OPEC, the inside story /

Terzian provides a well-written and easy-to-read history of OPEC from its founding in 1960 to 1984, tracing the OPEC countries' struggle with the major oil companies for control over their natural resources. He shows how they slowly freed themselves from the grip of the ``seven sisters'' until, in 1973, they gained complete control over the production and pricing of their crude oil. The author continues the discussion with the quarrels and disagreements within the organization, which marked the eight ``fat'' years of OPEC's control of the international oil market. Terzian concludes by examining OPEC's recent decline owing to the slow demand for crude oil from the industrialized nations and the appearance of additional sources of supply in Mexico, the North Sea, and elsewhere. The book provides a wealth of detail on the history of OPEC including a portrait of its founding fathers Perez Alfonso of Venezuela and Saudi Arabia's ``red sheikh'' Abdullah Tariki. Overall, the presentation is well balanced, but the author exaggerates the influence of the US on the policy of Saudi Arabia. Recommended for anyone interested in the history of OPEC.-R. Knauerhase, University of Connecticut