OPEC
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Brought into the oil industry by the Gulf nations wishing for more control and stability of oil production and pricing was the Organization of Petroleum Exporting Countries, or OPEC. This was designed to place some stabilization on the economic and political structure of the Gulf countries by offering greater support through the assemblage of several smaller Gulf nations that would comprise one large organization. The founding members of OPEC were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Other nations eventually followed and as can be seen every member is not necessarily of the Gulf region.
During the years of 1985 through 1995, the oil producing countries of the Arab Gulf experienced a tremendous amount of instability in both economic and political arenas. Oil revenues were directly connected to this period of time and OPEC was a strong player in the fluctuation of oil pricing. The early 1980s saw a global recession that struck directly at the demand for oil, which in turn produced a big fall in crude oil prices. OPEC attempted to step in and set production quotas that would stabilize oil prices. Unfortunately this endeavor proved to be a failure because countries, even OPEC members, continued to produce oil far and above their established quotas. Saudi Arabia was the only Gulf country following this suggestion by OPEC but soon they too tired of missing out and increased their production by more than 200%. In the middle of 1985, oil prices plummeted to a catastrophic low of under $10 a barrel.
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