OPEC

OPEC
Organization of the Petroleum Exporting Countries OPEC

Headquarters Official languages Type Member states - Secretary General Establishment - Statute Area - Total

Vienna, Austria English

[1]

Trade bloc

Masoud Mir Kazemi (since January 1, 2011) Baghdad, Iraq September 1014, 1960 in effect January 1961

11,854,977km2 4,577,232sqmi Population

- -

estimate Density

372,368,429 31.16/km2 80.7/sqmi Indexed as USD-per-barrel

Currency

Website [2] www.OPEC.org

The Organization of the Petroleum Exporting Countries (OPEC, pronounced /opk/ OH-pek) is a cartel of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965,[3] and hosts regular meetings among the oil ministers of its Member Countries. Indonesia withdrew in 2008 after it became a net importer of oil, but stated it would likely return if it became a net exporter in the world again.[4]

OPEC According to its statutes, one of the principal goals is the determination of the best means for safeguarding the cartel's interests, individually and collectively. It also pursues 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 and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry.[5] OPEC's influence on the market has been widely criticized, since it became effective in determining production and prices. Arab members of OPEC alarmed the developed world when they used the oil weapon during the Yom Kippur War by implementing oil embargoes and initiating the 1973 oil crisis. Although largely political explanations for the timing and extent of the OPEC price increases are also valid, from OPECs point of view, these changes were triggered largely by previous unilateral changes in the world financial system and the ensuing period of high inflation in both the developed and developing world. This explanation encompasses OPEC actions both before and after the outbreak of hostilities in October 1973, and concludes that OPEC countries were only 'staying even' by dramatically raising the dollar price of oil.[6] OPEC's ability to control the price of oil has diminished somewhat since then, due to the subsequent discovery and development of large oil reserves in Alaska, the North Sea, Canada, the Gulf of Mexico, the opening up of Russia, and market modernization. As of November 2010, OPEC members collectively hold 79% of world crude oil reserves and 44% of the worlds crude oil production, affording them considerable control over the global market.[7] The next largest group of producers, members of the OECD and the Post-Soviet states produced only 23.8% and 14.8%, respectively, of the world's total oil production.[8] As early as 2003, concerns that OPEC members had little excess pumping capacity sparked speculation that their influence on crude oil prices would begin to slip.[9] [10]

History
Venezuela and Iran were the first countries to move towards the establishment of OPEC in the 1960s by approaching Iraq, Kuwait and Saudi Arabia in 1949, suggesting that they exchange views and explore avenues for regular and closer communication among petroleum-producing nations. The founding members are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Later members include Algeria, Ecuador, Gabon, Indonesia, Libya, Qatar, Nigeria, and the United Arab Emirates. In 1014 September 1960, at the initiative of the Venezuelan Energy and Mines minister Juan Pablo Prez Alfonzo and the Saudi Arabian Energy and Mines minister Abdullah al-Tariki, the governments of Iraq, Iran, Kuwait, Saudi Arabia and Venezuela met in Baghdad to discuss ways to increase the price of the crude oil produced by their respective countries. OPEC was founded in Baghdad, triggered by a 1960 law instituted by American President Dwight Eisenhower that forced quotas on Venezuelan and Persian Gulf oil imports in favor of the Canadian and Mexican oil industries. Eisenhower cited national security, land access to energy supplies, at times of war. When this led to falling prices for oil in these regions, Venezuela's president Romulo Betancourt reacted by seeking an alliance with oil producing Arab nations as a preemptive strategy to maintain the continued autonomy and profitability of Venezuela's oil resources.
the new OPEC headquarters in Vienna

