"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."" The Fund became an official international development agency in May 1980 and was renamed the OPEC Fund for International Development (OFID), with Permanent Observer status at the United Nations. On 21 December 1975, Saudi Arabia's Ahmed Zaki Yamani, Iran's Jamshid Amuzegar, and the other OPEC oil ministers were taken hostage at their semi-annual conference in Vienna, Austria. The attack, which killed three non-ministers, was orchestrated by a six-person team led"
"Iraqi prime minister Abd al-Karim Qasim, whose country had skipped the 1959 congress. 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. Despite strong US opposition: ""Together with Arab and non-Arab producers, Saudi Arabia formed the Organization of Petroleum Export Countries (OPEC) to secure the best price available from the major oil corporations."" The Middle Eastern members originally called for OPEC headquarters to be in Baghdad or Beirut, but Venezuela argued for"
"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"
"mines and hydrocarbons for president Romulo Betancourt was the founder of OPEC, an idea he conceived while exiled in the United States during his review of the Texas Railroad Commission. """"Mano Mineral"""" can be seen outside the OPEC building in Vienna, donated by the Government of Venezuela to the City of Vienna in 2003. The sculpture symbolizes the oil that emerges from that country. 2.20 metres high, it is a casting of the emblem of the Second Summit of Heads of State and Government of OPEC Member Countries, which Venezuela hosted in Caracas on September 27–28, 2000. A copy was"
"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"
"the heads-of-state of OPEC in 25 years (the second ever). Goals of this meeting, held in Caracas, included recuperating the credibility of Venezuela in OPEC, defending oil prices, cementing relations between Venezuela and the Arab/Islamic world, and to strengthen OPEC in general. The meeting could be considered a success given the record high oil prices of the following years, but much of that is also a consequence of the 11 September 2001 attacks against the United States, the Iraq War, and the significant increase in demand for oil from developing economies like China and India, which helped prompt a surge"
"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"
"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"
"are final and binding, and will be enforceable within the territories of residing members. 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"
"countries relocated their embassies to Abuja, and many maintain their former embassies as consulates in Lagos, the commercial capital of Nigeria. Abuja is the headquarters of the Economic Community of West African States (ECOWAS) and the regional headquarters of OPEC. Abuja and the FCT have experienced huge population growth; it has been reported that some areas around Abuja have been growing at 20% to 30% per year. Squatter settlements and towns have spread rapidly in and outside the city limits. Tens of thousands of people have been evicted since former FCT minister Nasir Ahmad el-Rufai started a demolition campaign in"
"of Technology Yola. Mohammed Barkindo Mohammed Sanusi Barkindo (born 20 April 1959, Yola, Nigeria) has been appointed to a three-year term as Secretary General of OPEC with effect from 1 August 2016. He previously served as Acting Secretary General during 2006, represented Nigeria on OPEC's Economic Commission Board during 1993–2008, led the Nigerian National Petroleum Corporation during 2009–2010, and has headed Nigeria's technical delegation to UN climate negotiations since 1991. Barkindo completed academic degrees from Ahmadu Bello University (Zaria, Nigeria) and Southeastern University (Washington, D.C., USA). He earned a postgraduate diploma from Oxford University, and was awarded an honorary doctorate"
"OPEC to quadruple the price of crude oil. During that time, Yamani gained a colourful international reputation, known in the West for both diplomatic skills and his characteristic goatee. In December 1975, Yamani and the other OPEC ministers were taken hostage by notorious terrorist Carlos (the Jackal) in Vienna, Austria. The hostages were released after two days riding an airplane across North Africa, even though Carlos was ordered by his superiors to execute Yamani and his Iranian counterpart Jamshid Amouzegar. In October 1986, King Fahd dismissed Yamani. He also dismissed Abdulhady Hassan Taher, who was the founder of Petromin oils"
"oil had nearly doubled, reaching 6.2 million barrels per day in 1973. Until 1973, an abundance of oil supply had kept the market price of oil lower than the posted price. The Organization of the Petroleum Exporting Countries (OPEC), was founded by five oil producing countries at a Baghdad conference on September 14, 1960. The five founding members of OPEC were Venezuela, Iraq, Saudi Arabia, Iran and Kuwait. OPEC was organized after the oil companies slashed the posted price of oil, but the posted price of oil remained consistently higher than the market price of oil between 1961 and 1972."
