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Organization of the Petroleum Exporting Countries (OPEC)


Self Description

March 2008: "The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962); Socialist Peoples Libyan Arab Jamahiriya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) -- suspended its membership from December 1992-October 2007; Angola (2007); and Gabon (1975–1994).

The OPEC MCs coordinate their oil production policies in order to help stabilise the oil market and to help oil producers achieve a reasonable rate of return on their investments. This policy is also designed to ensure that oil consumers continue to receive stable supplies of oil."

http://www.opec.org/aboutus/

June 2004: "OPEC is an international Organization of eleven developing countries which are heavily reliant on oil revenues as their main source of income. Membership is open to any country which is a substantial net exporter of oil and which shares the ideals of the Organization. The current Members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

Since oil revenues are so vital for the economic development of these nations, they aim to bring stability and harmony to the oil market by adjusting their oil output to help ensure a balance between supply and demand. Twice a year, or more frequently if required, the Oil and Energy Ministers of the OPEC Members meet to decide on the Organization's output level, and consider whether any action to adjust output is necessary in the light of recent and anticipated oil market developments.

OPEC's eleven Members collectively supply about 40 per cent of the world's oil output, and possess more than three-quarters of the world's total proven crude oil reserves. More details can be found in the FAQ on OPEC, and in the sections on the individual Member Countries, which feature tables with selected oil, gas and economic data."

www.opec.org/About_OPEC/About_OPEC.htm

Third-Party Descriptions

October 2007: "Western diplomats and representatives of financial institutions like the World Bank try to keep up the pressure for elections and good governance measures. But as oil revenues have ballooned, their influence has diminished. This year, Angola joined the Organization of Petroleum Exporting Countries, but limited its cooperation with the International Monetary Fund."

http://www.nytimes.com/2007/10/14/world/africa/14angola.html

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Articles and Resources

Date Fairness.com Resource Read it at:
May 22, 2008 Senators Sharply Question Oil Officials

QUOTE: But while momentum is building for several measures, including a bill that would allow the Organization of the Petroleum Exporting Countries to be sued in American courts under antitrust laws, there is little sign that any of the proposals would do much, if anything, to lower prices quickly.

 New York Times
Oct 14, 2007 As Angola Rebuilds, Most Find Their Poverty Persists

QUOTE: The government’s critics argue that progress would be quicker if public officials were not so busy enriching themselves. In 2003, the weekly newspaper Angolese Samanario published a list of the wealthiest people in Angola. Twelve of the top 20 were government officials; five were former government officials.

 New York Times
Aug 01, 2006 Gas under $2? Don't hold your breath

QUOTE: As more Americans buy hybrid vehicles and smaller cars, they cut down on the oil demand, says Proctor. Automobiles such as the Toyota Prius, the Honda Civic Hybrid and the Chevrolet Silverado Hybrid all give consumers more mileage for their money because they combine the characteristics of a gasoline-powered car and an electric car. The result can mean 20 to 30 more miles per gallon than traditional cars, which can save a ton of money when you consider that the cost of gas is averaging nearly $3 per gallon.

 Bankrate.com
Jun 01, 2004 Many Feeling Pinch After Newest Surge in U.S. Fuel Prices

QUOTE: The [gas price] increases would have economic effects much like a new tax, a regressive one that falls particularly hard on those with the lowest incomes.

 New York Times