudi Arabia has sided with the United States in the shadow of US aid.

OPEC was founded in Baghdad on September 14, 1980, to compete with seven US and British companies. But since Donald Trump came to power in the United States, Washington has been pressuring OPEC to increase oil production.

Trump has been pushing OPEC to keep oil prices low so that the American people can buy oil at lower prices.

And when oil prices plummeted to the point that U.S. companies were not making a profit, OPEC struck a deal that reduced oil production and pushed up oil prices. And behind this was Trump’s threat to Saudi. Trump has threatened to withdraw its military from Riyadh if saudi does not raise oil prices.

Chakib Khelil, who was Algeria’s oil minister for almost a decade and was elected OPEC president in 2001 and 2008, said: “Trump has ordered Saudi Arabia to do whatever it takes to raise oil prices, and Saudi Arabia has pleased Trump accordingly. OPEC is no longer what it used to be.”

The Saudi Ministry of Energy and the White House declined to comment on this matter.

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