OPEC

From Wikipedia, the free encyclopedia

Organization of the Petroleum Exporting Countries

OPEC

Headquarters Vienna, Austria

Official languages English[1]

Type Trade bloc

Member states 12[show]

 -  Secretary General Masoud Mir Kazemi

Establishment Baghdad, Iraq

 -  Statute September 10–14, 1960

in effect January 1961 

Area

11,854,977 km2
 -  Total  
4,577,232 sq mi 
 Population

 -   estimate 372,368,429 

 -  Density 31.16/km2 

80.7/sq mi

Currency Indexed as USD-per-barrel

Website
www.OPEC.org

The Organization of the Petroleum Exporting Countries (OPEC, pronounced /ˈoʊpɛk/ OH-pek) is an

intergovernmental organization of twelve developing countries made up
of Algeria, Angola, Ecuador, Iran,Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, theUnited Arab Emirates,
and Venezuela. OPEC has maintained its headquarters in Vienna since 1965,[2] 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. [3]

According to its statutes, one of the principal goals is the determination of the best means for safeguarding the
organization's interests, individually and collectively. It also pursue 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. [4]

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 OPEC’s 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.” [5]

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 world’s crude oil production, affording them considerable control over the
global market.[6] 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. [7] 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.[8][9]

G7
From Wikipedia, the free encyclopedia
For other uses, see G7 (disambiguation).

"Group of Six" redirects here. For other uses, see G6 (disambiguation).

See also: G8
This article is outdated. Please update this article to reflect recent
events or newly available information. Please see the talk page for
more information. (April 2009)

G7 countries

1.  Canada

2.  France

3.  Germany

4.  Italy

5.  Japan

6.  United Kingdom

7.  United States

G7 finance ministers at the 2006 meeting (front row, L-R:) Canadian Finance MinisterJim Flaherty, French Finance
MinisterChristine Lagarde, German Finance MinisterPeer Steinbrueck, U.S. Treasury SecretaryHenry Paulson, Italy's
Finance MinisterTommaso Padoa-Schioppa, Japan's Finance Minister Fukushiro Nukaga, UK Chancellor of the
Exchequer Alistair Darling and Jean-Claude Juncker, Chairman of the Eurogroup.

The G7 (also known as the G-7) is the meeting of thefinance ministers from a group of

seven industrialized nations. It was formed in 1976, when Canada joined the Group of
Six: France, Germany, Italy, Japan, United Kingdom, and United States.[1]

As an economic and political group of the seven largestdeveloped countries, this powerful
group of nations does not include any developing nations. Based on forecasts by
PricewaterhouseCoopers LLP published in early 2010, the G-7 will be eclipsed in economic
size by the world's largest emerging markets (E-7) within two decades, led by China. In
2000, the G-7's GDP was twice as large as the E-7 and in 2010 the gap has shrunk to 35
percent. The combined GDP of E-7 (China, India, Brazil, Russia, Mexico, Indonesia, and
Turkey is projected to match the G-7 around 2019.[2]

The finance ministers of these countries meet several times a year to discuss economic
policies. Their work is supported by regular, functional meetings of officials, including the G7
Finance Deputies.[3]

It is not to be confused with the G8, which is the annual meeting of the heads of

government of the aforementioned nations, plus Russia.

The G7 held a meeting on April 11, 2008, in Washington D.C.,[4] met again on October 10,
2008, in Washington D.C., and then met again on February 14, 2009, in Rome, to discuss
the global financial crisis of 2007-2010.[5][6] The group of finance ministers has pledged to
take "all necessary steps" to help stem the crisis. [7]Japanese Finance Minister Shōichi
Nakagawa's behavior at a press conference for the latter meeting, where he allegedly
behaved as if intoxicated, was the subject of criticism from the Japanese [8] and international
press.[9]

This section requires expansion.

Host
Date Host leader Location held
country

November 15– Jean-Pierre

France Château de Rambouillet, Rambouillet
17, 1975 Fourcade

June 27–28, 1976 United States Jan Jordan Dorado Beach, San Juan, Puerto Rico
 Rodriguez

United
May 7–8, 1977 Denis Healey No. 10 Downing Street, London
Kingdom

West official residence of the Chancellor of the Federal Republic of

July 16–17, 1978 Hans Matthöfer
Germany Germany Bonn

May 28–30, 1983 USA Ronald Reagan Colonial Williamsburg, Williamsburg, VA

June 19–23, 1988 Canada Michael Wilson Metro Toronto Convention Centre, Toronto

Rice University and other locations in the Museum

July 9–11, 1990 USA James Baker
DistrictHouston, TX

June 15–17, 1995 Canada Paul Martin Summit Place, Halifax, NS

Museum of Contemporary Art (Musée d'art Contemporain de

June 27–29, 1996 France Jean Arthuis
Lyon), Lyon

July 6–8, 2001 Italy Vincenzo Visco Palermo

February 6–8, Iqaluit, Nunavut 2010[10] - finance minister's meeting at

Canada Jim Flaherty
2010 theLegislative Assembly of Nunavut[11]

[edit]

South Asian Association for Regional Cooperation

From Wikipedia, the free encyclopedia
  (Redirected from SAARC)

South Asian Association for Regional Cooperation

(SAARC)
 List[show]

  Members States
  Observers States

Headquarters Kathmandu, Nepal

Official languages English

Demonym South Asian

8 members[show]
Membership
9 observers[show]

Government Organization

 -  Chairman Mahinda Rajapaksa

 -  Secretary General Sheel Kant Sharma

Establishment December 8, 1985

Area
5,130,746 km2
 -  Total  (7th1)
1,980,992 sq mi 

Population

 -  2009 estimate 1,600,000,000 (1st1)

  -  Density 304.9/km2 
789.7/sq mi

GDP (PPP) 2009 estimate

 -  Total US$ 4,382,700 million (3rd1)

 -  Per capita US$ 2,779 

Currency see footnote 2

Time zone (UTC+4½ to +6)

Website
www.saarc-sec.org

1
If considered as a single entity.

2
A unified currency has been proposed.

Present currencies (ISO 4217 codes bracketed):

Afghan afghani (AFG) • Bangladeshi taka (BDT) •

Bhutanese ngultrum (BTN) • Indian rupee (INR) •

Maldivian rufiyaa (MVR) • Nepalese rupee (NPR) •

Pakistani rupee (PKR) • Sri Lankan rupee (LKR)

The South Asian Association for Regional Cooperation (SAARC) is an organization of South Asian nations,

founded in December 1985 and dedicated to economic, technological, social, and cultural development
emphasizing collective self-reliance. Its seven founding members are Bangladesh, Bhutan, India,
the Maldives, Nepal, Pakistan, and Sri Lanka.Afghanistan joined the organization in 2005. Meetings of heads of
state are usually scheduled annually; meetings of foreign secretaries, twice annually. It is headquartered in
Kathmandu, Nepal.