Episode 125: 1960 - OPEC - the emergence of a national oil cartel
Release Date: 02/07/2026
The Y in History
During the early hours of January 3, 2026, the US Forces captured Venezuelan President Nicolas Maduro and his wife Cilia Flores. While the US called it an operation against narco-terrorism and drug trafficking, the real reason lay in a 1823 doctrine.
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Collapse of empires starts with economic exhaustion – when an empire stretches itself beyond its resources. The episode dives into detail of the factors that led to the collapse of the Empires of Great Britain and Japan, post WWII.
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A theater in England stole a playwright's thunder in 1704 to popularize the phrase. The auto industry in the 1920s, heavily promoted and popularized the term "jaywalking" to shift blame for traffic accidents from drivers to pedestrians. Tune in to learn the origins of several other phrases and terms in the English language.
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The Shah of Iran initiated the White Revolution in 1963, which aimed to modernize Iran through land reform, women's suffrage, literacy programs, and industrial growth. While it brought economic growth, it also caused social disruption and increased opposition, contributing to the 1979 Islamic Revolution.
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At the start of the 20th Century, the Qajars ruled Persia (Iran), but their incompetence led to a push for a Constitution for Iran. The British wanted a stable government in Iran and supported an Officer in the Cossack Brigade, Reza Khan in toppling the last Qajar monarch, to start the Pahlavi dynasty in Iran.
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On September 14, 1960, Venezuela, Saudi Arabia, Iran, Iraq, and Kuwait officially formed OPEC to ensure that oil-producing nations, rather than private companies, had the power to stabilize international oil prices. The cartel really flexed its muscle when the global economy was brought to its knees during the 1973 Oil Embargo on the US and its allies.
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By 1500, the Inuit, with their mastery of marine hunting and adaptation to the Arctic, were the established people of Greenland. By 1776, Denmark declared a monopoly trade on Greenland, quietly colonizing it, in the process. Post WWII, the US offered $100m in gold for the purchase of Greenland, which was rejected by Denmark. In 1953, Denmark once again, quietly transitioned Greenland from a Colony to a district of Denmark, without a referendum.
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The 1950 Korean War provided the necessary boost to the Japanese economy post WWII. But a combination of factors, from export oriented growth to process innovation, spearheaded Japan to the second largest economy in the world from 1968 to 2010. A look at the factors that led to this economic miracle.
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Einstein's brain was stolen at the time of his death, for research. The Great Fire of London of 1666, led to the creation of the Insurance industry. Tune in to this episode to listen to some unbelievable facts from history.
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The 1976 Societe Generale heist, is considered the Heist of the 20th Century. The 2003 Antwerp Diamond Heist is considered the Heist of the 21st century. But one individual, operating solo pulled off a heist, mid-air in 1971.
info_outlineOn September 14, 1960, Venezuela, Saudi Arabia, Iran, Iraq, and Kuwait officially formed OPEC to ensure that oil-producing nations, rather than private companies, had the power to stabilize international oil prices. The cartel really flexed its muscle when the global economy was brought to its knees during the 1973 Oil Embargo on the US and its allies.