OPEC

As a result, OPEC was founded to unify and coordinate members' petroleum policies. Original OPEC members include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Between 1960 and 1975, the organization expanded to include Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), and Nigeria (1971). Ecuador and Gabon were early members of OPEC, but Oil exports imports difference Ecuador withdrew on December 31, 1992[11] because it was unwilling or unable to pay a $2 million membership fee and felt that it needed to produce more oil than it was allowed to under the OPEC quota,[12] although it rejoined in October 2007. Similar concerns prompted Gabon to suspend membership in January 1995.[13] Angola joined on the first day of 2007. Norway and Russia have attended OPEC meetings as observers. Indicating that OPEC is not averse to further expansion, Mohammed Barkindo, OPEC's Secretary General, recently asked Sudan to join.[14] Iraq remains a member of OPEC, but Iraqi production has not been a part of any OPEC quota agreements since March 1998. In May 2008, Indonesia announced that it would leave OPEC when its membership expired at the end of that year, having become a net importer of oil and being unable to meet its production quota.[15] A statement released by OPEC on 10 September 2008 confirmed Indonesia's withdrawal, noting that it "regretfully accepted the wish of Indonesia to suspend its full Membership in the Organization and recorded its hope that the Country would be in a position to rejoin the Organization in the not too distant future." [16] Indonesia is still exporting some good light crude oil with low sulphur and import heavy crude oil with higher sulphur to get advantage of price different (import is greater than export) due to Air pollution in Indonesia is still low as compared to China or USA.

1973 oil embargo

The persistence of the Arab-Israeli conflict finally triggered a response that transformed OPEC 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 Long-term oil Prices, 1861-2007 (orange line adjusted for inflation, blue not Petroleum Exporting Countries, for the adjusted). 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, while non-Arab OPEC members did not.

OPEC

The 1980s oil gluts

After 1980, oil prices began a six-year decline that culminated with a 46 percent price drop in 1986. This was due to reduced demand and over-production that produced a glut on the world market. Around this period, Iraq also increased its oil production to help pay for the Iran-Iraq War. Overall OPEC lost its unity and thus its net oil export revenues fell in the 1980s.

Responding to war and low prices

Leading up to the 1990-91 Gulf War, Iraqi President Saddam Hussein OPEC net oil export revenues for 1971 [17] advocated that OPEC push world oil prices up, thereby helping Iraq, 2007. 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. After oil prices slumped at around $15 a barrel in the late 1990s, concerted diplomacy, sometimes attributed to Venezuelas president Hugo Chvez, achieved a coordinated scaling back of oil production beginning in 1998. In 2000, Chvez hosted the first summit of heads of state of OPEC in 25 years. The next year, however, the September 11, 2001 attacks against the United States, the following invasion of Afghanistan, and 2003 invasion of Iraq and subsequent occupation prompted a surge in oil prices to levels far higher than those targeted by OPEC during the preceding period. Indonesia withdrew from OPEC to protect its oil supply interests. On November 19, 2007, global oil prices reacted strongly as OPEC members spoke openly about potentially converting their cash reserves to the euro and away from the US dollar.[18]

Production disputes
The economic needs of the OPEC member states often affects the internal politics behind OPEC production quotas. Various members have pushed for reductions in production quotas to increase the price of oil and thus their own revenues.[19] These demands conflict with Saudi Arabia's stated long-term strategy of being a partner with the world's economic powers to ensure a steady flow of oil that would support economic expansion.[20] Part of the basis for this policy is the Saudi concern that expensive oil or oil of uncertain supply will drive developed nations to conserve and develop alternative fuels. To this point, former Saudi Oil Minister Sheikh Yamani famously said in 1973: "The stone age didn't end because we ran out of stones."[21] One such production dispute occurred on September 10, 2008, when the Saudis reportedly walked out of OPEC negotiating session where the cartel voted to reduce production. Although Saudi Arabian OPEC delegates officially endorsed the new quotas, they stated anonymously that they would not observe them. The New York Times quoted one such anonymous OPEC delegate as saying Saudi Arabia will meet the markets demand. We will see what the market requires and we will not leave a customer without oil. The policy has not changed.[22]

OPEC

Membership
Current members
OPEC has twelve third world member countries: six in the Middle East, four in Africa, and two in South America.
Country Region Joined OPEC [23] Population Area (km) [24] (July 2008) 33,779,668 12,531,357 13,927,650 75,875,224 28,221,180 2,596,799 6,173,579 158,259,000 824,789 [27] 28,146,656 4,621,399 26,414,816 369368429 2,381,740 1,246,700 283,560 1,648,000 437,072 17,820 1,759,540 923,768 11,437 2,149,690 83,600 912,050 11854977 km [25]

Algeria Angola Ecuador Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia

Africa Africa

1969 2007

South America 2007[26] Middle East Middle East Middle East Africa Africa Middle East Middle East 1960 1960 1960 1962 1971 1961 1960 1967 [27] [27] [27]

