OPEC Explained: Part 2 - History and Present Day Status

OPEC, the Organization of Petroleum Exporting Countries, has played a central role in the global oil market for over six decades. From the 1973 Oil Embargo to the rise of U.S. shale production, OPEC’s influence has evolved as the energy landscape has changed. Despite challenges, the organization continues to be a key player in determining global oil prices today. In this second part of their two-part series on OPEC, Skip Montreux and Dez Morgan examine key moments in the history of the Organization of Petroleum Exporting Countries. They revisit the 1973 Oil Embargo, which drastically increased oil prices and led to a global recession, and the 1986 oil price crash caused by Saudi Arabia’s decision to raise production. Skip and Dez also discuss the current state of OPEC’s influence, with competition from U.S. shale production and the impact of China’s economic slowdown putting pressure on the organization’s ability to control oil prices. D2B 334 offers a detailed analysis of OPEC’s historical and current influence on global oil markets. The episode underscores the complex interplay between politics, economics, and energy production, providing listeners with a comprehensive understanding of OPEC’s evolving role in the world economy. Do you like what you hear? Become a D2B Member today for to access to member-only episodes, our --NEW!!! -- INTERACTIVE AUDIO SCRIPTS, PDF Audio Script Library, Bonus Vocabulary episodes, and D2B Member-only episodes. Visit d2benglish.com/membership for more information.