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The secret meeting that launched OPEC

Overview

Shownote

Highlights

Transcript

Chapters

Pins

The secret meeting that launched OPEC

Planet Money

1 DAYS AGO
Planet Money

Planet Money

1 DAYS AGO
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

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 ...

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

Speaker 4: This message comes from Capital One. Capital One offers checking accounts with no fees or minimums. What's in your wallet? Terms apply. See CapitalOne.com slash Bank Guy for details. Capital One, N.A. Member, FDIC. This is Planet Money from NPR....