United Arab Emirates Middle East Venezuela Total

South America 1960[27]

[1] Chapter I, Article 6 of The Statute of the organization of the Petroleum Exporting Countries (http:/ / www. opec. org/ library/ opec statute/ pdf/ os. pdf) (as amended) [2] http:/ / www. opec. org/ [3] OPEC: Brief History (http:/ / www. opec. org/ opec_web/ en/ about_us/ 24. htm) [4] "OPEC says Indonesia has suspended cartel membership" (http:/ / www. forbes. com/ afxnewslimited/ feeds/ afx/ 2008/ 09/ 10/ afx5406908. html). Forbes.com. . Retrieved 2010-10-03. [5] Chapter I, Article 2 of The Statute of the organization of the Petroleum Exporting Countries (http:/ / www. opec. org/ library/ opec statute/ pdf/ os. pdf) (as amended) [6] Hammes, David and Wills, Douglas. Black Gold: The End of Bretton Woods and the Oil-Price Shocks of the 1970s, The Independent Review, v. IX, n. 4, Spring 2005. pp. 501-511. (http:/ / www. independent. org/ publications/ tir/ article. asp?a=518) [7] http:/ / www. turquoisepartners. com/ iraninvestment/ IIM-Nov10. pdf [8] BP plc. "British Petroleum table of world oil production" (http:/ / www. bp. com/ liveassets/ bp_internet/ globalbp/ globalbp_uk_english/ publications/ energy_reviews_2006/ STAGING/ local_assets/ downloads/ pdf/ table_of_world_oil_production_2006. pdf). Retrieved June 18, 2007. [9] "Is Opec Losing Control Over Oil Price?" (http:/ / english. aljazeera. net/ English/ archive/ archive?ArchiveId=6664). Al Jazeera English. . Retrieved 2010-12-19. [10] "Is OPEC About to Lose Control of the Spigot?" (http:/ / www. businessweek. com/ magazine/ content/ 03_03/ b3816074. htm). BusinessWeek. 2003-01-20. . Retrieved 2010-12-19. [11] OPEC, by Benjamin Zycher: The Concise Encyclopedia of Economics: Library of Economics and Liberty (http:/ / www. econlib. org/ library/ enc/ OPEC. html) [12] "Ecuador Set to Leave OPEC" (http:/ / query. nytimes. com/ gst/ fullpage. html?res=9E0CE4DF1F3AF93BA2575AC0A964958260). The New York Times. September 18, 1992. . Retrieved May 20, 2010. [13] "Gabon Plans To Quit OPEC - NYTimes.com" (http:/ / query. nytimes. com/ gst/ fullpage. html?res=990CE0D91539F93AA35752C0A963958260). New York Times. 1995-01-09. . Retrieved 2010-10-03. [14] Angola, Sudan to ask for OPEC membership (http:/ / www. chron. com/ disp/ story. mpl/ business/ energy/ 4374140. html) Houston Chronicle [15] Indonesia to withdraw from Opec (http:/ / news. bbc. co. uk/ 2/ hi/ business/ 7423008. stm) [16] (http:/ / www. opec. org/ opecna/ Press Releases/ 2008/ pr112008. htm)

OPEC
[17] http:/ / www. eia. doe. gov/ emeu/ cabs/ OPEC_Revenues/ OPEC. html [18] (http:/ / news. yahoo. com/ s/ ap/ 20071119/ ap_on_bi_ge/ oil_prices;_ylt=AqHkJtpxzqh9jxBe_5TkFEmyBhIF) [19] Nick A. Owen, Oliver R. Inderwildi, David A. King (2010). "The status of conventional world oil reservesHype or cause for concern?". Energy Policy. doi:10.1016/j.enpol.2010.02.026. [20] Speech by Minister of Petroleum and Mineral Resources Ali Al-Naimi: Saudi oil policy: stability with strength (http:/ / www. saudiembassy. net/ 1999News/ Statements/ SpeechDetail. asp?cIndex=327) [21] Washington diary: Oil addiction (http:/ / news. bbc. co. uk/ 2/ hi/ americas/ 7486705. stm) [22] Saudis Vow to Ignore OPEC Decision to Cut Production (http:/ / www. nytimes. com/ 2008/ 09/ 11/ business/ worldbusiness/ 11oil. html) [23] "Who are OPEC Member Countries?" (http:/ / www. opec. org/ library/ faqs/ aboutopec/ q3. htm). Organization of Petroleum Exporting Countries. . Retrieved 4 January 2009. [24] "Field Listing - Population" (https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ fields/ 2119. html). CIA World Factbook. Central Intelligence Agency. . Retrieved 4 January 2009. [25] "Field Listing - Area" (https:/ / www. cia. gov/ library/ publications/ the-world-factbook/ fields/ 2147. html). CIA World Factbook. Central Intelligence Agency. . Retrieved 4 January 2009. [26] Ecuador initially joined in 1973, left in 1992, and rejoined in 2007. [27] One of five founder members that attended the first OPEC conference, in September 1960.

