What years were named OPEC's Golden Age according to a former Secretary General of OPEC?

What years were named OPEC's Golden Age according to a former Secretary General of OPEC?

• A. 1974-1978
• B. 1969-1973
• C. 1980-1984
• D. 1971-1975

Answer: (A)

After the 1973 oil embargo, OPEC’s pricing power surged and member countries gained substantial influence over the world oil market. A former OPEC Secretary General described the years 1974 through 1978 as the Golden Age, a period when OPEC could coordinate production and prices and enjoy high revenues that amplified its political and economic clout. This era stands out because it follows the shock of the embargo and precedes the later volatility that reduced that unchallenged dominance. The other options don’t fit the pattern of peak influence and sustained revenue that characterizes the Golden Age. So the Golden Age is 1974-1978.

After the 1973 oil embargo, OPEC’s pricing power surged and member countries gained substantial influence over the world oil market. A former OPEC Secretary General described the years 1974 through 1978 as the Golden Age, a period when OPEC could coordinate production and prices and enjoy high revenues that amplified its political and economic clout. This era stands out because it follows the shock of the embargo and precedes the later volatility that reduced that unchallenged dominance. The other options don’t fit the pattern of peak influence and sustained revenue that characterizes the Golden Age. So the Golden Age is 1974-1978.