[149] A key US District Court decision held that OPEC consultations are protected as "governmental" acts of state by the Foreign Sovereign Immunities Act, and are therefore beyond the legal reach of US competition law governing "commercial" acts. 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. But in the 1970s, OPEC nations demonstrated convincingly that their oil could be used as both a political and economic weapon against other nations, at least in the short term.[24][32][33][34][35]. Benchmarks are used because oil prices differ (usually by a few dollars per barrel) based on variety, grade, delivery date and location, and other legal requirements. Electric utilities worldwide switched from oil to coal, natural gas, or nuclear power;[50] national governments initiated multibillion-dollar research programs to develop alternatives to oil;[51][52] and commercial exploration developed major non-OPEC oilfields in Siberia, Alaska, the North Sea, and the Gulf of Mexico. The OPEC Special Fund was conceived in Algiers, Algeria, in March 1975, and was formally established the following January. Technology, Computing, Technical. The price will go up and the Russians, the Brazilians, US shale oil producers will take my share... We want to tell the world that high-efficiency producing countries are the ones that deserve market share. The arrival of fracking technology for natural gas in the U.S. has reduced OPEC’s ability to control the world market. [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 five Founding Members were later joined by: Qatar (1961) – terminated its membership in January 2019; Indonesia (1962) – suspended its membership in January 2009, … 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? (abbreviation) Dictionary ! [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. [105][106], In December 2017, Russia and OPEC agreed to extend the production cut of 1.8million barrels/day until the end of 2018. [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". The percentage of crude oil reserves held by OPEC countries in 2019. The chief executive officer of OPEC is its secretary general. [9] 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. After oil slumped to around US$10/bbl, joint diplomacy achieved a gradual slowing of oil production by OPEC, Mexico and Norway. 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. That is the operative principle in all capitalist countries... One thing is for sure: Current prices [roughly US$60/bbl] do not support all producers. [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. In April 2001, OPEC collaborated with five other international organizations (APEC, Eurostat, IEA, OLADE [es], UNSD) to improve the availability and reliability of oil data. [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. [69] After prices slumped again in Nov. 2001, OPEC, Norway, Mexico, Russia, Oman and Angola agreed to cut production on 1 Jan. 2002 for 6 months. For example, the Kuwait Fund for Arab Economic Development has operated since 1961. [87] As he explained in an interview:[88]. Together, OPEC members control about 79.4% of the world’s total proven crude reserves. [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. What does OPEC stand for and who belongs to it today? As of September 2018 , the 13 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 influenc… Saudi Arabia, which has absorbed a disproportionate amount of the cuts to convince Russia to stay in the agreement, notified its buyers on 7 March that they would raise output and discount their oil in April. Question. OPEC. [145] Moreover, because of an economic "prisoner's dilemma" that encourages each member nation individually to discount its price and exceed its production quota,[146] widespread cheating within OPEC often erodes its ability to influence global oil prices through collective action. They launched the Joint Oil Data Exercise, which in 2005 was joined by IEF and renamed the Joint Organisations Data Initiative (JODI), covering more than 90 percent of the global oil market. Naimi argued that the oil market should be left to rebalance itself competitively at lower price levels, strategically rebuilding OPEC's long-term market share by ending the profitability of high-cost US shale oil production. For OPEC we have found 54 definitions. Oil reserves are an estimate of the amount of crude oil located in a particular economic region. 2. Former OPEC members are Ecuador, Indonesia and Qatar.[8]. ", "Is OPEC a Cartel? Log in for more information. Organization of Production and Economic Cooperation C. Organization of Private Enterprise Countries D. Organization of Petroleum Exporting Countries. 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. [141][142], Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers. Match the vocabulary word with its meaning. The world experienced a global economic recession, with unemployment and inflation surging simultaneously, steep declines in stock and bond prices, major shifts in trade balances and petrodollar flows, and a dramatic end to the post-WWII economic boom. The embargo contributed to stagflation. Old Protestant Episcopal Church. Please look for them carefully. [45], In response to a wave of oil nationalizations and the high prices of the 1970s, industrial nations took steps to reduce their dependence on OPEC oil, especially after prices reached new peaks approaching US$40/bbl in 1979–1980[48][49] when the Iranian Revolution and Iran–Iraq War disrupted regional stability and oil supplies. [147][148], OPEC has not been involved in any disputes related to the competition rules of the World Trade Organization, even though the objectives, actions, and principles of the two organizations diverge considerably. OPEC crude demand projections for 2020 were revised slightly higher as well but remain well below pre-pandemic highs. Organization of Petroleum Exchanging Countries. The cartel and its allies agreed to cut oil production in May and June by 9.7 million barrels a day, equal to around 10% of global output, in an effort to prop up prices, which had previously fallen to record lows.