Former members
Country Gabon Region Africa Joined OPEC 1975 Left OPEC 1994 2008

Indonesia East Asia 1962

The United States was a de facto member during its formal occupation of Iraq via the Coalition Provisional Authority.[1] [2] Indonesia left OPEC in 2008 because it ceased to be a net exporter of oil. It could not fulfill the demand of its own country's needs, as growth in demand outstripped output. The situation was made worse because of weak legal certainty and corruption that deterred foreign investors from investing in new reserves in Indonesia. In recent times, the government has increased financial incentives for foreign firms to invest in exploration and extraction but has found itself forced to import more supplies from the likes of Iran, Saudi Arabia and Kuwait. Indonesia's departure from OPEC will not likely affect the amount of oil it produces or imports. The country's growing dependence on imports is proving increasingly expensive as global prices soar.[3]

Economics
OPEC is a swing producer[4] and its decisions have had 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 6 Day War, which Israel had 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 . Overall, the evidence suggests that OPEC did act as a cartel, when it adopted output rationing in order to maintain price.[5] Since currently 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. After the introduction of the Euro, pre-invasion Iraq decided it wanted to be paid for its oil in euros instead of US dollars causing OPEC to consider changing its oil exchange currency to euros, although after Iraq's invasion, the interim government reversed this policy, and the subsequent Iraq

OPEC governments stuck to the US dollar.[6] Member states Iran[7] and Venezuela[8] have undergone similar shifts from the dollar to the Euro.

Quotas circa 2005

OPEC Quotas and Production in thousands of barrels per day [9]
Country Algeria Angola Ecuador Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela Total 2,247 1,500 2,306 726 10,099 2,444 3,225 29,971 Quota (7/1/05) Production (1/07) Capacity 894 1,900 520 4,110 1,360 1,700 500 3,700 1,481 2,500 1,650 2,250 810 8,800 2,500 2,340 29,591 2,600 1,700 2,250 850 10,500 2,600 2,450 30,330 1,430 1,700 500 3,750

References
[1] Noah, Timothy (2007-07-10). "Go NOPEC! Congress takes on the biggest, baddest cartel of all" (http:/ / www. slate. com/ id/ 2170040/ nav/ tap3/ ). Slate. . Retrieved 2009-08-21. [2] Noah, Timothy (2003-09-18). "Is Bremer a Price Fixer? Letting Iraq's oil minister attend an OPEC meeting may violate the Sherman Antitrust Act" (http:/ / www. slate. com/ id/ 2088602/ ). Slate. . [3] "Indonesia to withdraw from OPEC" (http:/ / news. bbc. co. uk/ 2/ hi/ 7423008. stm). BBC News. 2008-05-28. . [4] Iraq emerges as new swing producer in Opec (http:/ / www. dawn. com/ 2006/ 03/ 26/ ebr5. htm) [5] http:/ / fmwww. bc. edu/ EC-P/ WP318. pdf [6] Iraq: Baghdad Moves To Euro (http:/ / www. rferl. org/ content/ article/ 1095057. html) [7] Clark, William. "Iran's euro-denominated oil bourse to open in March: US Dollar Crisis on the Horizon" (http:/ / www. globalresearch. ca/ index. php?context=viewArticle& code=CLA20060210& articleId=1937). Globalresearch.ca. . Retrieved 2010-12-19. [8] Bodzin, Steven (2007-09-17). "Petroleos de Venezuela to Convert Accounts Away From Dollars" (http:/ / www. bloomberg. com/ apps/ news?pid=20601086& sid=aGBuWpZJ9cPI). Bloomberg. . Retrieved 2010-12-19. [9] Quotas (http:/ / www. eia. doe. gov/ emeu/ cabs/ orevcoun. html) as reported by the United States Department of Energy

