OPEC

  • organization of the petroleum exporting countries (opec)

    flag of opec
    flag
    location of opec
    headquartersvienna, austria
    official languageenglish
    typeinternational cartel[1]
    membership
    leaders
    • secretary general
    mohammed barkindo
    establishmentbaghdad, iraq
    • statute
    september 1960
    • in effect
    january 1961
    currencyindexed as usd per barrel (opec.org

    the organization of the petroleum exporting countries (opec, k/ oh-pek) is an [ref] nations, founded on 14 september 1960 in baghdad by the first five members (iran, iraq, kuwait, saudi arabia, and venezuela), and headquartered since 1965 in vienna, austria. as of september 2018, the 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving opec a major influence on global oil prices that were previously determined by the so-called "seven sisters" grouping of multinational oil companies.

    the stated mission of the organization is to "coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry."[5] the organization is also a significant provider of information about the international oil market. the current opec members are the following: algeria, angola, equatorial guinea, gabon, iran, iraq, kuwait, libya, nigeria, the republic of the congo, saudi arabia (the de facto leader), the united arab emirates and venezuela. ecuador, indonesia and qatar are former members.

    the formation of opec marked a turning point toward national sovereignty over natural resources, and opec decisions have come to play a prominent role in the global oil market and international relations. the effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. in the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of opec, with long-lasting and far-reaching consequences for the global economy. in the 1980s, opec began setting production targets for its member nations; generally, when the targets are reduced, oil prices increase. this has occurred most recently from the organization's 2008 and 2016 decisions to trim oversupply.

    economists often cite opec as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. in december 2014, "opec and the oil men" ranked as #3 on lloyd's list of "the top 100 most influential people in the shipping industry".[6] however, the influence of opec on international trade is periodically challenged by the expansion of non-opec energy sources, and by the recurring temptation for individual opec countries to exceed production targets and pursue conflicting self-interests.

    in october 2019, saudi arabia invited brazil to join opec.[7] the president of petrobras, roberto castello branco, in an interview in new york, said that being a member or not of opec is not an option currently considered by the brazilian federal government.[8]

  • history and impact
  • membership
  • market information
  • leaders of opec member states, as of 2020
  • see also
  • references
  • further reading
  • external links

Organization of the Petroleum Exporting Countries (OPEC)

Flag of OPEC
Flag
Location of OPEC
HeadquartersVienna, Austria
Official languageEnglish
TypeInternational cartel[1]
Membership
Leaders
Mohammed Barkindo
EstablishmentBaghdad, Iraq
• Statute
September 1960
• In effect
January 1961
CurrencyIndexed as USD per barrel (OPEC.org

The Organization of the Petroleum Exporting Countries (OPEC, k/ OH-pek) is an [ref] nations, founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria. As of September 2018, the 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies.

The stated mission of the organization is to "coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry."[5] The organization is also a significant provider of information about the international oil market. The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela. Ecuador, Indonesia and Qatar are former members.

The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy. In the 1980s, OPEC began setting production targets for its member nations; generally, when the targets are reduced, oil prices increase. This has occurred most recently from the organization's 2008 and 2016 decisions to trim oversupply.

Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. In December 2014, "OPEC and the oil men" ranked as #3 on Lloyd's list of "the top 100 most influential people in the shipping industry".[6] However, the influence of OPEC on international trade is periodically challenged by the expansion of non-OPEC energy sources, and by the recurring temptation for individual OPEC countries to exceed production targets and pursue conflicting self-interests.

In October 2019, Saudi Arabia invited Brazil to join OPEC.[7] The president of Petrobras, Roberto Castello Branco, in an interview in New York, said that being a member or not of OPEC is not an option currently considered by the Brazilian federal government.[8]

Other Languages
Afrikaans: OPUL
አማርኛ: ኦፔክ
العربية: أوبك
aragonés: OPEP
تۆرکجه: اوپک
বাংলা: ওপেক
беларуская: АПЕК
беларуская (тарашкевіца)‎: Арганізацыя краін-экспартэраў нафты
bosanski: OPEC
Cymraeg: OPEC
dansk: OPEC
eesti: OPEC
Esperanto: OPEL
euskara: LPEE
فارسی: اوپک
Fiji Hindi: OPEC
føroyskt: OPEC
furlan: OPEC
हिन्दी: ओपेक
hrvatski: OPEC
Ido: ONEP
עברית: אופ"ק
Jawa: OPEC
Kabɩyɛ: OPEP ŋgbɛyɛ
ಕನ್ನಡ: ಒಪೆಕ್
kurdî: OPEC
Кыргызча: ОПЕК
Latina: OPEC
latviešu: OPEC
lietuvių: OPEC
magyar: OPEC
മലയാളം: ഒപെക്
मराठी: ओपेक
مصرى: اوبيك
مازِرونی: اوپک
монгол: ОПЕК
မြန်မာဘာသာ: အိုပက်
नेपाली: ओपेक
नेपाल भाषा: ओपेक
norsk: OPEC
ଓଡ଼ିଆ: ଓପିଇସି
oʻzbekcha/ўзбекча: OPEC
ਪੰਜਾਬੀ: ਓਪੈੱਕ
پنجابی: اوپیک
پښتو: اوپک
Patois: OPEC
polski: OPEC
română: OPEC
русиньскый: ОПЕК
саха тыла: OPEC
ᱥᱟᱱᱛᱟᱲᱤ: ᱳᱯᱮᱠ
Scots: OPEC
shqip: OPEC
sicilianu: OPEC
Simple English: OPEC
Soomaaliga: OPEC
کوردی: ئۆپێک
српски / srpski: OPEK
srpskohrvatski / српскохрватски: OPEC
Sunda: OPEC
suomi: OPEC
svenska: Opec
தமிழ்: ஓப்பெக்
ไทย: โอเปก
Türkçe: OPEC
українська: ОПЕК
اردو: اوپیک
vèneto: OPEC
Võro: OPEC
Winaray: OPEC
ייִדיש: אפעק
Zazaki: OPEC
žemaitėška: OPEC