September 14

On September 14, 1960, the Organization of Petroleum Exporting Countries (OPEC) was established in Baghdad by five founding nations: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. These oil-producing states aimed to coordinate policies and stabilize global oil markets by securing fair prices and steady production. The inaugural conference launched a new era of collective bargaining power for developing countries rich in hydrocarbons. Over time, OPEC grew to include additional members, significantly influencing energy prices and geopolitics. The organization's decisions became central in shaping economic strategies of both producers and consumers, reverberating across global markets for decades.

On September 14, 1998, MCI Communications and WorldCom finalized a $37 billion merger, creating one of the largest telecommunications firms in the world. The union combined WorldCom's long-distance voice services with MCI's internet and data networks. The newly formed MCI WorldCom immediately became the second-largest long-distance carrier in the United States. The merger aimed to capitalize on the growing convergence of voice and data communications. Analysts hailed the deal as a bold move in the late-1990s telecom boom. However, the company's later involvement in a major accounting scandal would cast a long shadow over its early achievements.

On September 14, 2007, customers of Northern Rock, a British mortgage lender, lined up to withdraw savings in fear of the bank’s collapse—the first run on a UK bank in over a century. The crisis was triggered by rising global credit market tensions and Northern Rock’s dependence on wholesale funding. The Bank of England intervened to guarantee deposits and provide emergency liquidity, but the event undermined public confidence. This incident foreshadowed the broader 2008 financial crisis and led to major changes in banking regulation and risk management in the UK. Ultimately, Northern Rock was nationalized in February 2008.

On September 14, 2019, Yemen’s Houthi rebels claimed responsibility for coordinated drone and missile strikes on key oil facilities in Saudi Arabia. The attack targeted the Abqaiq processing plant and Khurais oil field, temporarily halving the kingdom’s crude output. The incident heightened tensions in the Middle East, drawing international concern over regional security and energy markets. Saudi Arabia and the United States condemned the assault and launched military and diplomatic responses. The event underscored the vulnerability of global oil supplies to geopolitical conflicts.