OPEC

External links
Official website (http://http://www.opec.org) Concise Encyclopedia of Economics: OPEC (http://www.econlib.org/library/Enc/OPEC.html) OPEC Timeline (http://mondediplo.com/2006/05/07timeline) by Nicolas Sarkis, from Le Monde diplomatique, May 2006 The OPEC Fund for International Development (OFID) official site (http://www.ofid.org/)

Article Sources and Contributors

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File:Flag of OPEC.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_OPEC.svg License: unknown Contributors: Zscout370 File:OPEC.svg Source: http://en.wikipedia.org/w/index.php?title=File:OPEC.svg License: Public Domain Contributors: User:Bourgeois Image:OPEC-building-01.jpg Source: http://en.wikipedia.org/w/index.php?title=File:OPEC-building-01.jpg License: Public Domain Contributors: User:Priwo File:Oil Balance.png Source: http://en.wikipedia.org/w/index.php?title=File:Oil_Balance.png License: Public Domain Contributors: Emilfaro, Jonkerz Image:Oil Prices 1861 2007.svg Source: http://en.wikipedia.org/w/index.php?title=File:Oil_Prices_1861_2007.svg License: GNU Free Documentation License Contributors: User:TomTheHand Image:Opecrev.gif Source: http://en.wikipedia.org/w/index.php?title=File:Opecrev.gif License: Public Domain Contributors: U.S. Energy Information Administration's File:Flag of Algeria.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Algeria.svg License: Public Domain Contributors: User:SKopp File:Flag of Angola.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Angola.svg License: Public Domain Contributors: User:SKopp File:Flag of Ecuador.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Ecuador.svg License: Public Domain Contributors: President of the Republic of Ecuador, Zscout370 File:Flag of Iran.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Iran.svg License: unknown Contributors: Various File:Flag of Iraq.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Iraq.svg License: Public Domain Contributors: User:Hoshie, User:Militaryace File:Flag of Kuwait.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Kuwait.svg License: Public Domain Contributors: User:SKopp File:Flag of Libya.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Libya.svg License: Public Domain Contributors: 16@r, Anime Addict AA, AnonMoos, Avala, Azylber, Bapho, EugeneZelenko, Flad, Fred J, Fry1989, Homo lupus, J.delanoy, JR98664, Klemen Kocjancic, MaggotMaster, Mattes, Nematavka, Neq00, Olavfin, Ouloedmonds1, Paradoctor, Reisio, Rocket000, Simetrical, Str4nd, Superm401, Udonknome, Vzb83, Wutsje, X!, Zscout370, 14 anonymous edits File:Flag of Nigeria.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Nigeria.svg License: Public Domain Contributors: User:Jhs File:Flag of Qatar.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Qatar.svg License: Public Domain Contributors: (of code) File:Flag of Saudi Arabia.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Saudi_Arabia.svg License: Public Domain Contributors: Unknown File:Flag of the United Arab Emirates.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_the_United_Arab_Emirates.svg License: Public Domain Contributors: Anime Addict AA, Avala, Dbenbenn, Duduziq, F l a n k e r, Fry1989, Fukaumi, Gryffindor, Guanaco, Homo lupus, Kacir, Klemen Kocjancic, Krun, Madden, Neq00, Nightstallion, Piccadilly Circus, Pmsyyz, RamzyAbueita, 4 anonymous edits File:Flag of Venezuela.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Venezuela.svg License: Public Domain Contributors: Bastique, Denelson83, DerFussi, Fry1989, George McFinnigan, Herbythyme, Homo lupus, Huhsunqu, Infrogmation, Klemen Kocjancic, Ludger1961, Neq00, Nightstallion, Reisio, ThomasPusch, Vzb83, Wikisole, Zscout370, 12 anonymous edits File:Flag of Gabon.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Gabon.svg License: Public Domain Contributors: User:Gabbe, User:SKopp File:Flag of Indonesia.svg Source: http://en.wikipedia.org/w/index.php?title=File:Flag_of_Indonesia.svg License: Public Domain Contributors: User:Gabbe, User:SKopp

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