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OPECFrom Wikipedia, the free encyclopediaJump to: navigation , search

Not to be confused with OAPEC . Organization of the Petroleum Exporting

Countries

Headquarters Vienna , Austria Official languages English

Type Trade blocMember states 12 in 2011 [show]

Leaders- President Rostam Ghasemi- Secretary General Abdallah el-Badri

Establishment Baghdad , Iraq

- Statute September 10 – 14, 1960in effect January 1961Area

- Total 11,854,977 km 2 4,577,232 sq mi

Population- estimate 372,368,429

- Density 31.16/km

80.7/sq miCurrency Indexed as USD-per-barrel

Website www.OPEC.org

The Organization of the Petroleum Exporting Countries (OPEC ; / ̍ oʊ pɛ k / OH -pek ) is anintergovernmental organization of twelve oil-producing countries made up of Algeria , Angola , Ecuador , Iran , Iraq , Kuwait , Libya , Nigeria , Qatar , Saudi Arabia , the United Arab Emirates , and

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Venezuela . OPEC has had its headquarters in Vienna since 1965 ,[2] and hosts regular meetingsamong the oil ministers of its Member Countries. Indonesia withdrew in 2008 after it became anet importer of oil, but stated it would likely return if it became a net exporter again .[3]

According to its statutes , one of the principal goals is the determination of the best means for

safeguarding the organization's interests, individually and collectively. It also pursues ways andmeans of ensuring the stabilization of prices in international oil markets with a view toeliminating harmful and unnecessary fluctuations; giving due regard at all times to the interestsof the producing nations and to the necessity of securing a steady income to the producingcountries; an efficient and regular supply of petroleum to consuming nations, and a fair return ontheir capital to those investing in the petroleum industry .[4]

OPEC's influence on the market has been widely criticized, since it became effective indetermining production and prices. Arab members of OPEC alarmed the developed world whenthey used the ―oil weapon‖ during the Yom Kippur War by implementing oil embargoes andinitiating the 1973 oil crisis . Although largely political explanations for the timing and extent of

the OPEC price increases are also valid, from OPEC‘s point of view[citation needed ]

, these changeswere triggered largely by previous unilateral changes in the world financial system and theensuing period of high inflation in both the developed and developing world. This explanationencompasses OPEC actions both before and after the outbreak of hostilities in October 1973, andconcludes that ―OPEC countries were only 'staying even' by dramatically raising the dollar priceof oil. ‖[5]

OPEC's ability to control the price of oil has diminished somewhat since then, due to thesubsequent discovery and development of large oil reserves in Alaska , the North Sea , Canada , the Gulf of Mexico , the opening up of Russia, and market modernization. As of November 2010,OPEC members collectively hold 79% of world crude oil reserv es and 44% of the world‘s crude

oil production capacity, affording them some control over the global market .[6]

The next largestgroup of producers, members of the OECD and the Post-Soviet states produced only 23.8% and14.8%, respectively, of the world's total oil production .[7] As early as 2003, concerns that OPECmembers had little excess pumping capacity sparked speculation that their influence on crude oilprices would begin to slip .[8][9]

History

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The new OPEC headquarters in Vienna

Venezuela and Iran were the first countries to move towards the establishment of OPEC in the1960s by approaching Iraq, Kuwait and Saudi Arabia in 1949, suggesting that they exchangeviews and explore avenues for regular and closer communication among petroleum-producingnations. [citation needed ] The founding members are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.

Later members include Algeria, Ecuador, Gabon, Indonesia, Libya, Qatar, Nigeria, and theUnited Arab Emirates.

