"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. Indonesia announced another ""temporary suspension"" of its OPEC membership, rather than accepting the organization's requested 5 percent production cut. Prices fluctuated around US$50/bbl, and OPEC in May 2017 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."
"oil that it did in 1981. OPEC is an alliance among 14 diverse oil-producing countries (as of May 2017: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela) to manage the supply of oil. OPEC's power was consolidated in the 1960s and 1970s as various countries nationalized their oil holdings, and wrested decision-making away from the ""Seven Sisters"" (Anglo-Iranian, Socony, Royal Dutch Shell, Gulf, Esso, Texaco, Socal), and created their own oil companies to control the oil. OPEC often tries to influence prices by restricting production. It does this by allocating"
"in 2008 and scheduled a requirement for 36 billion gallons in 2022. The quota for 2022 was to allow no more than a maximum of 15 billion gallons from corn-starch ethanol and a minimum of 16 billion gallons from cellulosic biofuels. In reaction to the implementation of the RFS, passage of EISA, and other measures to support ethanol, the Organization of Petroleum Exporting Countries (OPEC) expressed alarm. In 2007, OPEC's secretary general, Abdalla El-Badri, said that increased use of biofuels by the United States could cause OPEC to decrease production. Other OPEC leaders openly worried about ""security of demand."" The"
"prices to $75/barrel, which had fallen from a high of $147 to a low of $40, OPEC announced decreasing production by 2.2 mbd beginning 1 January 2009. Political considerations over the security of supplies, environmental concerns related to global warming and sustainability are expected to move the world's energy consumption away from fossil fuels. The concept of peak oil shows that about half of the available petroleum resources have been produced, and predicts a decrease of production. A government moves away from fossil fuels would most likely create economic pressure through carbon emissions and green taxation. Some countries are taking"
"growth in production was expected to come from smaller projects in OPEC states, raising their world production share from 44% in 2008 to a projected 51% in 2030. The IEA also pointed out that demand from the developed world may have also peaked, so that future demand growth was likely to come from developing nations such as China, contributing 43%, and India and the Middle East, each about 20%. By the beginning of September 2008, prices had fallen to $110. OPEC Secretary General El-Badri said that the organization intended to cut output by about a day, which he saw as"
"reserve the oil for future investments or as an alternative to generating current revenues. Other economists believe that its motivation to establish low prices is due to a force that is present within its own organization and call the force Saudi Arabia. Oil state Saudi Arabia has always been adamant in maintaining low prices. Saudi Arabia is by far the biggest producer in OPEC and supplies approximately 30% of total OPEC output. Consequently, it is the most influential member of the organization. OPEC claims to generate profits for oil firms by adjusting the petroleum supply and supporting prices. However, the"
"poorer OPEC member states, such as Venezuela, Iran and Algeria, for production cuts. The European crude oil benchmark, Brent, plunged to US$71.25, a four-year low. Al-Naimi argued that the market would be left to correct itself, this will put pressure on companies in the US to reduce shale fracturing operations. OPEC had a ""long-standing policy of defending prices"". OPEC is ready to let the Brent oil price drop to $60 to slow down US shale oil production. In spite of a troubled economy in member countries, al-Naimi repeated his statement on Saudi inaction on 10 December 2014. By the end"
"member nations and to decrease the oil market volatility. As of May 2017, the organization consists of 14 countries which earn the majority of their income through oil revenues: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia (the dominant exporter), United Arab Emirates, Venezuela. According to OPEC, membership is open to any nation that has substantial oil resource and observes the same principles as the organization, subject to approval by the member governments. OPEC holds meetings with its members at least twice per year. During these meetings, the members usually examine market conditions and"
"disruptions in countries like Libya and Nigeria, was and that this number would increase to a peak in 2017 of . By November 2015, the IEA changed its assessment ""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."" In 1949, Venezuela and Iran took the earliest steps in the direction of OPEC, by inviting Iraq, Kuwait and Saudi Arabia to improve communication among petroleum-exporting nations as the world recovered from World War II. At the time, some of the world's"
