5. Study Question #5 Ch 7. The average person probably had never heard of the Organization of Petroleum Exporting Countries (OPEC) until 1973 or 1974 when oil prices skyrocketed. In fact, OPEC was founded in 1960. Why did OPEC not achieve worldwide prominence until the 1970s? During the 1960s, oil was relatively abundant globally. During the 1960s, oil was perceived to be in short supply. Which of the following factors contributed to OPEC's problems in the 1980s? Check all that apply. Oil conservation efforts of importing countries Increased oil supply by non-OPEC nations Reduced oil supply by non-OPEC nations A worldwide recession
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