In 10 – 14 September 1960, at the initiative of the Venezuelan Energy and Mines minister JuanPablo Pérez Alfonzo and the Saudi Arabian Energy and Mines minister Abdullah al-Tariki , thegovernments of Iraq, Iran, Kuwait, Saudi Arabia and Venezuela met in Baghdad to discuss waysto increase the price of the crude oil produced by their respective countries. [citation needed ]

Oil exports imports difference

OPEC was founded to unify and coordinate members' petroleum policies. Original OPECmembers include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Between 1960 and 1975, theorganization expanded to include Qatar (1961), Indonesia (1962), Libya (1962), the United ArabEmirates (1967), Algeria (1969), and Nigeria (1971). Ecuador and Gabon were early members of OPEC, but Ecuador withdrew on December 31, 1992 [10] because it was unwilling or unable topay a $2 million membership fee and felt that it needed to produce more oil than it was allowedto under the OPEC quota ,[11] although it rejoined in October 2007. Similar concerns promptedGabon to suspend membership in January 1995 .[12] Angola joined on the first day of 2007.Norway and Russia have attended OPEC meetings as observers. Indicating that OPEC is notaverse to further expansion, Mohammed Barkindo, OPEC's Secretary General, recently askedSudan to join .[13] Iraq remains a member of OPEC, but Iraqi production has not been a part of any OPEC quota agreements since March 1998.

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In May 2008, Indonesia announced that it would leave OPEC when its membership expired atthe end of that year, having become a net importer of oil and being unable to meet its productionquota .[14] A statement released by OPEC on 10 September 2008 confirmed Indonesia'swithdrawal, noting that it "regretfully accepted the wish of Indonesia to suspend its fullMembership in the Organization and recorded its hope that the Country would be in a position to

rejoin the Organization in the not too distant future." [15]

Indonesia is still exporting light, sweetcrude oil and importing heavier, more sour crude oil to take advantage of price differentials(import is greater than export) due to Air pollution in Indonesia still being low as compared toChina or India.

1973 oil embargo

The 1973 oil embargo happened in October following the United States' and Western Europe'ssupport of Israel against Arab nations in the Yom Kippur War of 1973. Saudi Arabia and Iranbeing chief among those angered by western support of Israel. As a nation Iran stoppedproviding oil to the United States and Western Europe. Also, King Feisal of Saudi Arabia

imposed an oil embargo against the West. In doing so, the oil pricing for the United States wentfrom 3 dollars a barrel to 12 dollars a barrel, spurring gas rationing. U.S. stations put a limit bothon the amount of gas that could be dispensed, closed on Sundays, and limited the days it could bepurchased based on license plates. For example if the last digit on a car's license plate was evengas could only be purchased on even days. [citation needed ] Prices continued to rise after the Embargoended. [16] The Oil Embargo of 1973 had a lasting effect on the United States. U.S. citizens beganpurchasing smaller cars that were more fuel efficient. The embargo also forced America toreevaluate the cost and source of energy, which previously received little consideration [citation

needed ]. The Federal government got involved first with President Nixon recommending citizensreduce their speed for the sake of conservation, and later Congress issuing a 55mph limit at theend of 1973. This change decreased consumption [citation needed ] as well as crash fatalities [citation

needed ]

. Daylight savings time was extended year round to reduce electrical use in the Americanhome. Nixon also formed the Energy Department as a cabinet office. [citation needed ] People wereasked to decrease their thermostats to 65 degrees and factories changed their main energy supplyto coal.

One of the most lasting effects of the Oil Embargo of 1973 was an economic recessionthroughout the world. Unemployment flew to the highest percentage on record while inflationdid the same. In Detroit, consumer interest in large gas guzzling vehicles fell and productiondropped. Although the embargo only lasted one year, oil prices had quadrupled and a new era of international relations was opened. Arab nations discovered that their oil could be used as both apolitical and economic weapon against other nations. [17]

1975 hostage incident

Main article: OPEC siege This section needs additional citations for verification . Please help improve thisarticle by adding citations to reliable sources . Unsourced material may be challenged and removed . (September 2011)

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On 21 December 1975 Ahmed Zaki Yamani and the other oil ministers of the members of OPECwere taken hostage by a six-person team led by terrorist Carlos the Jackal (which includedGabriele Kröcher-Tiedemann and Hans-Joachim Klein ), in Vienna, Austria , where the ministerswere attending a meeting at the OPEC headquarters. Carlos planned to take over the conferenceby force and kidnap all eleven oil ministers in attendance and hold them for ransom, with the

exception of Ahmed Zaki Yamani and Iran's Jamshid Amuzegar , who were to be executed.Carlos led his six-person team past two police officers in the building's lobby and up to the firstfloor, where a police officer, an Iraqi plain clothes security guard and a young Libyan economistwere shot dead.

