OPEC and How it Has Dealt with Oil Price Crashes

The Organization of the Petroleum Exporting Countries was set up in 1960 to coordinate oil production policy among its members but in recent decades it has increasingly cooperated with producers outside the group to manage the market.

This month, OPEC’s latest deal on oil supply cuts with Russia and other non-OPEC nations collapsed, sending the oil price into a tailspin. Below are key periods when OPEC has faced tumbling oil prices:

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