The formation of the Organization of the Petroleum Exporting Countries (OPEC) made it easier for these oil-producing countries to act together and successfully limit the supply of oil, thus raising prices.

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OPEC was formed precisely to coordinate the oil policies and production quotas among its member countries in order to control oil prices in the international market. By limiting the supply of oil, OPEC aimed to increase its bargaining power and achieve higher revenues from the sale of petroleum. OPEC's actions have had a significant impact on the global oil market, and its policies have influenced the energy security and economic development of many countries.

The Formation of the Organization of the Petroleum Exporting Countries