As Carlos entered the conference room and fired shots in the ceiling, the delegates ducked underthe table. The terrorists searched for Ahmed Zaki Yamani and then divided the sixty-threehostages into groups. Delegates of friendly countries were moved toward the door, 'neutrals'were placed in the centre of the room and the 'enemies' were placed along the back wall, next toa stack of explosives. This last group included those from Saudi Arabia, Iran, Qatar and the

UAE. Carlos demanded a bus to be provided to take his group and the hostages to the airport,where a DC-9 airplane and crew would be waiting. In the meantime, Carlos briefed Yamani onhis plan to eventually fly to Aden, where Yamani and Amuzegar would be killed.

The bus was provided the following morning at 6.40 as requested and 42 hostages were boardedand taken to the airport. The group was airborne just after 9.00 and explosives placed underYamani's seat. The plane first stopped in Algiers, where Carlos left the plane to meet with theAlgierian Foreign minister. All 30 non-Arab hostages were released, excluding Amuzegar.

The refueled plane left for Tripoli where there was trouble in acquiring another plane as had beenplanned. Carlos decided to instead return to Algiers and change to a Boeing 707, a plane large

enough to fly to Baghdad nonstop. Ten more hostages were released before leaving.With only 10 hostages remaining, the Boeing 707 left for Algiers and arrived at 3.40 a.m. Afterleaving the plane to meet with the Algerians, Carlos talked with his colleagues in the front cabinof the plane and then told Yamani and Amuzegar that they would be released at mid-day. Carloswas then called from the plane a second time and returned after two hours.

At this second meeting it is believed that Carlos held a phone conversation with AlgerianPresident Houari Boumédienne who informed Carlos that the oil ministers' deaths would result inan attack on the plane. Yamani's biography [citation needed ] suggests that the Algerians had used acovert listening device on the front of the aircraft to overhear the earlier conversation betweenthe terrorists, and found that Carlos had in fact still planned to murder the two oil ministers.Boumédienne must also have offered Carlos asylum at this time and possibly financialcompensation for failing to complete his assignment.

On returning to the plane Carlos stood before Yamani and Amuzegar and expressed his regret atnot being able to murder them. He then told the hostages that he and his comrades would leavethe plane after which they would all be free. After waiting for the terrorists to leave, Yamani andthe other nine hostages followed and were taken to the airport by Algerian Foreign Minister

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Abdelaziz Bouteflika . The terrorists were present in the next lounge and Khalid, the Palestinian,asked to speak to Yamani. As his hand reached for his coat, Khalid was surrounded by guardsand a gun was found concealed in a holster.

Some time after the attack it was revealed by Carlos' accomplices that the operation was

commanded by Wadi Haddad , a Palestinian terrorist and founder of the Popular Front for theLiberation of Palestine. It was also claimed that the idea and funding came from an Arabpresident, widely thought to be Muammar al-Gaddafi .

In the years following the OPEC raid, Bassam Abu Sharif and Klein claimed that Carlos hadreceived a large sum of money in exchange for the safe release of the Arab hostages and had keptit for his personal use. There is still some uncertainty regarding the amount that changed handsbut it is believed to be between US$20 million and US$50 million. The source of the money isalso uncertain, but, according to Klein, it was from "an Arab president." Carlos later told hislawyers that the money was paid by the Saudis on behalf of the Iranians and was, "diverted enroute and lost by the Revolution" .[18]

The 1980s oil gluts

Main article: 1980s oil glut

OPEC net oil export revenues for 1971 - 2007 .[19]

After 1980, oil prices began a six-year decline that culminated with a 46 percent price drop in1986. This was due to reduced demand and over-production that produced a glut on the worldmarket. Around this period, Iraq also increased its oil production to help pay for the Iran-IraqWar . Overall OPEC lost its unity and thus its net oil export revenues fell in the 1980s. [citation needed ]

Responding to war and low prices

Main articles: 1990 oil price shock and 2000s energy crisis

Leading up to the 1990-91 Gulf War , Iraqi President Saddam Hussein advocated that OPEC pushworld oil prices up, thereby helping Iraq, and other member states, service debts. But the divisionof OPEC countries occasioned by the Iraq-Iran War and the Iraqi invasion of Kuwait marked alow point in the cohesion of OPEC. Once supply disruption fears that accompanied theseconflicts dissipated, oil prices began to slide dramatically.

