[18], During 1961–1975, the five founding nations were joined by Qatar (1961), Indonesia (1962–2008, rejoined 2014–2016), Libya (1962), United Arab Emirates (originally just the Emirate of Abu Dhabi, 1967), Algeria (1969), Nigeria (1971), Ecuador (1973–1992, 2007–2020), and Gabon (1975–1994, rejoined 2016). The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 13 nations. [5] The demand for OPEC oil has fallen to a 30-year low in the second quarter of 2020. OPEC members strongly prefer to describe their organization as a modest force for market stabilization, rather than a powerful anti-competitive cartel. [19] Indicating that OPEC is not averse to further expansion, Mohammed Barkindo, OPEC's Acting Secretary General in 2006, urged his African neighbors Angola and Sudan to join,[20] and Angola did in 2007, followed by Equatorial Guinea in 2017. In the 1980s, OPEC began setting production targets for its member nations; generally, when the targets are reduced, oil prices increase. Carlos expressed his regret at not being able to murder Yamani and Amuzegar, then he and his comrades left the plane. The arrival of fracking technology for natural gas in the U.S. has reduced OPEC’s ability to control the world market. As one area in which OPEC members have been able to cooperate productively over the decades, the organization has significantly improved the quality and quantity of information available about the international oil market. The group has agreed to define OPEC’s mission thusly: “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.”. |Score 1| Totoro |Points 8484|. As of January 2020, OPEC has 13 member countries: five in the Middle East (Western Asia), seven in Africa, and one in South America. Log in for more information. The acronym OPEC stands for the Organization of Petroleum Exporting Countries. "[167], International organization of petroleum-exporting countries, Organization of the Petroleum Exporting Countries (OPEC), 1990–2003 ample supply and modest disruptions. [5] This loose grouping of countries includes: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan. [123] However, since Saudi Arabia is by far the largest and most-profitable oil exporter in the world, with enough capacity to function as the traditional swing producer to balance the global market, it serves as "OPEC's de facto leader". [115] This also resulted in 'OPEC plus' failing to extend the agreement cutting 2.1 million barrels per day that was set to expire at the end of March. [89][86][90][91][92][93] By 20 January 2016, the OPEC Reference Basket was down to US$22.48/bbl – less than one-fourth of its high from June 2014 ($110.48), less than one-sixth of its record from July 2008 ($140.73), and back below the April 2003 starting point ($23.27) of its historic run-up. Oil conservation efforts included lower speed limits on highways, smaller and more energy-efficient cars and appliances, year-round daylight saving time, reduced usage of heating and air-conditioning, better insulation, increased support of mass transit, and greater emphasis on coal, natural gas, ethanol, nuclear and other alternative energy sources. His Excellency Mohammad Sanusi Barkindo of Nigeria was appointed to the position for a three-year term of office on August 1, 2016, and was re-elected to another three-year term on July 2, 2019. Match the vocabulary word with its meaning. [63], In the 1990s, OPEC lost its two newest members, who had joined in the mid-1970s. These long-term efforts became effective enough that US oil consumption would rise only 11 percent during 1980–2014, while real GDP rose 150 percent. The OPEC Special Fund was conceived in Algiers, Algeria, in March 1975, and was formally established the following January. Letting Iraq's oil minister attend an OPEC meeting may violate the Sherman Antitrust Act", "Iraq to Attend Next OPEC Ministerial Meeting", "Oil producers agree to cut production by a tenth", "Is U.S. Energy Dominance Coming To An End? A larger group called OPEC+ was formed in late 2016, to have more control on global crude oil market. A cartel is an organization created between a group of producers of a good or service to regulate supply in order to manipulate prices. What Is the Organization of the Petroleum Exporting Countries (OPEC)? [2] By the early 1970s, OPEC's membership accounted for more than half of worldwide oil production. The chief executive officer of OPEC is its secretary general. GECF joined as an eighth partner in 2014, enabling JODI also to cover nearly 90 percent of the global market for natural gas. [54][56]:127–128,136–137 Faced with increasing economic hardship (which ultimately contributed to the collapse of the Soviet bloc in 1989),[57][58] the "free-riding" oil exporters that had previously failed to comply with OPEC agreements finally began to limit production to shore up prices, based on painstakingly negotiated national quotas that sought to balance oil-related and economic criteria since 1986. The New York Times quoted one such delegate as saying: "Saudi Arabia will meet the market's demand. When even this proved ineffective, Saudi Arabia reversed course and flooded the market with cheap oil, causing prices to fall below US$10/bbl and higher-cost producers to become unprofitable. Weeks later, the Arab League's first Arab Petroleum Congress convened in Cairo, Egypt, where the influential journalist Wanda Jablonski introduced Saudi Arabia's Abdullah Tariki to Venezuela's observer Juan Pablo Pérez Alfonzo, representing the two then-largest oil-producing nations outside the United States and the Soviet Union. We know 54 definitions for OPEC abbreviation or acronym in 5 categories. Learn more. [19] Illustrating the volatile multi-year timeframes of typical market cycles for natural resources, the result was a six-year decline in the price of oil, which culminated by plunging more than half in 1986 alone. Until the mid-20th century, the United States was the largest producer of oil and controlled oil … Gas, Medical, Engineering. Former OPEC members are Ecuador, Indonesia and Qatar.