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The secret meeting that launched OPEC

Planet Money

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Recently, a listener wrote in with a question about OPEC and oil prices. She was prepping for a camping trip… thinking about how much it costs to fill up her diesel-guzzling camper van at the pump.  “It would be so awesome if you guys could do an episode explaining OPEC to us,” she emailed us. She wanted to know: why does OPEC exist? Why does it limit the supply of oil? And now that the United Arab Emirates has dropped out, what will happen to gas prices?   We love when our listeners write in (and send us voice notes!). The simplest questions can reveal how the complicated web of the economy works. On our latest: we answer our listener’s questions… and the questions behind those questions!  Related episodes: • Chevron, Venezuela and the Paradox of Plenty [https://www.npr.org/2026/01/16/nx-s1-5680400/chevron-venezuela-oil-industry-petrostate]   Book info. [https://www.planetmoneybook.com] / Subscribe to Planet Money+ [https://n.pr/3HlREPz] Listen free: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], the NPR app [https://n.pr/3Bkb17W] or anywhere you get podcasts. Facebook [https://n.pr/3h92GwS] / Instagram [https://n.pr/3FqLuws] / TikTok [https://n.pr/3sGZdrq] / Our weekly Newsletter [https://n.pr/3zrFvUB]. This episode of Planet Money was produced by James Sneed with help from Willa Rubin. It was edited by Marianne McCune, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Alex Goldmark is our executive producer.  See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

Highlights

A curious listener’s question about diesel prices for her camper van opens the door to a deeper look at how oil markets really work—and why a decades-old cartel still matters, even as it unravels.
06:26
Wanda Jablonski was called the 'midwife or matchmaker of OPEC' for introducing oil ministers who formed the organization
13:25
OPEC started using production quotas in 1982 to control prices and smooth boom-bust cycles
19:45
Saudi Arabia flooded the market with oil in 1985 after OPEC members cheated on quotas
22:53
The UAE left OPEC after Iran bombed the UAE, exposing the cartel's fragility
25:51
The UAE's additional oil supply would only add about 1.5% to the world's oil supply

Chapters

How a secret Nile meeting and a bold journalist sparked OPEC's birth?
00:00
From quiet talks to global shockwaves: when OPEC learned it could move markets?
10:09
Why did Saudi Arabia flood the world with oil—and what did it teach OPEC about power?
16:30
What pushed the UAE out of OPEC—and was it really about climate or conflict?
22:53
Will gas prices drop now that the UAE has left? (Spoiler: probably not.)
25:51

Transcript

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