"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 its OPEC quota at the time, although it rejoined in October 2007. Similar concerns prompted Gabon to suspend membership in January 1995; it rejoined in July 2016. 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. It rejoined the organization in January 2016, but announced another ""temporary"
"as well as fluctuations in imports, was primarily a result of changes in trade with Iraq, a major Soviet arms-for-oil trading partner in the Third World. The Organization of Petroleum Exporting Countries (OPEC), particularly Iraq and Algeria, absorbed the largest share of the Soviet Union's ""unidentified"" exports. Although Soviet statistics usually showed a very low or negative trade balance with these countries, the balance was probably high because of arms sales. In the 1980s, some OPEC countries, particularly Iran and Iraq, together with Syria, which was not a member of OPEC, exchanged oil for Soviet arms and military equipment. Oil"
"OPEC lost its two newest members, who had joined in the mid-1970s. 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, although it rejoined in October 2007. Similar concerns prompted Gabon to suspend membership in January 1995; it rejoined in July 2016. Iraq has remained a member of OPEC since the organization's founding, but Iraqi production was not a part of OPEC quota agreements from 1998 to 2016, due to the country's daunting political difficulties."
"both OPEC member and non member producers had benefited greatly from. This period of economic contraction in Venezuela coincided with the beginning of the 1980s oil glut, which saw large cutbacks in production and state revenue. Since the early 2000s the administration of Hugo Chavez responded to the ongoing crisis by initiating a series of often flawed price controls, state acquisition and reappropriation of both public and private assets and funds, and a revaluation of the bolivar in 2008 which slashed three zeroes off the currency. However, changes in economic reliance on petroleum and mining exports were never made and"
"imported only 12% of its oil from the Middle East (compared with 80% for the Europeans and over 90% for Japan), remained staunchly committed to Israel. The percentage of U.S. oil which comes from the nations bordering the Persian Gulf remained steady over the decades, with a figure of a little more than 10% in 2008. With the embargo in place, many developed countries altered their policies regarding the Arab-Israeli conflict. These included the UK, which refused to allow the United States to use British bases and Cyprus to airlift resupplies to Israel along with the rest of the members"
"81.5 percent of the world's ""proven"" oil reserves, including 48 percent from just the six Middle Eastern members:. Approval of a new member country requires agreement by three-quarters of OPEC's existing members, including all five of the founders. In October 2015, Sudan formally submitted an application to join, but it is not yet a member. Qatar intends to leave OPEC on 1 January 2019. For countries that export petroleum at relatively low volume, their limited negotiating power as OPEC members would not necessarily justify the burdens imposed by OPEC production quotas and membership costs. Ecuador withdrew from OPEC in December"
"in Venezuela, malnourished oil workers were too weak to perform their daily tasks, with many beginning to collapse on the job. History of the Venezuelan oil industry Venezuela is one of the world's largest exporters of oil and has the world's largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012. In 2008, crude oil production in Venezuela was the tenth-highest in the world at and the country was also the eighth-largest net oil exporter in the world. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). The"
"his African neighbors Angola and Sudan to join, and Angola did in 2007, followed by Equatorial Guinea in 2017. Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers, as an informal mechanism for coordinating policies. In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab majority of OPEC plus Egypt and Syria) declared significant production cuts and an oil embargo against the United States and other industrialized nations that supported Israel in the Yom Kippur War. A previous embargo attempt was largely ineffective"
"in July and then plunged back to US$32/bbl in December, during the worst global recession since World War II. 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. By the time of the 2011 Libyan Civil War and Arab Spring, OPEC started issuing explicit statements to counter ""excessive speculation"" in oil futures markets, blaming financial speculators for increasing volatility beyond market fundamentals. In May 2008, Indonesia announced that it would leave OPEC when its membership expired at"
"to China. Venezuela has been producing oil for nearly a century and was an OPEC founder-member. In 2005, Venezuela produced 162 million tons of oil, which is 4.1% of world's total production. By the oil production Venezuela ranks seventh in the world. Venezuela is the world's eight oil exporter and fifth largest net exporter. In 2012, 11 percent of US oil imports came from Venezuela. Since 2010, when the heavy oil from the Orinoco Belt was considered to be economically recoverable, Venezuela has had the largest proved reserves of petroleum in the world, about 298 billion barrels. Oil accounts for"
"western countries and fuelled public corruption. Oil-rich countries saw similar failures in their economic choices. An EIA report stated that OPEC member nations were projected to earn a net amount of $1.251 trillion in 2008 from their oil exports. Because oil is both important and expensive, regions that had big reserves of oil had huge liquidity incomes. However, this was rarely followed by economic development. Experience shows that local elites were unable to re-invest the petrodollars obtained through oil export, and currency is wasted in luxury goods. This is particularly evident in the Persian Gulf states, where the per capita"
"oil exporter, became a major oil importer. In 1970, US oil production unexpectedly peaked and started to decline, causing global oil markets to tighten rapidly as the US started to import more and more Arab oil. As the decade continued, global demand caught up with global supply, and there were two major oil price shocks: the 1973 oil crisis and the 1979 oil crisis. The first occurred when the Organization of Arab Petroleum Exporting Countries (OAPEC) (whose membership consists of the Arab members of the similarly-named Organization of Petroleum Exporting Countries (OPEC), plus Egypt, Syria, and Tunisia) imposed an embargo"