"by the Organization of the Petroleum Exporting Countries in which it was reported that oil production in the United States had peaked and would start to decline in the third quarter thereby easing the global glut of crude. From 6–7 December the price of WTI crude fell about five percent, closing under $40 for the second time in the year, due to OPEC refusing to scale back production. This met with negative reactions in the stock market, causing the DJIA and the S&P 500 procuring a net negative run for 2015. In late 2015, an Organization of Petroleum Exporting Countries"
"in and around the delta of the Niger River, but off-shore rigs are also prominent in the well-endowed coastal region. Nigeria is one of the few major oil-producing nations still capable of increasing its oil output. Unlike most of the other OPEC countries, Nigeria is not projected to exceed peak production until at least 2009. The reason for Nigeria's relative unproductivity is primarily OPEC regulations on production to regulate prices on the international market. More recently, production has been disrupted intermittently by the protests of the Niger Delta's inhabitants, who feel they are being exploited. Nigeria has a total 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. As OPEC members grew weary of a multi-year supply contest with diminishing returns and shrinking financial reserves, the organization finally attempted its first production cut since 2008. 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 agreement (which exempted"
"address food shortages in the region and the world"". However, it is still questionable whether this organization will serve its role as an effective rice price fixing cartel, that is similar to OPEC's mechanism for managing petroleum. Economic analysts and traders said the proposal would go nowhere because of the inability of governments to cooperate with each other and control farmers' output. Moreover, countries that are involved expressed their concern, that this could only worsen the food security. China needs not less than 120 million hectares of arable land for its food security. China has recently reported a surplus of"
"Organization of Petroleum Importing Countries The Organization of Petroleum Importing Countries was a cartel (or a proposal for a cartel) of countries that primarily consume petroleum, to counter the influence of OPEC, the Organization of Petroleum Exporting Countries. It was reported in the early 1980s that Costa Rica had led the establishment of a group of countries under this name. There were also calls in the early 21st century for an organization fulfilling such a role. It was argued that it was in the interests of developing countries and that it would also act to the benefit of developed countries."
"Organization of Petroleum Importing Countries The Organization of Petroleum Importing Countries was a cartel (or a proposal for a cartel) of countries that primarily consume petroleum, to counter the influence of OPEC, the Organization of Petroleum Exporting Countries. It was reported in the early 1980s that Costa Rica had led the establishment of a group of countries under this name. There were also calls in the early 21st century for an organization fulfilling such a role. It was argued that it was in the interests of developing countries and that it would also act to the benefit of developed countries."
"seen its share of the world market drop to less than a third in 1985, from about half during the 1970s. In February 1982, the ""Boston Globe"" reported that OPEC's production, which had previously peaked in 1977, was at its lowest level since 1969. Non-OPEC nations were at that time supplying most of the West's imports. OPEC's membership began to have divided opinions over what actions to take. In September 1985, Saudi Arabia became fed up with de facto propping up prices by lowering its own production in the face of high output from elsewhere in OPEC. In 1985, daily"
"OREC The Organisation of Rice Exporting Countries (OREC) describes a project of a small group of South-East Asian countries to create a homonymous organisation. The group is made up, in alphabetical order, of Cambodia, Laos, Myanmar, Thailand and Vietnam. The project came to the attention of international media after remarks made publicly by Thailand's Prime Minister Samak Sundaravej on the 30th April 2008. It is yet unclear whether the organisation's intention would be to create a rice price fixing cartel similar to the one of the OPEC for petroleum. However, it can be assumed that some price coordination will be"
