2014 Event Oil prices fall to $69/barrel after an OPEC decision to continue current oil production levels despite pressure from non-OPEC oil producing countries seeking higher prices 1986 Event OPEC lowers oil production 20% 1983 Event OPEC cut oil prices for 1st time in 23 years 1979 Event OPEC raises oil prices 24 percent 1978 Event OPEC raises oil prices 18% 1974 Event OPEC ends oil boycott against Netherlands 1973 Event OPEC oil embargo begins 1960 Event OPEC (Organization of Petroleum Exporting Countries), forms 1960 Event Iraq, Iran, Kuwait, Saudi-Arabia and Venezuela form OPEC