"OPEC The Organisation of the Petroleum Exporting Countries (OPEC, ) is an intergovernmental organisation of nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria. the 15 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 organisation is to ""coordinate and unify the petroleum policies"
"a linear trend projects that domestic demand outpaced supply in (2008–2009), turning Egypt to a net importer of oil. To minimize this potential, the government of Egypt has been encouraging the exploration, production and domestic consumption of natural gas. Oil Production was in 2008, and natural gas output continued to increase and reached 48.3 billion cubic meters in 2008. Domestic resources meet only about 33% of Egypt's domestic demand, meaning large imports from Saudi Arabia, UAE and Iraq are necessary. Over the last 15 years, more than 180 petroleum exploration agreements have been signed and multinational oil companies spent more"
"suspension"" of its membership at year-end when OPEC requested a 5 percent production cut. 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. But this is not borne out by the minutes of OPEC meetings, as no US representative attended in an official capacity. 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. The OPEC Conference"
"with food shortages. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC), the Organization of Gas Exporting Countries (GECF), the Bolivarian Alliance for the Peoples of Our America (ALBA) and the Community of Latin American and Caribbean States (CELAC). Petroleum constitutes 98% of Venezuela’s exports with a value of $31.4 billion in 2017. Thanks to petroleum exports, Venezuela usually posts a trade surplus. From 2005, nontraditional (i.e. nonpetroleum) private sector exports have been declining rapidly. By 2015 ,they constitute 8% of total exports. The United States is Venezuela's leading trade partner. During 2002, the United"
"volumes of oil and natural gas from the Essaouira Basin and small amounts of natural gas from the Gharb Basin. Consequently, Morocco is the largest energy importer in northern Africa. Costs have been rising rapidly. High oil prices in 2005 increased import costs to approximately $2 billion for the year. In 2008, total costs related to energy imports reached $8 billion. In 2003, the Moroccan government announced that foreign companies could import oil without paying import tariffs. This followed a 2000 decision, in which, Morocco modified its hydrocarbons law in order to offer a 10-year tax break to offshore oil"
"block on the development of natural gas imports in Sweden. Greater investment in native renewable energy technologies and energy conservation is envisaged instead. India is carrying out a major hunt for domestic oil to decrease its dependency on OPEC, while Iceland is well advanced in its plans to become energy independent by 2050 through deploying 100% renewable energy. Petroleum, otherwise known as ""crude oil"", has become the resource most used by countries all around the world including Russia, China (actually, China is mostly dependent on coal (70.5% in 2010)) and the United States of America. With all the oil wells"
"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"
"to promote what some attendees termed ""South-South"" linkages on a variety of fronts. Nigeria is also a member of the International Criminal Court, and the Commonwealth of Nations. It was temporarily expelled from the latter in 1995 when ruled by the Abacha regime. Nigeria has remained a key player in the international oil industry since the 1970s, and maintains membership in Organization of the Petroleum Exporting Countries (OPEC), which it joined in July 1971. Its status as a major petroleum producer figures prominently in its sometimes volatile international relations with both developed countries, notably the United States, and the developing"
"a neutral location, and so the organization chose Geneva, Switzerland. On 1 September 1965, OPEC moved to Vienna, Austria, after Switzerland declined to extend diplomatic privileges. 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, rejoined 2007), and Gabon (1975–1994, rejoined 2016). By the early 1970s, OPEC's membership accounted for more than half of worldwide oil production. Indicating that OPEC is not averse to further expansion, Mohammed Barkindo, OPEC's Acting Secretary General in 2006, urged"
"lacking in tidewater access—such as Western Canadian Select—are less expensive than lighter, sweeter oil—such as WTI. In 1960 the Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq by its first five members —Iran, Iraq, Kuwait, Saudi Arabia and Venezuela—, with Qatar and Libya joining immediately, followed by United Arab Emirates, Algeria, Nigeria, Ecuador and Gabon after a decade. The goal of these countries was to increase its influence in the world oil market, then dominated by a cartel known as the ""Seven Sisters"", five of which were headquartered in the United States. These companies had been"
"History of the Venezuelan oil industry Venezuela is one of the world's largest exporters of oil and has the world's largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012. In 2008, crude oil production in Venezuela was the tenth-highest in the world at and the country was also the eighth-largest net oil exporter in the world. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). The Indigenous peoples in Venezuela, like many ancient societies already utilized crude oils and asphalts from petroleum seeps, which ooze through the"
"oil to the US since resumption of ties between the two countries. In May 2006, the U.S. officially removed Libya from its list of states that sponsor terrorism and normalized ties and removed sanctions. Since then, oil majors have stepped up exploration efforts for oil and natural gas in the country. Likewise, companies have tried using enhanced oil recovery (EOR) techniques to increase production at maturing fields. During the 2011 Libyan civil war, Oil Minister Shukri Ghanem defected and fled to Tunisia. In September 2011, the National Transitional Council named Nuri Berruien as chairman of the NOC during the transitional"
"the United States was the world's third-largest producer of crude oil, after Saudi Arabia and Russia. and second largest exporter of refined products, after Russia. As of March 2015, 85% of crude oil imports came from (in decreasing volume): Canada, Saudi Arabia, Mexico, Venezuela, and Colombia. Greater energy self-sufficiency, it was claimed, would prevent major supply disruptions like the 1973 oil crisis and the 1979 energy crisis from recurring. Proponents argue that the potential for political unrest in major oil suppliers, such as Saudi Arabia, Venezuela, and Nigeria, is abundant, and often causes great fluctuations in crude oil prices (especially"
"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."
