OPEC

Mitgliedstaaten der OPEC
member states of the OPEC
OPEC center in Vienna

OPEC is an acronym for “Organization OF the petroleum Exporting Countries” (organization oil of exporting countries). Was created the organization in the period of 10. to 14. September 1960 in Bagdad.

Since 1965 the trust has its seat in Vienna. The original members were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Later further six states followed: Qatar (1961), Indonesia (1962), Libya (1962), those Combined Arab emirates (1967), Algeria (1969) and Nigeria (1971). Ecuador was from 1973 to 1992 member and Gabon from 1975 to 1994.

The OPEC member states promote about 40% of world-wide oil production and orderover three quarters of the world-wide Erdölreserven. However some experts assume (among other thingsMatthew Simmons) that the indication of the reserves for instance from Saudi Arabia are not applicable. After all not OPEC States of their promotion maximum (see: ) It crossed peak oil, is to be expected thatthe influence of the OPEC rises. Among the 10 world-wide largest oil promoters only Saudi Arabia, Iran, is Venezuela, VAE. See also:To oil/tables and diagrams


table of contents

organsand sphere of influence

during excess of the fixed ratios can introduce the OPEC sanctions. The organization functions as follows: To the conference of ministers to judge around the conditions of the oil market and appropriate twice annually meet the Minister of the OPEC responsible for energy and oilTo introduce measures, which serve to secure the offer at oil. This conference gives afterwards the new guidelines to price. The OPEC secretariat implements the executives functions. The tasks of the research within the range energy and finances are subject to it. In addition statistics becomeprovided and published. Also lectures and seminars are field of the secretariat. It has also a large library, which stands for the representatives of the member states as well as researchers and students openly. The secretariat is financed by contributions of the member states. The representative thatOPEC is the Secretary-General, who is also director/conductor of the secretariat. This is selected either for three years or appointed alphabetically by the rotation principle for two years. Departments of the secretariat are: Research, energy studies, economics and finances, data service, personnel and administration, OPECNA(OPEC news Agency), office of the Secretary-General and right.

goals

the goal of the OPEC is common oil politics to secure themselves among other things in order against a price purge. By the definition of promotion ratios for the individual OPEC members is oil production regulatedbecome and thus, by an artificial shortage or an increase of the oil production in the member countries, which price for oil pressed, to be stabilized or raised. However it also occurs that individual members adhere not to the determined promotion ratios separatetheir own economic and political goals pursue.

history

during the 1950er years dropped the oil price because of the development of always new sources and the associated offer in excess on the world market continuously, which to heavy losses into thatTreasuries of the oil producing countries led. Around 1960 several were from them therefore in serious household crises. In this situation Saudi Arabia energized the establishment of a promotion trust. It should control not only the delivery, but also a counterweight to the large oil companiesform, on the basis of contracts from the colonial age its profits without participation of the states gained to a large extent, on whose area the sources of oil were.

To 14. September 1960 was created the OPEC in Bagdad. Their first members were Iraq, Iran, Kuwait, Saudi Arabia and Venezuela. As first measures became a large nationalization of the sources of oil, which agrees upon the future agreeing upon of the deliveries and a increased taxation of the oil companies. The latter should open a pecuniary resource independent of the delivery. First remainedthe OPEC to a large extent ineffectively and was estimated also world-wide as a little powerful, particularly since she covered only a small part of the producing countries.

  • 1965 became Vienna the seat of the OPEC. The countries agreed upon common promotion politics for the supporting of the prices.
  • 1970 becameand the taxes of the oil companies on at least 55% of net receipts decided a rise of the crude oil prices around 30% raised.
  • 1971 was raised after negotiations with other oil companies the crude oil prices. The OPEC continued to aim at a state portion of over 50%. The nationalizationtaken place only 1974.
  • 1973 rose the oil price of 1972 2,89 US-$ per barrel to 11,65 dollar , after the OPEC had proclaimed an oil boycott as reaction to the Jom Kippur war in relation to western states. At this time the OPEC states promoted 55% of theWorld requirements at oil. This period becomes as 1. Oil crisis designates.
  • 1974 to 1978 the oil prices were usually increased half-yearly by 5 to 10%, in order to compensate the inflation US Dollar.
  • 1975 taking of hostages in the Viennese OPEC main building by terrorists under guidanceCarlo
  • 1979 came the 2. Oil crisis. After the Islamic revolution the oil price was raised of 15,5 on 24 US Dollar per barrel, Libya, Algeria and the Iraq even required 30 US Dollar for their oil.
  • 1980 were the high point thatHigh price strategy of the OPEC, Libya required 41 US Dollar, Arabia 32 and the remaining OPEC States of 36 US Dollar per barrel.
  • 1981 were reduced the oil paragraph. The industrial nations were in recession and due to the 1. Oil crisis and the high petroleum prices invested many countriesinto alternative energy sources, which lowered the world-wide oil consumption around 11% and the OPEC Weltmarktanteil on 40% in the years 1978 to 1983.
  • 1982 were decided a Produktionsdrosselung, which was not kept however. The OPEC portion of the world oil production sank up33% and 1985 on only 30%, the promotion lowered themselves on the lowest value of 17,34 millions Barrel per day.
  • 1983 the oil prices were lowered of 34 to 29 US Dollar per barrel, the promotion ratio became of 18,5 on 16Million Barrel per day lowered. The trust OPEC lost power.
  • 1986 fell the price because of world-wide overproduction at crude oil and the attempt of some OPEC states to improve their world market position by price reductions on less than 10 US Dollar per barrel. By thisstrong price purge was the OPEC in a crisis, which caused the Ministers to it, 1988 also conferences with the states of the IPEC, the “Independent petroleum Exporting Countries” to lead. These had however no large effect.
  • 1990 became the standard price of18 to 21 dollar per barrel increases. The price goal was reached only due to the Gulf War and the invasion of Kuwait.
  • Increased in the years 1990 to 1994 the delivery by 8,5 per cent, nevertheless are the incomes by the oil export ofon the average 143 billion on 126 billion dollar per year sunk.
  • The oil price lies in April 2005 with approximately 55 dollar per barrel. The US oil prices have at the 11. August 2005 the record high of 66 dollar erklommen. The reason lies mainly inChinese restaurant boom. 1990 exported China five times more oil than it introduced. Starting from 1993 China more oil than it imported implemented. Since 2003 it imports more crude oils than Japan. 2004 imported the realm of the center 120 million tons crude oil andPetroleum products. The OPEC estimates that in the next 30 years approximately 23% of demand growth will proceed after oil from China.
  • South Korea suggested creating as counterweight to OPEC power the union of the oil-importing countries.

see also

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