[8]. organization of petroleum exporting countries. [155][156] Internationally important conflicts in OPEC's history have included the Six-Day War (1967), Yom Kippur War (1973), a hostage siege directed by Palestinian militants (1975), the Iranian Revolution (1979), Iran–Iraq War (1980–1988), Iraqi occupation of Kuwait (1990–1991), September 11 attacks by mostly Saudi hijackers (2001), American occupation of Iraq (2003–2011), Conflict in the Niger Delta (2004–present), Arab Spring (2010–2012), Libyan Crisis (2011–present), and international Embargo against Iran (2012–2016). The agreement, signed on 2 April 1971, raised oil prices and increased producing countries' profit shares. [53] By 1986, daily worldwide demand for oil dropped by 5 million barrels, non-OPEC production rose by an even-larger amount,[54] and OPEC's market share sank from approximately 50 percent in 1979 to less than 30 percent in 1985. The OPEC Basket is a weighted average of oil prices collected from OPEC member countries, and it serves as a reference point for oil prices. The Organization of the Petroleum Exporting Countries (OPEC) is a cartel consisting of 14 of the world’s major oil-exporting nations. Prices fluctuated around US$50/bbl, and in May 2017 OPEC decided to extend the new quotas through March 2018, with the world waiting to see if and how the oil-inventory glut might be fully siphoned-off by then. Organization of Oil Producing and Exporting Countries. [159] OPEC also produces an "Annual Statistical Bulletin" (ASB),[67] and publishes more-frequent updates in its "Monthly Oil Market Report" (MOMR)[160] and "OPEC Bulletin". [139][140] OPEC+ countries encourage unnecessary excess capital investment in the global oil sector instead of encouraging their cheaper oil production at lower capital investment. [56], In June 2003, the International Energy Agency (IEA) and OPEC held their first joint workshop on energy issues. Organization of Petroleum Exporting Communities. They were to become the Founder Members of the Organization. Some of the world’s greatest oil-producing countries, such as Russia, China, and the U.S., do not belong to OPEC. "[70], Widespread insurgency and sabotage occurred during the 2003–2008 height of the American occupation of Iraq, coinciding with rapidly increasing oil demand from China and commodity-hungry investors, recurring violence against the Nigerian oil industry, and dwindling spare capacity as a cushion against potential shortages. [141][142], Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers. This arrangement serves as an informal mechanism for coordinating policies. OPEC. Ecuador withdrew in December 1992, because it was unwilling to pay the annual US$2 million membership fee and felt that it needed to produce more oil than it was allowed under the OPEC quota,[65] although it rejoined in October 2007. What does OPEC stand for and who belongs to it today? The Department's Office of Postsecondary Education ( OPE) has announced its intention to establish five negotiated rulemaking committees to prepare proposed regulations under Title IV of the Higher Education Act (HEA), as amended by the Higher Education … The current OPEC members are the following:[ref] 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. Countries that belong to OPEC include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela (the five founders), plus the United Arab Emirates, Libya, Algeria, Nigeria, and five other countries. Organisation of Petrol … Qatar left OPEC on 1 January 2019, after joining the organization in 1961, to focus on natural gas production, of which it is the world's largest exporter in the form of liquified natural gas (LNG). OPEC stands for the Organization of the Petroleum Exporting Countries and was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. If I reduce, what happens to my market share? On 1 September 1965, OPEC moved to Vienna, Austria, after Switzerland declined to extend diplomatic privileges. Possible OPEC meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. [71][72][73] Price volatility reached an extreme in 2008, as WTI crude oil surged to a record US$147/bbl in July and then plunged back to US$32/bbl in December, during the worst global recession since World War II. OPEC has 13 members: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela. [150][151] Despite popular sentiment against OPEC, legislative proposals to limit the organization's sovereign immunity, such as the NOPEC Act, have so far been unsuccessful. [76] It rejoined the organization in January 2016,[2] but announced another "temporary suspension" of its membership at year-end when OPEC requested a 5 percent production cut. For OPEC we have found 54 definitions. "[118] In order to ward of from the oil exporters price war which can make shale oil production uneconomical, US may protect its crude oil market share by passing the NOPEC bill. (abbreviation) Dictionary ! We know 54 definitions for OPEC abbreviation or acronym in 5 categories. Organization of Petroleum Exporting Countries + 7 variants. OPEC regained a modest percentage of market share, saw the cancellation of many competing drilling projects, maintained the status quo at its June conference, and endorsed "prices at levels that are suitable for both producers and consumers", although many producers were still experiencing serious economic difficulties. The headquarters of the organization are in Vienna, Austria, where the OPEC Secretariat, the executive organ, carries out OPEC’s day-to-day business. OPEC members collectively supply about 41.9% of the world’s crude oil production. [27] US gas stations limited the amount of gasoline that could be dispensed, closed on Sundays, and restricted the days when gasoline could be purchased, based on license plate numbers. [83][85][86], In spite of global oversupply, on 27 November 2014 in Vienna, Saudi Oil