"Longtime oil analyst Daniel Yergin ""described the relationship between OPEC and shale as 'mutual coexistence', with both sides learning to live with prices that are lower than they would like."" In December 2017, Russia and OPEC agreed to extend the production cut of 1.8million barrels/day until the end of 2018. Qatar announced it will withdraw from OPEC effective 1st of January 2019. According to the New York Times, this constitutes a strategic response to the ongoing Qatar boycott by Saudi Arabia, United Arab Emirates, Bahrain, and Egypt. OPEC The Organisation of the Petroleum Exporting Countries (OPEC, ) is an intergovernmental"
"Yemen (13.4%), Sudan (16.4%), Saudi Arabia (2.9%), and Italy (3%). Libya is a member of OPEC. In 2007, Libya was the world's 10th largest oil exporter, with 73 Mt in oil exports. As of 2009, Europe's share of Libya's oil exports was 78%. Domestically, the primary energy use in Libya was 237 TWh and 37 TWh per million persons. The National Oil Corporation is the state oil company of Libya. The biggest oil producers in Libya are Eni, an Italian company, and Repsol YPF, a Spanish one. Other major producers in the country include BASF, Petrobras, Gazprom, Exxon Mobil, Pertamina,"
"8th in hydro electricity in 2008. Energy in Venezuela Venezuela is one of the world's largest producers of oil, and the country with the largest proven oil reserves in the world. Venezuela is a member of OPEC. Electricity in Venezuela is predominantly produced from hydroelectricity. Venezuela ranked 11th in the world for oil production in 2016. The largest oil company is Petróleos de Venezuela (PDVSA). Oil fields in the country include Bolivar Coastal Field, Boscán Field, Maracaibo Basin and Orinoco Belt. Hydro power provided 74% of domestic electricity in 2008. Venezuela produced 87 TWh hydro power in 2008, 2.6% of"
"By 2008, exports of everything but oil ""collapsed"". and in 2012, the World Bank explained that Venezuela's economy is ""extremely vulnerable"" to changes in oil prices since in 2012 ""96% of the country's exports and nearly half of its fiscal revenue"" relied on oil production. When oil prices dropped in 2015, this worsened the crisis Venezuela was experiencing from the government's mismanagement. Venezuela has not yet, as of 2018, recovered from the oil production loss. Combined with OPEC/NOPEC production cuts, higher than average demand growth, US shale pipeline bottlenecks, and Iranian sanctions, the oil glut came to an end. Immediately"
"Circle Oil frozen on foot of a European Union order that's been put in place to put pressure on the Gaddafi regime. Household income or consumption by percentage share: <br>""lowest 11%:"" NA% <br>""highest 10%:"" NA% Industrial production growth rate: 2.7% (2009) Electricity - production: 24 billion kWh (2007 est) Electricity - production by source: <br>""fossil fuel:"" 100% <br>""hydro:"" 0% <br>""nuclear:"" 0% <br>""other:"" 0% (1998) Electricity - consumption: 22.17 billion kWh (2007 est) Electricity - exports: 104 million kWh (2007) Electricity - imports: 77 million kWh (2007) Agriculture - products: wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans, cattle, corn Economy"
"trade deficits in oil-importing countries. Oil-importing countries had an average current account deficit of 3.3% of the GDP in 2005, and oil-exporting countries had an average current account surplus of 12.2% of GDP. Out of 33 African nations for which information was available, 20 countries experienced a decline in their terms of trade between 2002 and 2005 and 13 experienced an improvement. Oil importers experienced the worst decline. However, Botswana's terms of trade improved because higher prices for oil imports were more than offset by higher prices for diamond exports. Similar reasoning held for Mozambique because of higher prices for"