[121]. [166] By November 2015, the IEA changed its assessment[quantify] "with OPEC's spare production buffer stretched thin, as Saudi Arabia – which holds the lion's share of excess capacity – and its [Persian] Gulf neighbours pump at near-record rates. That is crooked logic. The acronym OPEC stands for the Organization of Petroleum Exporting Countries. [43], Some time after the attack, Carlos's accomplices revealed that the operation was commanded by Wadie Haddad, a founder of the Popular Front for the Liberation of Palestine. If I reduce, what happens to my market share? 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.”. organization of petroleum exporting countries. Ten non-OPEC nations joined OPEC to form OPEC+ in late 2016 to have more control on the global crude oil market. 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. Dictionary ... OPEC is defined as an abbreviation for Organization of Petroleum Exporting Countries, which is a union of oil producing countries that regulate the amount of oil each country is able to produce. [144] In fact, economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, as in this definition from OECD's Glossary of Industrial Organisation Economics and Competition Law:[1]. [114] Another factor was weakening global demand resulting from the COVID-19 pandemic. Share OPEC in Oilpage. OPEC. [25] However, in 1973, the result was a sharp rise in oil prices and OPEC revenues, from US$3/bbl to US$12/bbl, and an emergency period of energy rationing, intensified by panic reactions, a declining trend in US oil production, currency devaluations,[24] and a lengthy UK coal-miners dispute. 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. OPEC stands for. [26] Seven European nations banned non-essential Sunday driving. [16] Government representatives from Iran, Iraq, Kuwait, Saudi Arabia and Venezuela met in Baghdad to discuss ways to increase the price of crude oil produced by their countries, and ways to respond to unilateral actions by the MOCs. [74] OPEC's annual oil export revenue also set a new record in 2008, estimated around US$1 trillion, and reached similar annual rates in 2011–2014 (along with extensive petrodollar recycling activity) before plunging again. OPEC has 13 members: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela. "[104] These production cut deals with non-OPEC countries are generally referred to as OPEC+. Organization of Petroleum Exporting Countries. Organization of Petroleum Exporting Countries. Its OPEC membership originated with the. [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. OPEC stands for Organization of the petroleum Exporting countries. A year later, when OPEC met in Vienna on 4 December 2015, the organization had exceeded its production ceiling for 18 consecutive months, US oil production had declined only slightly from its peak, world markets appeared to be oversupplied by at least 2 million barrels per day despite war-torn Libya pumping 1 million barrels below capacity, oil producers were making major adjustments to withstand prices as low as the $40s, Indonesia was rejoining the export organization, Iraqi production had surged after years of disorder, Iranian output was poised to rebound with the lifting of international sanctions, hundreds of world leaders at the Paris Climate Agreement were committing to limit carbon emissions from fossil fuels, and solar technologies were becoming steadily more competitive and prevalent. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. The Organization of the Petroleum Exporting Countries (OPEC, /ˈoʊpɛk/ OH-pek) is an intergovernmental organization of 13[ref] countries. OPEC stands for the Organization of Petroleum Exporting Countries and includes countries located in Africa, South America, the Middle East, and Southeast Asia. "[40] The Fund became an official international development agency in May 1980 and was renamed the OPEC Fund for International Development (OFID),[41] with Permanent Observer status at the United Nations. Because its member countries hold the vast majority of crude oil reserves (79.4%, according to the OPEC website), the organization has considerable power in these markets. The agreement, signed on 2 April 1971, raised oil prices and increased producing countries' profit shares. [54][59] (Within their sovereign-controlled territories, the national governments of OPEC members are able to impose production limits on both government-owned and private oil companies. But the embargo also meant that a section of the Non-Aligned Movement saw power as a source of hope for their developing countries. [127] Ecuador's Ministry of Energy and Non-Renewable Natural Resources released an official statement on 2 January 2020 which confirmed that Ecuador had left OPEC,[4] though it was still listed as a member state on OPEC's website as of 7 January. Possible OPEC meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. [83], As 2016 continued, the oil glut was partially trimmed with significant production offline in the US, Canada, Libya, Nigeria and China, and the basket price gradually rose back into the $40s. OPEC stands for the Organization of the Petroleum Exporting Countries and was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The Organization of the Petroleum Exporting Countries (OPEC) is a cartel consisting of 14 of the world’s major oil-exporting nations. The self-named "Arm of the Arab Revolution" group declared its goal to be the liberation of Palestine. Organization of Petroleum Exporting Communities. 