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Encyclopedia > Organization of the Petroleum Exporting Countries
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The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela; since 1965 its international headquarters have been in Vienna, Austria. Image File history File links Logotype of the Organization of the Petroleum Exporting Countries (OPEC). ... Image File history File links Logotype of the Organization of the Petroleum Exporting Countries (OPEC). ... Vienna (German: Wien ; Bosnian, Croatian, and Serbian: Beč, Czech: Vídeň, Hungarian: Bécs, Greek: Βιέννη, Romanian: Viena, Romani: Bech or Vidnya, Russian: Вена, Slovak: Viedeň, Slovenian: Dunaj, Dutch: Wenen) is the capital of Austria, and also one of the nine States of Austria. ...


The principal aim of the Organization, according to its Statute, is "the coordination and unification of the petroleum policies of its member countries and the determination of the best means for safeguarding their interests, individually and collectively; devising ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; giving due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry."[1] A statute is a formal, written law of a country or state, written and enacted by its legislative authority, perhaps to then be ratified by the highest executive in the government, and finally published. ... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a thick, dark brown or greenish liquid. ... The Oil industry brings to market what is currently considered the lifeblood of nearly all other industry, if not industrialized civilization itself. ...


OPEC's influence on the market has not always been a stabilizing one, however. It alarmed the world and triggered high inflation across both the developing and developed world through its use of the oil weapon in the 1973 oil crisis. Its ability to control the price of oil has diminished greatly since its heyday, following the much-expanded development of the Gulf of Mexico, the North Sea, and the growing fluidity of the market. However, OPEC still has considerable impact on the price of oil. It is still commonly used as a textbook example of a cartel. At the height of the crisis in the United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ... Gulf of Mexico in 3D perspective. ... The North Sea is a sea of the Atlantic Ocean, located between the coasts of Norway and Denmark in the east, the coast of the British Isles in the west, and the German, Dutch, Belgian and French coasts in the south. ... A cartel is a group of legally independent producers whose goal it is to fix prices, limit supplies and limit competition. ...

Contents


Membership

OPEC countries ██ Current member states ██ Former member states
OPEC countries ██ Current member states ██ Former member states

The Organization now has 11 member states. They are listed below with their affiliation dates. Image File history File links Download high resolution version (4500x2234, 205 KB) Summary Shows w:Organization of the Petroleum Exporting Countries countries. ... Image File history File links Download high resolution version (4500x2234, 205 KB) Summary Shows w:Organization of the Petroleum Exporting Countries countries. ...

Africa
Middle East
South America
Southeast Asia
Former Members
  • Flag of Gabon Gabon (Full member from 1975 to 1995)
  • Flag of Ecuador Ecuador (Full member from 1963 to 1993)

The official language of a majority of OPEC member-states is Arabic, as seven current members are Arab states. Only one member nation (Nigeria) has English as an official language. Nonetheless, OPEC's official language is English. The economy of Africa comprises approximately 887 million people as of July 2005 living in 54 different states. ... Image File history File links Flag_of_Algeria. ... Image File history File links Flag_of_Libya. ... Image File history File links Flag_of_Nigeria. ... A map showing countries commonly considered to be part of the Middle East The Middle East is a region comprising the lands around the southern and eastern parts of the Mediterranean Sea, a territory that extends from the eastern Mediterranean Sea to the Persian Gulf. ... Image File history File links Flag_of_Iran. ... Image File history File links Flag_of_Iraq. ... Image File history File links Flag_of_Kuwait. ... Image File history File links Flag_of_Qatar. ... Image File history File links Flag_of_Saudi_Arabia. ... Image File history File links Flag_of_the_United_Arab_Emirates. ... South America South America is a continent crossed by the equator, with most of its area in the Southern Hemisphere. ... Image File history File links Flag_of_Venezuela. ... Location of Southeast Asia Southeast Asia is a subregion of Asia. ... Image File history File links Flag_of_Indonesia. ... Logo The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela; since 1965 its international headquarters have been in Vienna, Austria. ... Image File history File links Flag_of_Gabon. ... Image File history File links Flag_of_Ecuador. ... An official language is a language that is given a privileged legal status in a state, or other legally-defined territory. ... Arabic can mean: From or related to Arabia From or related to the Arabs The Arabic language; see also Arabic grammar The Arabic alphabet, used for expressing the languages of Arabic, Persian, Malay ( Jawi), Kurdish, Panjabi, Pashto, Sindhi and Urdu, among others. ... The English language is a West Germanic language that originates in England. ...