"in the future; when that happens, it will definitely curb oil sales, and both OPEC and the Energy Information Administration (EIA) kept lowering their 2020 consumption estimates during the past five years. A detailed review of International Energy Agency oil projections have revealed that revisions of world oil production, price and investments have been motivated by a combination of demand and supply factors. All together, Non-OPEC conventional projections have been fairly stable the last 15 years, while downward revisions were mainly allocated to OPEC. Recent upward revisions are primarily a result of US tight oil. Production will also face an"
"barrels a day. Which seems to will become a new all-time peak year for Iraq if OPEC talks about freezing or reduce production held in April 2016 will not led to a reduction. The old peak was 1979 with 171.6 million tons of oil compared to 136.9 million tons produced in 2011 and 152.4 million tons in 2012. The company's geographical operation area spans the following governorates: Kirkuk, Nineveh, Irbil, Baghdad, Province and part of Governorate to Hilla and Iraq to Kut. The remainder falls under the jurisdiction of the SOC and MOC, and though smaller in geographical size, includes"
"government needs to cut expenditures due to falling oil prices (a 63-percent drop between 2014 and 2016) and is focusing on non-oil investments. Iraq's dependence on crude oil has had negative implications for the country and has made it a focus of international discussion. This was demonstrated in the 2016 OPEC production-cut deal, in which all 14 members of the organisation agreed to cut oil production to 32.5 million b/d to stabilise the drop in oil prices, giving rise to further discussions of Iraq’s dependence on oil. Iraqi oil minister Jabbar Alluaibi said in a 2016 interview that his country's"
"Heating Oil Reserve, a government-owned reserve to be used in emergency circumstances. (US Department of Energy) March 15 The world's largest oil rig, located offshore Brazil and operated by the Brazilian state oil company Petrobras, suffers three explosions. This one platform accounted for more than 5% of Petrobras' total production. On March 20 Petrobras 36 Oil Platform sinks with of fuel and crude oil aboard. (WSJ) March 17 OPEC decides to cut output by 4% or per day, effective April 1. The cut is aimed at preventing a price collapse in a time of weakening demand. (NYT) March 26 Kazakhstan's"
"poor. OPEC's annual oil export revenue surged to a new record in 2008, estimated around US$800 billion. According to informed observers, OPEC, meeting in early December 2007, seemed to desire a high but stable price that would deliver substantial needed income to the oil-producing states, but avoid prices so high that they would negatively impact the economies of the oil-consuming nations. A range of US$70–80 per barrel was suggested by some analysts to be OPEC's goal. In November 2008, as prices fell below $60 a barrel, the IEA warned that falling prices could lead to both a lack of investment"
"OPEC to meet its oil demand, and increasing its energy security. Several Indian oil companies, primarily led by ONGC and Reliance Industries, have started a massive hunt for oil in several regions in India, including Rajasthan, Krishna Godavari Basin and north-eastern Himalayas. India has nearly 63 tcf technically recoverable resources of shale gas which can meet all its needs for twenty years if exploited. India is developing an offshore gas field in Mozambique. The proposed Iran-Pakistan-India pipeline is a part of India's plan to meet its increasing energy demand. India has the world's 4th largest coal reserves. In India, coal"
"petroleum products futures fall to their lowest levels in nearly two years amid fears that a recession will reduce energy demand. At the New York Mercantile Exchange (NYMEX), crude oil set for October delivery falls $3.96 to $22.01 per barrel, and crude oil for November delivery falls $3.82 to $22.44 per barrel. Over the past six trading sessions crude oil and gasoline futures have fallen more than 26% and heating oil futures have fallen nearly 29%. (NYT, DJ) September 27 At its two-day meeting in Vienna, OPEC decides to keep its production quotas unchanged at per day, despite crude oil"
"at $68.58, up 4.6 percent, and Brent crude was up 3.4 percent to $75.55, after OPEC said it would cut production, and U.S. supplies fell with the first reduction in the number of rigs in three months. WTI ended the first half of 2018 up about 23 percent to $74.15, the highest since November 2014, up 14 percent for the second quarter and 11 percent for the month. Brent crude was $79.44, the highest since May. Factors included threats to supplies from Libya and proposed sanctions on countries importing oil from Iran. With expectations of increased production worldwide, Brent crude"
