TIMELINE: Half a century of oil price volatility

LONDON (Reuters) – OPEC meets in Cairo on November 29 in an attempt to stem a collapse in oil that has knocked two thirds off the price in just four months.

Oil ministers face an uphill task trying to tame a commodity that has seen a roller-coaster ride from about $2 a barrel in the 1960s to a peak above $147 in July to a low of almost $50 this month.

Suppliers of about 40 percent of the world’s oil, the 12 members of the Organization of the Petroleum Exporting Countries meet regularly to discuss the market and sometimes adjust supplies by a few million barrels per day (bpd).

Following is a chronology of major events in the oil market since OPEC was founded almost 50 years ago:

Reuters