History

OPEC headquarters in Vienna
OPEC headquarters in Vienna

OPEC currently consists of 11 nations, including seven Arab world countries but also other major petroleum-exporting countries like Indonesia and Venezuela. It was formed on September 17, 1960 to protest pressure by major oil companies (mostly owned by U.S., British, and Dutch nationals) to reduce oil prices and payments to producers. At first it had operated as an informal bargaining unit for the sale of oil by non-aligned nations. It confined its activities to gaining a larger share of the revenues produced by Western oil companies and greater control over the levels of production. However, in the early 1970s it began to display its strength. ImageMetadata File history File links Download high resolution version (1024x768, 176 KB) Opec HQ, Vienna / OPEC Zentrale in Wien OPEC GEbäude in Wien, GNU-FDL, selbst fotografiert. ... ImageMetadata File history File links Download high resolution version (1024x768, 176 KB) Opec HQ, Vienna / OPEC Zentrale in Wien OPEC GEbäude in Wien, GNU-FDL, selbst fotografiert. ... The Arabs (Arabic: عرب ) are an ethnic group found throughout the Middle East and North Africa. ... September 17 is the 260th day of the year (261st in leap years). ... 1960 (MCMLX) was a leap year starting on Friday (the link is to a full 1960 calendar). ...


The Yom Kippur War

The persistence of the Arab-Israeli conflict finally triggered a response that transformed OPEC from a mere cartel into a formidable political force. After the Six Day War of 1967, the Arab members of OPEC formed a separate, overlapping group, the Organization of Arab Petroleum Exporting Countries, for the purpose of centering policy and exerting pressure on the West over its support of Israel. Egypt and Syria, though not major oil-exporting countries, joined the latter grouping to help articulate its objectives. Later, the Yom Kippur War of 1973 galvanized Arab opinion. Furious at the emergency re-supply effort that had enabled Israel to withstand Egyptian and Syrian forces, the Arab world imposed the 1973 oil embargo against the United States and Western Europe. In the 1970s, the great Western oil conglomerates suddenly faced a unified block of producers. Combatants Israel Egypt, Syria, (Jordan, Iraq) Commanders Moshe Dayan, David Elazar, Ariel Sharon, Shmuel Gonen, Benjamin Peled Saad El Shazly, Ahmad Ismail Ali, Hosni Mubarak, Mohammed Aly Fahmy, Anwar Sadat, Abdel Ghani el-Gammasy, Abdul Munim Wassel, Abd-Al-Minaam Khaleel, Abu Zikry Mustafa Tlas[2], [3] Strength 415,000... Combatants Arab nations State of Israel Arab-Israeli conflict series History of the Arab-Israeli conflict Views of the Arab-Israeli conflict International law and the Arab-Israeli conflict Arab-Israeli conflict facts, figures, and statistics Participants Israeli-Palestinian conflict · Arab League · Soviet Union / Russia · Israel and the United Nations... A cartel is a group of legally independent producers whose goal it is to fix prices, limit supplies and limit competition. ... The 1967 Arab-Israeli War, also known as the Six-Day War or June War, was fought between Israel and its Arab neighbors Egypt, Jordan, and Syria. ... OAPEC was established in 1968 with permanent headquarters in Kuwait It is an instrument of Arab cooperation whose objective is to provide support to the Arab oil industry. ... Combatants Israel Egypt, Syria, (Jordan, Iraq) Commanders Moshe Dayan, David Elazar, Ariel Sharon, Shmuel Gonen, Benjamin Peled Saad El Shazly, Ahmad Ismail Ali, Hosni Mubarak, Mohammed Aly Fahmy, Anwar Sadat, Abdel Ghani el-Gammasy, Abdul Munim Wassel, Abd-Al-Minaam Khaleel, Abu Zikry Mustafa Tlas[2], [3] Strength 415,000... At the height of the crisis in the United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ...


