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The Rise and Fall of OPEC in the Twentieth Century

A comprehensive history of OPEC, exploring its formation, rise, and crises.

Giuliano Garavini author

Format:Paperback

Publisher:Oxford University Press

Published:6th May '21

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The Rise and Fall of OPEC in the Twentieth Century cover

This comprehensive history explores OPEC's evolution from Venezuela's emergence as the first petrostate in the late 1920s, through its prominence in the 1970s, to the challenges faced in the late 1980s.

The Rise and Fall of OPEC in the Twentieth Century offers an in-depth exploration of the Organization of the Petroleum Exporting Countries (OPEC) and its member nations. The narrative begins with the establishment of the first petrostate, Venezuela, in the late 1920s, and traces the evolution of OPEC through pivotal decades, including its significant rise during the 1970s and subsequent challenges in the late 1980s and early 1990s. This comprehensive history is crafted by a professional historian, providing a scholarly perspective on the organization’s impact on global politics and economics.

OPEC, formed in 1960, is often synonymous with the oil crisis of 1973, a period that saw petroleum prices soar and forced industrialized nations to reconsider their developmental strategies. The book highlights how OPEC emerged as a crucial player for the Global South, acting as a catalyst for economic cooperation among its member states. Countries like Venezuela, Nigeria, Algeria, Saudi Arabia, Iraq, and Iran are examined not just as oil producers, but as influential regional actors whose collaboration transcended political and cultural divides, even amidst conflict.

The author emphasizes the significance of natural resources in shaping the geopolitical landscape of the twentieth century. The enduring alliances formed within OPEC demonstrate the complexities of the relationship between oil-producing nations and consumer countries, revealing the ongoing tensions and negotiations that define global energy politics. Through this historical lens, the book illustrates the broader implications of OPEC’s rise and fall, making it a vital resource for understanding contemporary international relations.

This point, however, only underscores the richness of Garavini's book; it delivers even more than it claims to offer. Garavini does not deny that oil and the wealth derived from it have sometimes facilitated destructive decisions by the members of OPEC. But he balances this common narrative of dysfunctional petrostates with a well-researched and -reasoned historical account demonstrating that petrostates have also been unsung champions of redressing global economic inequality and environmental degradation. The Rise and Fall of OPEC is required reading for anyone who wants to understand the global impacts of oil and the role of the Global South in shaping its use during the twentieth century. * David Wight, H-Net: Humanities and Social Sciences Online *
Garavini's rich history starts with the emergence of petroleum-producing countries in the 1920s and covers the establishment of the Organization of Petroleum Exporting Countries in the 1960s, the oil shocks of the 1970s, and OPEC's declining ability to control prices in the 1980s and 1990s ... Although Garavini's account ends at the turn of the twenty-first century, many of the themes he sounds are strikingly contemporary: tension between Iran and Saudi Arabia, dysfunction in Venezuela, and the need for oil-producing and oil-consuming countries to think about the coming transition to a global economy that no longer relies on fossil fuels. * Barry Eichengreen, Foreign Affairs *
Despite the international importance that it achieved, especially in the 1970s, the Organization of Oil Exporting Countries (OEPC) has been relatively neglected in terms of serious scholarship. Giuliano Garavini's monumental study goes a long way to rectify this omission ... Garavini has provided a highly readable account that will be of interest not merely to economic historians but also scholars of diplomacy and international relations. * Simon C. Smith, Journal of Modern History *
offers a refreshing account of an organization that has managed to adapt to radically. * Edoardo Campanella, Project Syndacate *
Based on extensive multilingual research, including sources that were previously inaccessible to historians, this book is the best history of the Organization of the Petroleum Exporting Countries (OPEC) yet published. * Victor Mc Farland, Environmental History *
a well-needed and important contribution to the growing body of literature on the history of oil and energy that aims to transcend the confines of an American and European perspective. * Rüdiger Graf, ARO *
It is rare to see a book on oil history that takes on the challenge of developing a truly global analysis while at the same time going into local depth when it comes to the oil histories of individual countries. * Per Högselius, The Journal of European Economic History *
The author traces the history and influence of OPEC from its for-mation to its downfall in the late 1980s and early 1990s. * Survival: Global Politics and Strategy *
The Rise and Fall of OPEC is a masterful book that contradicts the well-worn but essentialist understandings of oil as the root of authoritarianism, Middle East wars or environmental catastrophe. * Journal of Colonialism and Colonial History *
Garavini does much more than simply set the record straight. He reorients our view of the international organization away from the overblown and exaggerated accounts of oil-weapon-wielding-sovereigns holding the West hostage. * Robert Vitalis *
Garavini's book is more than a history of OPEC, "one of the most recognizable acronyms in the world" (9). It aspires to be a global history of oil's role in shaping the twentieth century. * Gregory Brew *
The Rise and Fall of OPEC in the Twentieth Century is an outstanding contribution to the international history of the twentieth century and deserves a wide audience. * David Painter *
This is not just a book about oil markets, the economy, and the oil industry. Scholars of energy and geopolitics will find a succinct and focused analysis of the development of Organization of the Petroleum Exporting Countries (OPEC) 'petrostates,' the organization itself and the role it played the economic and political development of the twentieth century. * Ellen R. Wald *
The thesis of The Rise and Fall of OPEC is that the international cooperation among petrostates has constituted one of the most powerful drivers of the international history of the 20th Century * Adriana Castagnoli, Il Sole 24 Ore [translated] *
No book about oil and the world economy has had more of an impact than Daniel Yergin's 1990 masterpiece The Prize [...] It may not get its own miniseries, but Giuliano Garavini's Rise and Fall of OPEC in the Twentieth Century is no less groundbreaking for its subject. * Michael Franczak, Cold War History *
Garavini has made an important contribution to the history of the oil resource ... The author's courage to pursue a large number of actors over a long period of time leads to a complex narrative that will be the reference to OPEC's history for the foreseeable future... * Clemens Huemeriehner, Sehepunkte *
... a unique look into the organisation's internal decision-making... detailed and carefully researched book... a corrective to western-centric accounts of the organisation and an essential read for those trying to understand the forces that built the modern energy world and the Middle East... also a reminder that tacticians and strategists of a high calibre will be needed to lead Opec into its seventh decade. * Robin Mills, The National *
... a welcome addition to the literature ...[Garavini] leverages the previously unavailable minutes of OPEC conferences ... as well as his deep expertise about and clear passion for the subject, to pen a fresh account, full of enduring lessons for today, of the history of the world's most prolific oil organizations ... Vital reading for historians of oil and anyone interested in political economy or the Middle East. * John Bowlus, Energy-Reporters.com *

ISBN: 9780192897527

Dimensions: 235mm x 156mm x 21mm

Weight: 732g

448 pages