Kisswani, Khalid - In: Journal of Economics and Finance 38 (2014) 1, pp. 96-118
prices rose five fold. In 1978, the second was the fall of Shah Iran. Prices soared to $80–$100 a barrel in today’s prices …. In 1960, OPEC was established and since then it has been a considerable political and economic force in the oil market …. Two thirds of the world’s oil reserves belong to OPEC members. OPEC is accused of being responsible for most of the price …