This Arab-Israeli conflict triggered a crisis already in the making. They consistently drew the oil away from non-Arab nations. The West could not continue to increase its energy use 5% annually, pay low oil prices, yet sell inflation-priced goods to the petroleum producers in the Third World. This was stressed by the Shah of Iran, whose nation was the world's second-largest exporter of oil, and the closest ally of the United States in the Middle East at the time. "Of course [the world price of oil] is going to rise," the Shah told the New York Times in 1973. "Certainly! And how...; You [Western nations] increased the price of wheat you sell us by 300%, and the same for sugar and cement...; You buy our crude oil and sell it back to us, redefined as petrochemicals, at a hundred times the price you've paid to us...; It's only fair that, from now on, you should pay more for oil. Let's say 10 times more."[2] Shah is an Iranian & Pakistani/Indian term in Persian language & Urdu (شاه), for a monarch (king or emperor), and has also been adopted in many other languages. ... The New York Times is an internationally known daily newspaper published in New York City and distributed in the United States and many other nations worldwide. ... Species T. boeoticum T. compactum T. dicoccoides T. dicoccon T. durum T. monococcum T. spelta T. sphaerococcum References:   ITIS 42236 2002-09-22 Wheat (Triticum spp. ... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a thick, dark brown or greenish liquid. ... A petrochemical is any chemical derived from fossil fuels. ...


Operations

OPEC's member countries hold about two-thirds of the world's oil reserves. They supply 40% of the world's oil production and half of the exports.


Since worldwide oil sales are denominated in U.S. dollars, changes in the value of the dollar against other world currencies affect OPEC's decisions on how much oil to produce. For example, when the dollar falls relative to the other currencies, OPEC-member states receive smaller revenues in other currencies for their oil, causing substantial cuts in their purchasing power, because they continue to sell oil in the U.S. dollar. After the introduction of the euro, Iraq decided it wanted to be paid for its oil in euros instead of US dollars. The United States dollar is the official currency of the United States. ... The euro (currency sign: €; banking code: EUR) is the official currency of the following twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; collectively also known as the Eurozone. ...


OPEC decisions have considerable influence on international oil prices. For example, in the 1973 energy crisis OPEC refused to ship oil to western countries that had supported Israel in the Yom Kippur War or October War, which they fought against Egypt and Syria. This refusal caused a fourfold increase in the price of oil, which lasted five months, starting on October 17, 1973, and ending on March 18, 1974. OPEC nations then agreed, on January 7, 1975, to raise crude oil prices by 10%. At that time, OPEC nations — including many who had recently nationalized their oil industries — joined the call for a new international economic order to be initiated by coalitions of primary producers. Concluding the First OPEC Summit in Algiers they called for stable and just commodity prices, an international food and agriculture program, technology transfer from North to South, and the democratization of the economic system. At the height of the crisis in the United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ... Combatants Israel Egypt, Syria, (Jordan, Iraq) Commanders Moshe Dayan, David Elazar, Ariel Sharon, Shmuel Gonen, Benjamin Peled Saad El Shazly, Ahmad Ismail Ali, Hosni Mubarak, Mohammed Aly Fahmy, Anwar Sadat, Abdel Ghani el-Gammasy, Abdul Munim Wassel, Abd-Al-Minaam Khaleel, Abu Zikry Mustafa Tlas[2], [3] Strength 415,000... The Yom Kippur War (also known as the 1973 Arab-Israeli War, the October War and Ramadan War), was fought from October 6 (the day of Yom Kippur) to October 22/24, 1973, between Israel and a coalition of Egypt and Syria. ... October 17 is the 290th (in leap years the 291st) day of the year according to the Gregorian calendar. ... 1973 (MCMLXXIII) was a common year starting on Monday. ... March 18 is the 77th day of the year in the Gregorian calendar (78th in leap years). ... 1974 (MCMLXXIV) was a common year starting on Tuesday. ... January 7 is the seventh day of the year in the Gregorian calendar. ... 1975 (MCMLXXV) was a common year starting on Wednesday. ... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a thick, dark brown or greenish liquid. ... New international economic order is a set of proposals put forward during the 1970s by developing countries through UNCTAD to promote their interests by improving their terms of trade, increasing development assistance, developed-country tariff reductions, and other means. ... Map of Algeria showing Algiers province Algiers (French Alger, (Arabic: ولاية الجزائر) El-Jazair, The Islands) is the capital and largest city of Algeria in North Africa. ...