"years old. Venezuela's Juan Pablo Pérez Alfonzo Airport was named in his honor in 1991. Since 1998, the Orden Juan Pablo Pérez Alfonzo (Order of Juan Pablo Pérez Alfonzo) is the Venezuelan award of state given to those who contribute to works related to mining, petroleum and energy. Juan Pablo Pérez Alfonzo Juan Pablo Pérez Alfonzo (13 December 1903 – 3 September 1979), was a prominent Venezuelan diplomat, politician and lawyer primarily responsible for the inception and creation of OPEC. Born in Caracas, Venezuela, Pérez Alfonzo helped found the political party Democratic Action (AD; Acción Democrática). As Minister of Development"
"Mohammed Barkindo Mohammed Sanusi Barkindo (born 20 April 1959, Yola, Nigeria) has been appointed to a three-year term as Secretary General of OPEC with effect from 1 August 2016. He previously served as Acting Secretary General during 2006, represented Nigeria on OPEC's Economic Commission Board during 1993–2008, led the Nigerian National Petroleum Corporation during 2009–2010, and has headed Nigeria's technical delegation to UN climate negotiations since 1991. Barkindo completed academic degrees from Ahmadu Bello University (Zaria, Nigeria) and Southeastern University (Washington, D.C., USA). He earned a postgraduate diploma from Oxford University, and was awarded an honorary doctorate from Federal University"
"comment on the case. Also in Nigeria, her home in Asokoro, Abuja was raided and sealed by anti-corruption agents of the Nigerian Economic and Financial Crimes Commission, a few hours after her alleged arrest in London. On 28 August 2017, a Nigerian federal court seized 7.6 billion naira ($21 million) from bank accounts linked to Alison-Madueke. Alison-Madueke revealed that while in office, she had been undergoing treatments for breast cancer in the United Kingdom. Diezani Alison-Madueke Diezani K. Alison-Madueke (born 6 December 1960) is a Nigerian politician and the first female President of OPEC. She was elected at the 166th"
"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."" The organization is also a significant provider of information about the international oil market. Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the Republic of the Congo, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela. Indonesia is a former member, and Qatar will no longer be a member of OPEC"
"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"
"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"
"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"
"Cairo, Venezuela's envoy, fluent in Arabic, convinced oil producing Middle Eastern countries to sign a secret agreement that promoted unity and control of their own national oil resources; under the noses of the British and American corporations that dominated the oil industry globally and had funded the event. Planting the seed for OPEC that was founded in September 1960 at Baghdad, Iraq. This movement was triggered by a 1960 law instituted by American President Dwight Eisenhower that forced quotas for Venezuelan oil and favored Canada and Mexico's oil industries. Eisenhower cited national security, land access to energy supplies, at times"
"major contract for a Bechtel-Wimpey joint venture, this time in Aden, to build a major refinery and a camp for workers. A year later, CCC won projects in the United Arab Emirates, Bahrain, and Qatar. In 1973, CCC set up the National Petroleum Construction Company in Abu Dhabi to provide offshore services to the oil and gas industries in all the countries of the Persian Gulf. Today NPCC has an annual revenue of over 800 million USD In 1975, when the civil war broke out in Lebanon, CCC moved its headquarters first to London and then to Athens in 1976."
