OPEC: The Cartel Controlling the World's Oil

Oil is one of the world's most important commodities, and as such, it's unsurprising that those in control of it might want to protect that power. OPEC is their attempt to do this, controlling oil markers and capturing major political power

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[betabenja]

2:53 pushed *down* oil price even further

[agbarugo]

US/UK: "Well well well, if it isn't the consequences of my own actions, "

[Lampredi]

Hey TLDR. I just wanted to offer a quick correction on the price jump that the OPEC embargoes on the US and the Netherlands had caused. OPEC had merely doubled its prices in the aftermath of the Yom Kippur war, but the quintupling had been a result of the Seven Sisters seeing opportunity in adversity and themselves raising prices in supplying a oil hungry US. Timothy Mitchell’s Carbon Democracy covers the exact minutia of what happened really well.

[jonathanhall]

in any other business a cartel would be illegal

[ericvilas]

I love how this story is basically the international oil version of "you either die a hero or live long enough to see yourself become the villain".
Cartels are bad enough without adding the evils of oil to them

[marvfj]

At the 2:56 mark, I think you meant to say that increased wildcat production of oil pushed DOWN the price of crude oil, NOT up.
Thanks for this overview.

[garishanth]

OPEC was mentioned in one of the episodes of season one ‘Narcos: Mexico’ too.

[chinguunerdenebadrakh]

2:35, I know this might seem minor, but 1929 wasn't necessarily a "recession", but as we all know, a "depression" which is a far more serious incident.

Many economists credit the many bailout packages during the 2008 crisis to have prevented the recession from downspiraling into a depression (as unpopular as those may have been).

[jamesbowdler]

You guys (TLDR) have gotten alot better recently (last few months). I am glad that you have turned things around. Long time fan.

[unconventionalideas]

The problem with their shale oil machinations was that they by and large failed. It turns out most shale oil producers rode out the storm quite well and inflicted so much pain to national budgets of OPEC countries that they ultimately gave in.

[sib]

We need an international Teddy Roosevelt ASAP

[antoniolewis]

In the beginning 1:00 you said there were 5 major oil companies. These used to all be owned by one single company - STANDARD OIL - until the American government forced them to break apart by an act of congress.

[Ramschat]

Wait, Royal *Dutch* Shell is British!? 1:33

[eliahabib]

Isn't at least 30% of oil used in industry NOT for energy production?
That would mean that opec would loose their influence on energy prices, but not all of their power. We use plastic everywhere

[tomzuzolo]

I am glad I made productive decisions about
my finances that changed my life forever. I am living in Vancouver Canada, bought
my second house in September and hoping to retire next year at 50 if things keep going smoothly for me

[JayCottz]

I kept hearing Super Mages and not Super Majors, I was like damn this some high fantasy shit coming lol

[daniel]

I hope the new success in fusion technology will decrease the dependence on the OPEC as soon as possible.

[gocool_.]

3:33 didn't know that imperial Germany is a pary of seven sisters..

[Sean-llcm]

I hope renewables and batteries eventually bankrupt them all

[avantelvsitania]

Great video, about an important topic!
The only thing I would say is that at 4:48 you could have used the historical accurate flags of Kuwait, Iraq and Iran in 1960. But it’s minor, keep up the great work!