Unlike many other cartels, OPEC has been successful at increasing the price of oil for extended periods. Much of OPEC's success can be attributed to Saudi Arabia's flexibility. It has tolerated cheating on the part of other cartel members, and cut its own production to compensate for other members having exceeded their production quotas. This actually gives them good leverage, because with most members at full production, Saudi Arabia is the only member with spare capacity, and the ability to increase supply, if needed. A cartel is a group of legally independent producers whose goal it is to fix prices, limit supplies and limit competition. ...


The policy has been successful, causing the price of crude oil to rise to levels that had, at one time, been reached only by refined products. However, OPEC's ability to raise prices does have some limits. An increase in oil price decreases consumption, and could cause a net decrease in revenue. Furthermore, an extended rise in price could encourage systematic behavior change, such as alternative energy utilization, or increased conservation.


Leading up to the 1990-91 Gulf War, Iraqi President Saddam Hussein advocated that OPEC push world oil prices up, thereby helping Iraq, and other member states, service debts. But the division of OPEC countries occasioned by the Iraq-Iran War and the Iraqi invasion of Kuwait marked a low point in the cohesion of OPEC. Once supply disruption fears that accompanied these conflicts dissipated, oil prices began to slide dramatically. Combatants UN Coalition Republic of Iraq Commanders Norman Schwarzkopf, Sir Patrick Hine, Michel Roquejeoffre Saddam Hussein, Ali Hassan al-Majid, Hussein Kamel Strength 660,000 545,000 Casualties 345 dead, 1,000 wounded 25,000 - 100,000 dead, 100,000 - 300,000 wounded The 1991 Gulf War (also called the... Saddam Hussein Abd al-Majid al-Tikriti, (Arabic: ), (born April 28, 1937 ), was the President of Iraq from 1979 until the United States-led invasion of Iraq reached Baghdad on April 9, 2003. ... Iranian troops in the northern front. ... C Company, 1st Battalion, The Staffordshire Regiment, 1st UK Armoured Division The 1991 Gulf War was a conflict between Iraq and a coalition force of 34 nations mandated by the United Nations and led by the United States. ...


After oil prices slumped at around $10 a barrel, concerted diplomacy, sometimes attributed to Venezuela’s president Hugo Chávez, achieved a coordinated scaling back of oil production beginning in 1998. In 2000, Chávez hosted the first summit of heads of state of OPEC in 25 years. In August 2004, OPEC began communicating that its members had little excess pumping capacity, indicating that the cartel was losing influence over crude oil prices. Indonesia is reconsidering its membership having become a net importer and being unable to meet its production quota. Hugo Rafael Chávez Frías (IPA: ) (born July 28, 1954) is the 53rd[1] and current President of Venezuela. ... August 2004 : January - February - March - April - May - June - July - August - September - October - November - December See also: August 2004 in sports Deaths in August 2004 • 30 Fred Whipple • 26 Laura Branigan • 24 Elisabeth Kübler-Ross • 18 Elmer Bernstein • 15 Amarsinh Chaudhary • 14 CzesÅ‚aw MiÅ‚osz • 13 Julia Child • 8...