"(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). Although events such as these can temporarily disrupt oil supplies and elevate prices, the frequent disputes and instabilities tend to limit OPEC's long-term cohesion and effectiveness. 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. This is especially helpful"
"to four in a move that led to the appointment of four new Group Executive Directors, to run the four new Directorates. Kachikwu in a bid to provide employees with general updates on the Corporation's progress, launched a series of weekly podcasts which is sent to the over 13,000 members of staff. However, on March 8 2016, he increased the directorates from four to seven. He is the immediate past President of the OPEC Conference with a tenure that expired in January 2016. He has chaired the 168th Meeting of the OPEC Conference held in Vienna, Austria, on December 4,"
"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"
"recently sparked controversy due to it being the only company which continues to export leaded petrol from the UK to Algeria despite pledging to stop several times and direct links to childhood brain damage and premature death. Innospec is headquartered in Englewood, Colorado, and has major regional centers in the United Kingdom and Singapore, along with international offices and processing facilities in China, UAE, Cyprus, South Korea, and India. Production plants are located in multiple countries including UK, France, Germany, Philippines, and the United States. The company has around 1300 employees located in 20 countries. Innospec has made the following"
"called for OPEC to ""assert itself as an active political agent"" at the OPEC summit in Saudi Arabia's capital, Riyadh. In a followup at the OPEC summit, ""Reuters"" wrote that ""Spain's king cannot shut Chavez up but bladder can"", and that Chávez said to a throng of reporters at the OPEC summit, ""For a while now, I have needed to go to the bathroom and I am going to pee ... Do you want me to pee on you?"" Two weeks after the event, Chile's President Michelle Bachelet revealed that she had politely requested that Chávez abstain from making some"
"Diezani Alison-Madueke Diezani K. Alison-Madueke (born 6 December 1960) is a Nigerian politician and the first female President of OPEC. She was elected at the 166th OPEC Ordinary meeting in Vienna on 27 November 2014. She became Nigeria's minister of transportation on 26 July 2007. She was moved to Mines and Steel Development in 2008, and in April 2010 was appointed Minister of Petroleum Resources. Diezani K. Agama was born in Port Harcourt, Rivers State, Nigeria. Her father was Chief Frederick Abiye Agama. She studied Architecture in England and then at Howard University in the United States. She graduated from"
"from 1 January 2019.. By continent, two are South American, seven African, and six are Asian (Middle East). Two-thirds of OPEC's oil production and reserves are in its six Middle-Eastern countries that surround the oil-rich Persian Gulf. The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil"
"1994, Sheik Mohammed Al Amoudi from Saudi Arabia bought OK Petroleum, and in 1996 changed the name to Preem Raffinaderi. The port for crude oil tankers (allowing draft) is around west, from where there is a pipeline connection. Refined products are shipped from a port near the Preemraff, or by road or rail connection. Preemraff Göteborg Preemraff Göteborg is an oil refinery in the Swedish city of Gothenburg. Preem is the largest supplier of petroleum products in Sweden and its two refieneries, Preemraff Göteborg in Gothenburg and Preemraff Lysekil in Lysekil represent 80% of Sweden's refining capacity. The Gothenburg refinery"
"Nadim al-Pachachi Nadim al-Pachachi (18 March 1914 – 29 February 1976) was the Secretary-General of OPEC from January 1971 until December 1972. Born in Baghdad during the Ottoman Empire, he received a doctorate in petroleum engineering and worked in the Romanian oil fields as a young man. He served as the Minister of Economy in the Iraqi government from 1952 until 1957. He was arrested during the 14 July Revolution in 1958. He later served as an advisor to the Libyan government and was very supportive of the Tripoli settlement of 20 March 1971 undertaken by the Muammar Gaddafi government."
"largest oil fields were just entering production in the Middle East. The United States had established the Interstate Oil Compact Commission to join the Texas Railroad Commission in limiting overproduction. 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. Oil-exporting countries were eventually motivated to form OPEC as a counterweight to this concentration of political and economic power. In February 1959,"