[DOC] [TLE] The Organization of Petroleum Exporting Countries agreed Monday ... [PAR] Mar 14, 1983 ... Iran refused to agree immediately to cut its price but accepted the production ... 
The compromise marked the first time Saudi Arabia has submitted its production 
... Arabian light crude -- since the cartel was founded in November 1960. ... for a 
Saudi pledge to boost the benchmark oil by $2 to $34 a barrel. [DOC] [TLE] OPEC STATES AGREE TO CUT OIL PRICES FOR THE FIRST TIME ... [PAR] Mar 15, 1983 ... OPEC uses as a benchmark to set the prices of other oils. ... which agreed 
formally for the first time to vary its output with market conditions, ... today to cut 
prices for the first time in the group's 23-year history. ... to $29 a barrel, from $34 - 
in the price of Saudi Light crude, which Text of communique, page D22. [DOC] [TLE] OPEC, by Benjamin Zycher: The Concise Encyclopedia of ... [PAR] In September 1960 four Persian Gulf nations (Iran, Iraq, Kuwait, and Saudi ... 
OPEC was unsuccessful in its first decade. Real (that is, inflation-adjusted) world 
prices for crude oil continued to fall until ... By 1971 it had fallen to $7.46 per 
barrel. ... Official prices fell from $34 (for the benchmark crude oil, Arabian light) to 
$29 in... [DOC] [TLE] OPEC: 10 Years After the Arab Oil Boycott: CQR [PAR] Sep 23, 1983 ... Nearly a decade has passed since a small group of developing ... 17 that they 
were cutting back their production of crude and imposing .... In the meantime, the 
official benchmark price of $34 for OPEC oil ... OPEC imposed its first price 
increase, raising the price per barrel by ...... Oct. 26, 1960, World Oil Glut. [DOC] [TLE] Detroit Free Press from Detroit, Michigan  Page 1 - Newspapers.com [PAR] Mar 15, 1983 ... SINCE IT WAS established, OPEC had raised its base oil price by an astounding 
1,788 percent, from $1.80 to $34 a barrel. ... first reduction in its benchmark oil 
since the cartel was founded in 1960. ... the first time in its 23-year history to cut 
its base oil price by $5 to $29 a barrel to avert a global pricing war. [DOC] [TLE] Chronology of Significant Events - Department of Finance - California [PAR] August 21, Crude oil prices fall below $40 a barrel for the first time since ... 
Volkswagen Group for NOx tailpipe emissions standards involving its diesel .... 
China cuts its benchmark one-year loan rate for the first time since July 2012. .... 
August 17, The North Rim Fire, the third largest wildfire in California's history, ...... 
1960... [DOC] [TLE] International Oil Companies - Chatham House [PAR] May 5, 2016 ... of the IOCs to adapt to them that indicates that their old business ... to be left in 
the ground, and the collapse in oil prices since June 2014. ... At the same time, 
the effect of the first and second oil price shocks ..... though the average price of 
benchmark Brent crude rose from $29 ..... being established in 2025. [DOC] [TLE] Competition in Global Oil Markets - OurEnergyPolicy.org [PAR] As competitiveness in international oil markets varies over time, prices rise and 
fall in response to ..... Although OPEC was formed in 1960, it was not until the. [DOC] [TLE] Timeline Oil - Timelines of History [PAR] 1910 Production of Egyptian crude oil was started in the Gulf of Suez. ... Standard 
oil cut its price to 16.6 cents and other states began to demand the same price. .... 
1960 Sep 14, Iraq, Iran, Kuwait, Saudi Arabia and Venezuela formed OPEC. .... 
1975 Mar 6, OPEC held a meeting in Algiers attended for the first time by its... [DOC] [TLE] World This Week | The Economist [PAR] Facebook's share price continued to slide, as investors digested its first ... 
Deutsche Bank announced another 1,900 job cuts, mostly in investment banking. 
... in temporary bans on short-selling in some shares for the first time since 
August 2011. .... with the

Question: For the first time since it was formed in 1960, this group cut its benchmark barrel price for crude, from $34 to $29
Answer: OPEC