See also

Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. ... Countries producing oil This is a list of states that extract crude oil from oil wells. ... An energy crisis is any great shortfall (or price rise) in the supply of energy resources to an economy. ... (Redirected from 1973 energy crisis) United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ... The 1979 (or second) oil crisis occurred in the wake of the Iranian Revolution. ... Julian Simon and Paul Ehrlich entered in a famous wager in 1980, betting on a mutually agreed upon measure of resource scarcity over the decade leading up to 1990. ... The Hubbert peak theory, also known as peak oil, is an influential theory concerning the long-term rate of conventional oil (and other fossil fuel) extraction and depletion. ... The International Energy Agency (IEA, or AIE in Romance languages) is a Paris-based intergovernmental organization founded by the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the oil crisis. ... The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ... Gasoline, as it is known in North America, or petrol, in many Commonwealth countries (sometimes also called motor spirit) is a petroleum-derived liquid mixture consisting primarily of hydrocarbons, used as fuel in internal combustion engines. ... A power outage is the loss of the electricity supply to an area. ... Renewable energy (sources) or RES capture their energy from existing flows of energy, from on-going natural processes, such as sunshine, wind, flowing water (hydropower), biological processes such as anaerobic digestion, and geothermal heat flow. ... Prince Manucher Mirza was born in Tehran in 1917. ... The Strategic Petroleum Reserve (SPR) usually refers to an emergency petroleum store maintained by the United States Department of Energy, although in recent years several other countries have created their own SPR, see global strategic petroleum reserves. ... Petrocurrency is the currency of a country with oil to export, for instance, Saudi Arabian riyals. ... OAPEC was established in 1968 with permanent headquarters in Kuwait It is an instrument of Arab cooperation whose objective is to provide support to the Arab oil industry. ... OAPEC (Organization of Arab Petroleum Exporting Countries) is a multi-governmental organization which coordinates energy policies in Arab nations. ...

Petroleum industry writers/commentators

Colin Campbell. ... Kenneth S. Deffeyes is a geologist who worked with M. King Hubbert of Hubberts peak fame, at the Shell Oil Company research laboratory in Houston, Texas. ... Daniel H. Yergin (born February 6, 1947) is an American author and economic researcher. ...

Books covering aspects of the subject

The Prize (1991; ISBN 0671502484) is Daniel Yergins 800-page history of the global oil industry from the 1850s through 1990. ...

Notes

  1. ^ Chapter I, Article 2 of The Statute of the Organization of the Petroleum Exporting Countries (as amended)
  2. ^ Quoted in Walter LaFeber, Russia, America, and the Cold War (New York, 2002), p. 292.

External links


  Results from FactBites:
 
Organization of the Petroleum Exporting Countries - Wikipedia, the free encyclopedia (1498 words)
The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965 its international headquarters are in Vienna, Austria.
After the Six Day War of 1967, the Arab members of OPEC formed a separate, overlapping group, the Organization of Arab Petroleum Exporting Countries, for the purpose of centering policy and exerting pressure on the West over its support of Israel.
At that time, OPEC nations — including many who had recently nationalized their oil industries — joined the call for a new international economic order to be initiated by coalitions of primary producers.
Organization of Arab Petroleum Exporting Countries - Wikipedia, the free encyclopedia (359 words)
The Organization of Arab Petroleum Exporting Countries or OAPEC is a multi-governmental organization headquartered in Kuwait which coordinates energy policies in Arab nations, and whose main stated purpose is developmental.
OAPEC was originally intended to be a conservative Arab political organization which by its restriction in membership to countries whose main export was oil would exclude governments seen as radical, like Egypt and Algeria and by the additional rule that the three founders' approval was necessary for new members also initially kept out Iraq.
It is now regarded as a regional specialized international organization and focuses on organizing cooperation on oil development, collective projects and regional integration.
  More results at FactBites »

 
 

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