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After oil prices slumped at around $15 a barrel in the late 1990s, concerted diplomacy,sometimes attributed to Venezuela‘s president Hugo Chávez , achieved a coordinated scalingback of oil production beginning in 1998. In 2000, Chávez hosted the first summit of heads of state of OPEC in 25 years. The next year, however, the September 11, 2001 attacks against theUnited States, the following invasion of Afghanistan , and 2003 invasion of Iraq and subsequent

occupation prompted a surge in oil prices to levels far higher than those targeted by OPECduring the preceding period. Indonesia withdrew from OPEC to protect its oil supply interests.

On November 19, 2007, global oil prices reacted strongly as OPEC members spoke openly aboutpotentially converting their cash reserves to the euro and away from the US dollar .[20]

Production disputes

The economic needs of the OPEC member states often affects the internal politics behind OPECproduction quotas. Various members have pushed for reductions in production quotas to increasethe price of oil and thus their own revenues .[21] These demands conflict with Saudi Arabia's

stated long-term strategy of being a partner with the world's economic powers to ensure a steadyflow of oil that would support economic expansion .[22] Part of the basis for this policy is theSaudi concern that expensive oil or oil of uncertain supply will drive developed nations toconserve and develop alternative fuels. To this point, former Saudi Oil Minister Sheikh Yamanifamously said in 1973: "The stone age didn't end because we ran out of stones. "[23]

One such production dispute occurred on September 10, 2008, when the Saudis reportedlywalked out of OPEC negotiating session where the organization voted to reduce production.Although Saudi Arabian OPEC delegates officially endorsed the new quotas, they statedanonymously that they would not observe them. The New York Times quoted one suchanonymous OPEC delegate as saying ―Saudi Arabia will meet the market‘s demand. We will see

what the market requires and we will not leave a customer without oil. The policy has notchanged.‖ [24]

OPEC aid

OPEC aid dates from well before the 1973/74 oil price explosion. Kuwait has operated aprogramme since 1961 (through the Kuwait Fund for Arab Economic Development ). The OPECfund became a fully fledged permanent international development agency in May 1980.

Membership

Current members

OPEC has twelve member countries: six in the Middle East, four in Africa, and two in SouthAmerica.

Country Region JoinedOPEC [25]

Population(July 2008 )[26]

Area (km² )[27] Production (bbl / day)

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Country Region JoinedOPEC [25]

Population(July 2008 )[26]

Area (km² )[27] Production (bbl / day)

Algeria Africa 1969 33,779,668 2,381,740 2,125,000(16th)

Angola Africa 2007 12,531,357 1,246,7001,948,000

(17th)

Ecuador SouthAmerica 2007[A 1] 13,927,650 283,560 485,700 (30th)

Iran Middle East 196 0[A 2] 75,875,224 1,648,000 4,172,000 (4th)

Iraq Middle East 196 0[A 2] 28,221,180 437,072 2,399,000(12th)

Kuwait Middle East 196 0[A 2] 2,596,799 17,820 2,494,000(10th)

Libya Africa 1962 6,173,579 1,759,540 2,210,000(15th)

Nigeria Africa 1971 158,259,000 923,768 2,211,000(14th)

Qatar Middle East 1961 824,789 11,437 1,213,000(21st)

Saudi Arabia Middle East 196 0[A 2] 28,146,656 2,149,690 8,800,000 (2nd)United Arab

Emirates Middle East 1967 4,621,399 83,600 2,798,000 (8th)

Venezuela SouthAmerica 1960[A 2] 26,414,816 912,050 2,472,000

(11th)

Total 369,368,42911,854,977

km²33,327,700

bbl/day

1. ^ Ecuador initially joined in 1973, left in 1992, and rejoined in 2007.2. ^ a b c d e One of five founder members that attended the first OPEC conference, in September 1960.