Minister Ali Al-Naimi blocked appeals from poorer OPEC members for production cuts to support prices. This will help them secure regular supply of petroleum in order to keep a study income and growth. The embargo contributed to stagflation. For OPEC we have found 54 definitions. The birth of the Organization of Petroleum Exporting Countries (OPEC) was a response by the founding member countries to prevent the multi-national oil companies from manipulating crude prices. The five Founding Members were later joined by: Qatar (1961) – terminated its membership in January 2019; Indonesia (1962) – suspended its membership in January 2009, … The US was simultaneously the world's largest producer and consumer of oil; and the world market was dominated by a group of multinational companies known as the "Seven Sisters", five of which were headquartered in the US following the breakup of John D. Rockefeller's original Standard Oil monopoly. [10] The president of Petrobras, Roberto Castello Branco, in an interview in New York, said that being a member of OPEC is not an option currently considered by the Brazilian federal government.[11]. Indonesia announced another "temporary suspension" of its OPEC membership rather than accepting the organization's requested 5-percent production-cut. In light of all these market pressures, OPEC decided to set aside its ineffective production ceiling until the next ministerial conference in June 2016. When other OPEC nations failed to comply, Saudi Arabia first slashed its own production from 10 million barrels daily in 1979–1981 to just one-third of that level in 1985. [161], A "crude oil benchmark" is a standardized petroleum product that serves as a convenient reference price for buyers and sellers of crude oil, including standardized contracts in major futures markets since 1983. "A Solemn Declaration 'reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment,' and called for measures to strengthen cooperation between these countries... [The OPEC Special Fund's] resources are additional to those already made available by OPEC states through a number of bilateral and multilateral channels. International commodity agreements covering products such as coffee, sugar, tin and more recently oil (OPEC: Organization of Petroleum Exporting Countries) are examples of international cartels which have publicly entailed agreements between different national governments. At the same time, US oil production nearly doubled from 2008 levels and approached the world-leading "swing producer" volumes of Saudi Arabia and Russia, due to the substantial long-term improvement and spread of shale "fracking" technology in response to the years of record oil prices. They also claimed that the idea and funding came from an Arab president, widely thought to be Muammar al-Gaddafi of Libya, itself an OPEC member. [43], Carlos arranged bus and plane travel for his team and 42 of the original 63 hostages, with stops in Algiers and Tripoli, planning to fly eventually to Baghdad, where Yamani and Amuzegar were to be killed. [143], The OPEC Conference is the supreme authority of the organization, and consists of delegations normally headed by the oil ministers of member countries. The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Despite many political obstacles, a September 2016 decision to trim approximately 1 million barrels per day was codified by a new quota-agreement at the November 2016 OPEC conference. The Answer: OPEC is the Organization of Petroleum Exporting Countries and it was founded at a meeting on September 14, 1960, in Baghdad, Iraq by five founding members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Organization of Petroleum-Exporting Countries, OPEC (noun) an organization of countries formed in 1961 to agree on a common policy for the production and sale of petroleum. [78] These proposals 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. [110], On 29 June 2019, Russia again agreed with Saudi Arabia to extend by six to nine months the original production cuts of 2018. Ohio Prevention and Education Conference (Ohio Resource Network for Safe & Drug Free Schools & Communities) OPEC. [80] To this point, Saudi Oil Minister Yamani famously remarked in 1973: "The Stone Age didn't end because we ran out of stones. [109] According to the New York Times, this constitutes a strategic response to the ongoing Qatar blockade by Saudi Arabia, United Arab Emirates, Bahrain, and Egypt. OPEC definition: 1. abbreviation for Organization of Petroleum Exporting Countries: a group of countries that…. [135][136] But this is not borne out by the minutes of OPEC meetings, as no US representative attended in an official capacity. [98], Some commentators consider that the United States was a de facto member of OPEC during its formal occupation of Iraq, due to its leadership of the Coalition Provisional Authority in 2003–2004. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Russia, which foresaw continuing cuts as American shale oil production increased, rejected the demand, ending the three-year partnership between OPEC and major non-OPEC providers. APA. Alternatively search Google for OPEC. We will see what the market requires and we will not leave a customer without oil. These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab … Big Oil Just Lives In It", "Oil and nuclear power: Past, present, and future", "Renewables in Global Energy Supply: An IEA Fact Sheet", "Renewable Energy: World Invests $244 billion in 2012, Geographic Shift to Developing Countries", "The Economics Behind the Fall of the Berlin Wall", "Energy & Financial Markets: What Drives Crude Oil Prices? [87] As he explained in an interview:[88]. Updated 52 days ago|12/7/2020 3:24:14 AM. Evidence from Cointegration and Causality Tests", "The Prisoner's Dilemma and Cheating by Cartel Members", "Is OPEC dead? [75], 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. 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