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. Alternatively search Google for OPEC. OPEC definition: 1. abbreviation for Organization of Petroleum Exporting Countries: a group of countries that…. OPEC and the oil men", "Exportador de petróleo, Brazil is invited to join OPEC, says Bolsonaro", "Joining Opep is not an option for Brazil, says Petrobras", "How OPEC Won the Battle and Lost the War", "Angola, Sudan to ask for OPEC membership", "OPEC: Fifty Years Regulating Oil Market Roller Coaster", "British Economics and Trade Union politics 1973–1974", "Europe car ban becoming a real traffic stopper", "Cables Released by WikiLeaks Reveal Saudis' Checkbook Diplomacy", "The Agreement Establishing the OPEC Fund for International Development", "Oil Prices Pass Record Set in '80s, but Then Recede", "It's Saudi Arabia's World. [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. We will see what the market requires and we will not leave a customer without oil. [5] This loose grouping of countries includes: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan. [107][108], Qatar announced it would withdraw from OPEC effective 1 January 2019. OPEC Abbreviation. 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. OPEC’s influence on the market has been widely criticized. The agreement (which exempted disruption-ridden members Libya and Nigeria) covered the first half of 2017 – alongside promised reductions from Russia and ten other non-members, offset by expected increases in the US shale-sector, Libya, Nigeria, spare capacity, and surging late-2016 OPEC production before the cuts took effect. OPEC members strongly prefer to describe their organization as a modest force for market stabilization, rather than a powerful anti-competitive cartel. [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. Question. Boumédienne must also have offered Carlos asylum at this time and possibly financial compensation for failing to complete his assignment. After the five founding members, OPEC added 11 additional member countries as of 2019. OPEC stands for the Organization of the Petroleum Exporting Countries and was established in Iraq in 1960. [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. [88][82] Indeed, over the course of market cycles, oil reserves can themselves become a source of serious conflict, instability and imbalances, in what economists call the "natural resource curse". [67][68], Lower demand triggered by the 1997–1998 Asian financial crisis saw the price of oil fall back to 1986 levels. OPEC contributed 1.5 million barrels a day (mbpd) to the approximately 2 mbpd of cuts announced. According to the U.S. Energy Information Administration (EIA), OPEC's combined rate of oil production (including gas condensate) represented 44 percent of the world's total in 2016,[122] and OPEC accounted for 81.5 percent of the world's "proven" oil reserves. 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. 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. Fellow militants Bassam Abu Sharif and Klein claimed that Carlos received and kept a ransom between US$20 million and US$50 million from "an Arab president". The embargo sent gas prices through the roof. OPE. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has since 1965 been headquartered in Vienna, Austria, although Austria is not an OPEC member state. [37], In the years after 1973, as an example of so-called "checkbook diplomacy", certain Arab nations have been among the world's largest providers of foreign aid,[38][39] and OPEC added to its goals the selling of oil for the socio-economic growth of poorer nations. 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. What OPEC stands for When OPEC was established ... To learn more about this organization, review the lesson titled Organization of Petroleum Exporting Countries (OPEC): History & Purpose Role. [116][117][118][119] Saudi Arabia had in March 2020 $500 billion of foreign exchange reserves, while at that time Russia's reserves were $580 billion. acronym which stands for Organization of the Petroleum Exporting Countries OPEC Definition, OPEC Members. These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab … This action should be viewed by the developing countries as an example and a source of hope. As a cartel, OPEC members have a strong incentive to keep oil prices as high as possible while maintaining their shares of the global market. [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. The Conference ordinarily meets at the Vienna headquarters, at least twice a year and in additional extraordinary sessions when necessary. The September 2001 Al Qaeda attacks on the US and the March 2003 US invasion of Iraq had even milder short-term impacts on oil prices, as Saudi Arabia and other exporters again cooperated to keep the world adequately supplied. 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