Former members

Country Region Joined OPEC Left OPEC

Gabon Africa 1975 1994Indonesia South East Asia 1962 2009

Some commentators consider that the United States was a de facto member during its formaloccupation of Iraq due to its leadership of the Coalition Provisional Authority .[28][29] But this isnot borne out by the minutes of OPEC meetings, as no US representative attended in an officialcapacity. [30][31]

Indonesia left OPEC in 2009 because it ceased to be a net exporter of oil. It could not fulfill thedemand of its own country's needs, as growth in demand outstripped output. The situation was

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made worse because of weak legal certainty and corruption that deterred foreign investors frominvesting in new reserves in Indonesia. In recent times, the government has increased financialincentives for foreign firms to invest in exploration and extraction but has found itself forced toimport more supplies from the likes of Iran, Saudi Arabia and Kuwait. Indonesia's departurefrom OPEC will not likely affect the amount of oil it produces or imports. The country's growing

dependence on imports is proving increasingly expensive as global prices soar .[32]

Economics

OPEC is a swing producer [33] and its decisions have had considerable influence on internationaloil prices. For example, in the 1973 energy crisis some OPEC members refused to ship oil towestern countries that had supported Israel in the Yom Kippur War , which Israel had foughtagainst Egypt and Syria . This refusal caused a fourfold increase in the price of oil, which lastedfive months, starting on October 17, 1973, and ending on March 18, 1974. OPEC nations thenagreed, on January 7, 1975, to raise crude oil prices by 10%. At that time, OPEC nations — including many who had recently nationalized their oil industries — joined the call for a newinternational economic order to be initiated by coalitions of primary producers. Concluding theFirst OPEC Summit in Algiers they called for stable and just commodity prices, an internationalfood and agriculture program, technology transfer from North to South, and the democratizationof the economic system [citation needed ]. Overall, the evidence suggests that OPEC did act as a cartel when it adopted output rationing in order to maintain price .[34]

According to US government, in 2011 OPEC will break above the $1 trillion mark earnings forthe first time at $1.034 trillion and it is beating the $965 billion peak set in 2008 .[35]

Sustainability

According to Mikael Höök, who researches the life cycles of oil fields, despite technologicaladvances that increase the productivity of oil wells, the rate of decline of oil fields willeventually increase as time continues .[36] Energy policy expert Joyce Dargay accuses OPEC,along with several other institutions, of drastically under predicting future oil demand by 2030by more than 25%, a difference of 28 million barrels per day (4,500,000 m 3 /d) or about twice thecurrent amount supplied by Saudi Arabia .[37]

Quotas circa 2005

OPEC Quotas and Production in thousands of barrels per day [38] Country Quota (7/1/05) Production (1/07) Capacity

Saudi Arabia 10,099 9,800 12,500Algeria 894 1,360 1,430Angola 1,900 1,700 1,700Ecuador 520 500 500Iran 4,110 3,700 3,750

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OPEC Quotas and Production in thousands of barrels per day [38] Country Quota (7/1/05) Production (1/07) Capacity

Iraq 1,481Kuwait 2,247 2,500 2,600

Libya 1,500 1,650 1,700Nigeria 2,306 2,250 2,250Qatar 726 810 850United Arab Emirates 2,444 2,500 2,600Venezuela 3,225 2,340 2,450

Total 29,971 29,591 30,330

See also

Energy portal

References

1. ^ "OPEC Statute" (PDF). Organization of the Petroleum Exporting Countries. 2008. p. 8.Retrieved 8 June 2011. "English shall be the official language of the Organization."

2. ^ OPEC: Brief History

3.

^ "OPEC says Indonesia has suspended organization membership" . Forbes.com. 10September 2008. Retrieved 2010-10-03.4. ^ Chapter I, Article 2 of The Statute of the organization of the Petroleum Exporting

Countries (as amended)5. ^ Hammes, David and Wills, Douglas. ―Black Gold: The End of Bretton Woods and the

Oil-Price Shocks of the 1970s,‖ The Independent Review , v. IX, n. 4, Spring 2005. pp.501-511 .[1]

6. ^ http://www.turquoisepartners.com/iraninvestment/IIM-Nov10.pdf 7. ^ BP plc . "British Petroleum table of world oil production" . Retrieved June 18, 2007.8. ^ "Is Opec Losing Control Over Oil Price?" . Al Jazeera English. Retrieved 2010-12-19.9. ^ "Is OPEC About to Lose Control of the Spigot?" . BusinessWeek . 2003-01-20.