"the OPEC member countries was to work together in order to secure and stabilize international oil prices to ensure their interests as oil producing nations. This was managed largely via maintaining export quotas that helped prevent the overproduction of oil on an international scale. In the early 1970s, oil producing countries of the Persian Gulf began negotiations with oil companies in attempt to increase their ownership participation. In 1972 they rapidly obtained a 25 percent participation, and less than a year later they revised those agreements to obtain up to 60 percent participation in the ownership of the companies. By"
"at $78.51 after going over $80 for the first time since November 2014 the previous day. The threat of more sanctions on Iran, the lowest OPEC petroleum stocks in three years, and supply problems in Venezuela were reasons. Prior to Memorial Day, the number of active U.S. oil rigs increased and WTI fell 4 percent to $67.88, while Brent crude fell 3 percent to $76.44, the lowest since May 8. Media reports indicate OPEC will increase production. Gas was $2.97, the highest of the year. With OPEC's announcement that it would keep production low through the rest of 2018, WTI"
"Organization of Arab Petroleum Exporting Countries The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. OAPEC's primary objective is safeguarding the cooperation of numerous members in various aspects of economic activity within the oil industry as well as maintaining strong relations among themselves; to provide legitimate means to preserve the members' individual and collective efforts within the industry; unite on-going efforts for the procurement of oil; provide access to consumer markets on fair and reasonable terms; and provide conditions, adequate capital, and experience of investors in"
"September 2014, after which it entered a sharp downward spiral, falling below $30 by January 2016. OPEC production was poised to rise further with the lifting of international sanctions against Iran, at a time when markets already appeared to be oversupplied by at least 2 million barrels per day. In December 2015, ""The Telegraph"" quoted a major oil broker stating: ""The world is floating in oil. The numbers we are facing now are dreadful"" – and ""Forbes"" magazine stated: ""The ongoing oil price slump has more or less morphed into a complete rout, with profound long-term implications for the industry"
"at regional talks in October 2008. Critics predict that a cartel on rice may be to the economic detriment of those who initiate it since rice producing countries may be able to expand their land under cultivation in the medium to long term. Members of the cartel may thus lose today's rice export markets with governments pushing towards stronger national production in order to achieve food self-reliance. Controlling the supply-side on a world scale may be a difficult goal to achieve for OREC. Herein can be seen a major difference to the oil-cartel OPEC. OREC The Organisation of Rice Exporting"
"against Iran. The oil price fluctuated around $100 through early 2014. By 2014–2015, the world oil market was again steadily oversupplied, led by an unexpected near-doubling in U.S. oil production from 2008 levels due to substantial improvements in shale ""fracking"" technology. By January 2016, the OPEC Reference Basket fell to US$22.48/bbl – 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. OPEC production was poised to rise further with the lifting of Iranian sanctions, at a time when markets already appeared to be oversupplied by at"
"of Electricity. Al-Falih also holds the position of chairman of the Board of Directors of Aramco, whose CEO is Amin H. Nasser. The oil crash caused OPEC countries to react by diminishing production, the organization’s first cut in eight years. Minister Al-Falih urged fellow OPEC member countries to stop exceeding their output targets, and met with Venezuelan and Kazakh counterparts in August 2017 in order to extend the deal of cutting production until March 2018, by at least three more months. Al-Falih is active in many social programs. He has served as chairman of the Dammam City Municipal Council. His"
"of Megacorpstate. OPEC is the most dominant and influential entity in the Megacorpstate. Every economic fluctuation that is experienced by this organization affects the entire market structure. As a result, a crucial relationship between the two entities is to be observed. In order to fully understand the mechanism and functionality of Megacorpstate, OPEC has to be understood first. OPEC is a mnemonic for Organization of the Petroleum Exporting Countries. It was established in September 1960 in Baghdad by five founder nations, Iran, Iraq, Venezuela, Saudi Arabia and Kuwait. The initiative was taken to promote economic enrichment and stability among its"