"OPEC siege On December 21, 1975, six militants attacked the semi-annual meeting of OPEC leaders in Vienna, Austria; the attackers took more than 60 hostages after killing an Austrian policeman, an Iraqi OPEC security officer, and a Libyan economist. Several other individuals were wounded. The self-named ""Arm of the Arab Revolution"" group was led by Carlos the Jackal. The siege ended two days later, after flights to Algiers and Tripoli, with all the hostages and terrorists walking away from the situation. On December 21, 1975, Saudi Arabian Minister of Petroleum Ahmed Zaki Yamani and the other oil ministers of the"
"is the supreme authority of the organization, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organization is the OPEC Secretary General. The Conference ordinarily meets at the Vienna headquarters, at least twice a year and in additional extraordinary sessions when necessary. It generally operates on the principles of unanimity and ""one member, one vote"", with each country paying an equal membership fee into the annual budget. However, since Saudi Arabia is by far the largest and most-profitable oil exporter in the world, with enough capacity to function as the traditional"
"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"
"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"
"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"
"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"
"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"
"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"
"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"
"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"
"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"
"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"
"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,"
"Abdallah Salem el-Badri Abdalla Salem el-Badri (born 25 May 1940) is a former Libyan official who served as Chairman of the National Oil Corporation (NOC), Minister of Petroleum, Minister of Energy, Minister of Management, and Deputy Prime Minister. He was also the longest-serving Secretary General of OPEC, holding the position in 1994 and then 2007–2016. He is a citizen of Libya and resides in Austria. He is married with five children. OPEC selected Nigeria's Mohammed Barkindo to succeed el-Badri as Secretary General, effective 1 August 2016. One of their predecessors was Omar el-Badri who held the position in 1970, although"
"(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"
"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"
"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"
"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"
"of ""the top 100 most influential people in the shipping industry"". 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. As of June 2018, OPEC has 15 member countries: six in the Middle East (Western Asia), seven in Africa, and two in South America. 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, and OPEC accounted for"
"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."
"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"
"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"
"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"
"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"
"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"
"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"
"following table shows the main economic indicators in 1980–2017. Inflation below 5 % is in green. Mean wages were $9.51 per man-hour in 2009 (amounts to a compensation of $1598 for 21 working days of 8 hours). Libya is an OPEC member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), as of January 2007, up from in 2006. About 80% of Libya's proven oil reserves are located in the Sirte Basin, which is responsible for 90% of the country's oil output. The state-owned National Oil Corporation (NOC) dominates Libya's oil industry, along with smaller"
"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"
"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"
"gas reserves. Conversely, 88% of global oil and gas reserves are controlled by the OPEC cartel and state-owned oil companies, primarily located in the Middle East. A trend of increasing influence of the OPEC cartel, state-owned oil companies in emerging-market economies is shown and the ""Financial Times"" has used the label ""The New Seven Sisters"" to refer to a group of what it argues are the most influential national oil and gas companies based in countries outside of the OECD, namely CNPC ""(China)"", Gazprom ""(Russia)"", National Iranian Oil Company ""(Iran)"", Petrobras ""(Brazil)"", PDVSA ""(Venezuela)"", Petronas ""(Malaysia)"", Saudi Aramco ""(Saudi Arabia)""."
"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"
"Colombia, Cuba, the Czech Republic, Denmark, Dominica, Dominican Republic, Ecuador, El Salvador, the European Union, Finland, France, Georgia, Germany, Greece, Guatemala, Guyana, Honduras, Hungary, Iceland, India, Indonesia, International Energy Agency, International Federation of Red Cross and Red Crescent Societies, Iran, Iraq, Ireland, Israel, Italy, Jamaica, Japan, Jordan, Kosovo, Kuwait, Lithuania, Luxembourg, Mexico, NATO, Nepal, the Netherlands, New Zealand, Nicaragua, Nigeria, Norway, Organization of American States, Oman, OPEC, Pakistan, Paraguay, the Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Singapore, Slovakia, Slovenia, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Tunisia, Turkey, Ukraine, UAE, United Kingdom, the United Nations, United"