"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"
"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"
"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"
"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"
"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"
"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."
"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"
"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"
"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"
"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"
"the Middle East that is not part of OPEC. According to the US Energy Information Administration (EIA) Oman had 5.5 billion barrels of estimated proved oil reserves as of January 2014. Oman’s 5.5 billion barrels of proved oil reserves rank seventh in the Middle East, and 23rd in the world. Located in the East of the Gulf of Masirah, Block 50 Oman is one of the first concessions secured by the founders of Rex International before IPO. The discovery is significant as it is the first offshore discovery in the area after 30 years of exploration activity. Block 50 spans"
"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"
"In 1963, the Seven Sisters controlled 86% of the oil produced by OPEC countries, but by 1970 the rise of ""independent oil companies"" had decreased their share to 77%. The entry of three new oil producers—Algeria, Libya and Nigeria—meant that by 1970 eighty-one oil companies were doing business in the Middle East. In the early 1960s Libya, Indonesia and Qatar joined OPEC. OPEC was generally regarded as ineffective until political turbulence in Libya and Iraq strengthened their position in 1970. Additionally, increasing Soviet influence provided oil producing countries with alternative means of transporting oil to markets. Under the Tehran Price"
"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"
"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"
"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."
"Gulf Cooperation Council The Cooperation Council for the Arab States of the Gulf (), originally (and still colloquially) known as the Gulf Cooperation Council (GCC, ), is a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf except Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The Charter of the Gulf Cooperation Council was signed on 25 May 1981, formally establishing the institution. All current member states are monarchies, including three constitutional monarchies (Qatar, Kuwait, and Bahrain), two absolute monarchies (Saudi Arabia and Oman), and one"
"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"
"Exporting Countries (OPEC) to take action in 1973, and Libyan militancy was partially responsible for OPEC measures to raise oil prices, impose embargoes, and gain control of production. On 19 October 1973, Libya was the first Arab nation to issue an oil embargo against the United States after US President Richard Nixon announced the US would provide Israel with a $2.2 billion military aid program during the Yom Kippur War. Saudi Arabia and other Arab oil producing nations in OPEC would follow suit the next day. While the other Arab nations lifted their oil embargoes on 18 March 1974, the"
"Six months later, OPEC assembled in Doha and Saudi Arabia again faced pressure to raise prices. Saudi Arabia and the UAE were the only two member countries not to agree to a 10% increase in January 1977 followed by an additional 5% increase in July. This led to a period of two-tier pricing with Saudi Arabia and the UAE charging $12.09 per barrel and the other OPEC countries $12.70 per barrel. In July 1977, an OPEC meeting in Stockholm ended two-tier pricing, with prices re-unified at $12.70. In 1979, the Iranian Revolution resulted in the 1979 energy crisis. Saudi Arabia"
"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"
"Role of Science in the Development of Natural Resources with Particular Reference to Pakistan, Iran and Turkey"". Baghdad Pact The Central Treaty Organization (""CENTO""), originally known as the Baghdad Pact or the Middle East Treaty Organization (""METO""), was formed in 1955 by Iran, Iraq, Pakistan, Turkey and the United Kingdom. It was dissolved in 1979. US pressure and promises of military and economic aid were key in the negotiations leading to the agreement, but the United States could not initially participate. John Foster Dulles, who was involved in the negotiations as U.S. Secretary of State under President Dwight D. Eisenhower,"
"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"
"June 1926), Japan (27 March 1933) and Germany (19 September 1933) had withdrawn and only Egypt was left to join (on 26 May 1937). The members (listed from earliest joining and alphabetically if they joined on the same day) at this time were Argentina, Australia, Belgium, Bolivia, the British Empire, Canada, Chile, China, Colombia, Cuba, Czechoslovakia, Denmark, El Salvador, France, Greece, Guatemala, Haiti, Honduras, India, Italy, Liberia, the Netherlands, New Zealand, Nicaragua, Norway, Panama, Paraguay, Persia/Iran, Peru, Poland, Portugal, Romania, Siam, South Africa, Spain, Sweden, Switzerland, Uruguay, Venezuela, Yugoslavia, Austria, Bulgaria, Finland, Luxembourg, Albania, Estonia, Latvia, Lithuania, Hungary, the Irish"
"the oil industry. OAPEC was originally intended to be a conservative Arab political organization which, by restricting membership to countries whose main export was oil, would exclude governments seen as radical — such as those of Egypt and Algeria. This organizational exclusivity was bolstered by an additional rule in the organization's charter requiring the three founders' approval of all new members. The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too"
"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"
"Petroleum Exporting Countries (OAPEC) was joined by Saudi Arabia, Kuwait and Libya. Several other countries joined in 1970 and Egypt, Syria and militant Iraq joined in the early 1970s. Following the humiliation of the 1967 Six-Day War, demands for the use of oil as a political weapon intensified throughout the Arab world, with the primary aim of changing the apparent pro-Israeli policy of the US government. Overwhelming pressure for Saudi Arabia to support such action resulted from the renewal of Arab-Israeli conflict on October 1973 with the Yom Kippur War. Yamani took the initiative and planned to drop oil production"
"by approaching Iran, Gabon, Libya, Kuwait and Saudi Arabia in 1949, but OPEC was not set up until 1960, when the United States forced import quotas on Venezuelan and Persian Gulf oil in order to support the Canadian and Mexican oil industries. OPEC first wielded its power with the 1973 oil embargo against the United States and Western Europe. The term ""petro-aggression"" has been used to describe the tendency of oil-rich states to instigate international conflicts. There are many examples including: Iraq’s invasion of Iran and Kuwait; Libya’s repeated incursions into Chad in the 1970s and 1980s; Iran’s long-standing suspicion"
"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"
"France was an original member of the ENCD, it again chose not to participate in the negotiations or sessions of the CCD. Original members of TNCD: (Western Bloc) - Canada, France, Great Britain, Italy, United States. (Eastern Bloc) - Bulgaria, Czechoslovakia, Poland, Romania, Soviet Union. Nations added to ENCD: Brazil, Burma, Ethiopia, India, Mexico, Nigeria, Sweden, United Arab Republic (UAR). Nations added to CCD (1969): Argentina, Morocco, Japan, Hungary, Mongolia, Netherlands, Pakistan, Yugoslavia. Nations added to the CCD (1975): Federal Republic of Germany (West Germany), German Democratic Republic, Peru, Iran, Zaire. The CCD (1969–1979) was one of several predecessors to"
"behest of Prime Minister Shapour Bakhtiar (a longtime opposition leader himself), who sought to calm the situation. The rise in oil price benefited other OPEC members, which made record on profits. When oil exports were later resumed under the new Iranian government, they were inconsistent and at a lower volume, pushing the prices up. Saudi Arabia and other OPEC nations, under the presidency of Mana Al Otaiba, increased production to offset most of the decline, and in early 1979 the overall loss in worldwide production was about 4 percent. OPEC failed to hold on to its prominent position, especially after"
"serious problem for oil-exporting countries in northern Europe and the Persian Gulf. Heavily populated, impoverished countries, whose economies were largely dependent on oil—including Mexico, Nigeria, Algeria, and Libya—did not prepare for a market reversal that left them in sometimes desperate situations. When reduced demand and increased production glutted the world market in the mid-1980s, oil prices plummeted and the cartel lost its unity. Mexico (a non-member), Nigeria, and Venezuela, whose economies had expanded in the 1970s, faced near-bankruptcy, and even Saudi Arabian economic power was significantly weakened. The divisions within OPEC made concerted action more difficult. , OPEC had never"