chapter  7
OPEC and Other Commodity “Cartels”
WithPhillip Taylor
Pages 11

The shock to the world economy that occurred in October–November 1973 made OPEC an instantly recognized entity throughout the globe. Prior to that time, OPEC was known only to a relatively small number of government and business officials; it received scant attention in academic courses in international relations. When the quadrupling of oil prices and the oil embargo were announced, OPEC's instant renown engendered a concomitant degree of misunderstanding about that economic IGO. As is often the case even now, the mass media in the developed nations—particularly the United State—labeled the organization a "cartel" and encouraged the misperception that OPEC was responsible for the Yom Kippur war-related oil embargo. Neither of these characterizations is correct.