Bringing US economy to its knees, to being a friend: Opec turns 60

Founded in Baghdad on September 14, 1960 to counter the power of seven US and British oil companies, Opec has repeatedly yielded to pressure from Washington

In 1973, Arab members of the Organization of Petroleum Exporting Countries (Opec) brought the US economy to its knees. Now, the cartel created 60 years ago is more likely to do Washington’s bidding.
 

Since Saudi Arabia and other Arab Opec members imposed their famous oil embargo as retribution for US support for Israel during the Yom Kippur War, shifts in global politics and a surge in America’s oil production have tamed the group. Opec’s most hawkish members, Iran and Venezuela, have been sidelined by US sanctions while its kingpin, Saudi Arabia, has shown it would rather appease Washington than risk