Retrieved 2010-12-19.10. ^ OPEC, by Benjamin Zycher: The Concise Encyclopedia of Economics: Library of Economics and Liberty [dead link ]

11. ^ "Ecuador Set to Leave OPEC" . The New York Times . September 18, 1992. RetrievedMay 20, 2010.

12. ^ "Gabon Plans To Quit OPEC - NYTimes.com" . New York Times. 1995-01-09.Retrieved 2010-10-03.

13. ^ Angola, Sudan to ask for OPEC membership Houston Chronicle

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14. ^ Indonesia to withdraw from Opec 15. ^ [2][dead link ] 16. ^ Clark,F.,Hushour,J.,Reinholtz,N.,Reniers,A.,Rich,S.,Smith,A.Z.,Torres,J.,(2009, 2010).

The plaid avenger.Kendall/Hunt Publishing Company.17. ^ http://www.envirothonpa.org/documents/The1973OilCrisis.pdf

18. ^ "Carlos the Jackal: Trail of Terror, Parts 1 and 2 — 'The Famous Carlos' — CrimeLibrary on" . Trutv.com. Retrieved October 23, 2010.

19. ^ http://www.eia.doe.gov/emeu/cabs/OPEC_Revenues/OPEC.html 20. ^ [3][dead link ] 21. ^ Nick A. Owen, Oliver R. Inderwildi, David A. King (2010). "The status of

conventional world oil reserves — Hype or cause for concern?". Energy Policy 38 (8):4743 – 4749. doi:10.1016/j.enpol.2010.02.026 .

22. ^ Speech by Minister of Petroleum and Mineral Resources Ali Al-Naimi: Saudi oilpolicy: stability with strength

23. ^ Washington diary: Oil addiction 24. ^ Saudis Vow to Ignore OPEC Decision to Cut Production

25. ^ "Who are OPEC Member Countries?" . Organization of the Petroleum ExportingCountries. Retrieved 4 January 2009. [dead link ]

26. ^ "Field Listing - Population" . CIA World Factbook . Central Intelligence Agency.Retrieved 4 January 2009.

27. ^ "Field Listing - Area" . CIA World Factbook . Central Intelligence Agency. Retrieved 4January 2009.

28. ^ Noah, Timothy (2007-07-10). "Go NOPEC! Congress takes on the biggest, baddestorganization of all" . Slate. Retrieved 2009-08-21.

29. ^ Noah, Timothy (2003-09-18). "Is Bremer a Price Fixer? Letting Iraq's oil ministerattend an OPEC meeting may violate the Sherman Antitrust Act" . Slate.

30. ^ http://www.arabnews.com/node/237468 31. ^ http://www.opec.org/opec_web/en/press_room/1077.htm 32. ^ "Indonesia to withdraw from OPEC" . BBC News. 2008-05-28.33. ^ Iraq emerges as new ‗swing producer‘ in Opec 34. ^ http://fmwww.bc.edu/EC-P/WP318.pdf 35. ^ More than $1,000 billion earnings 36. ^ Höök, Mikael, Robert Hirsch, and Kjell Aleklett. "Giant Oil Field Decline Rates and

their Influence on World Oil Production." Energy Policy 37.6 (2009): pg 2271.37. ^ Dargay, Joyce M., and Dermot Gately. "World Oil demand‘s Shift Toward Faster

Growing and Less Price-Responsive Products and Regions." Energy Policy 38.10 (2010):pg. 6272

38. ^ Quotas as reported by the United States Department of Energy Top 10 countries

by windpower electricity production

(2010 totals )[50]

Country Windpower production

(TWh) % world total

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United States 95.2 27.6

China 55.5 15.9

Spain 43.7 12.7

Germany 36.5 10.6

India 20.6 6.0

United Kingdom 10.2 3.0

France 9.7 2.8

Portugal 9.1 2.6

Italy 8.4 2.5

Canada 8.0 2.3

(rest of world) (48.5) (14.1)

World total 344.8 TWh 100%