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the Organization of the Petroleum Exporting Countries (OPEC)
[14]
, is Asia, Africa, Latin American oil
Producing country
To coordinate member countries' oil policies against Western oil
Monopoly capital
International Organization for Exploitation and Control, established in 1960
Iraq
capital
Baghdad
Established.
[14]
Its purpose is to coordinate and unify the oil policies of member countries and maintain international oil
Market price
Stability to ensure that oil producing countries receive stable income. The highest authority is the Assembly of member States, composed of delegations of member states, which is responsible for making decisions
General policy
The executive body is the Council, and the daily work is handled by the secretariat. A separate specialized economic Commission was established to help maintain oil price stability. Since its inception, the organization has persisted in fighting against Western oil monopoly capital, in raising oil prices and in implementing
Petroleum industry
Significant progress has been made on nationalization.
[1]
The current 13 Member States are:
Algeria
,
Republic of Congo
,
Equatorial Guinea
,
Gabon
,
Iran
,
Iraq
,
Kuwait
,
Libya
,
Nigeria
,
Saudi Arabia
,
United Arab Emirates
,
Venezuela
.
[2]
Be headquartered in
Austria
Vienna
.
[3]
Qatar
In January 2019, it withdrew from Opec, the organization of Petroleum Exporting Countries. On January 1, 2020,
Ecuador
Withdraw from the Organization of Petroleum Exporting Countries
[4]
.
Angola
It will withdraw from Opec on 1 January 2024.
[22]
On September 5, 2022, Opec and non-OPEC producers (Opec +) said that Opec + decided to once again
Oil production
Cut by 100,000 barrels per day, so October reverts to the terms of the August agreement.
[10]
On October 5, 2022 local time, the Organization of the Petroleum Exporting Countries (Opec) and
Russia
Other non-OPEC producers have agreed on the future
Crude oil production
Agreed to cut production by 2 million barrels per day.
[11]
On November 21, 2022, Saudi Arabia said that the "Opec +" oil production reduction plan would last until the end of 2023.
[13]
- Chinese name
- Organization of Petroleum Exporting Countries
- Foreign name
- Organization of the Petroleum Exporting Countries
- alias
- Opec (Organization of Petroleum Exporting Countries)
- Abbreviated form
- OPEC
- Establishment time
- September 14, 1960
- Member state
- Saudi Arabia , Iraq , Iran Equal thirteen
- Secretary general
- Hazam Gass
- Head office
- Vienna, Austria
Headquarters of the Organization of Petroleum Exporting Countries since September 1960
Switzerland
Geneva
Move to
Austria
capital
Vienna
. The Organization of Petroleum Exporting Countries is
Third world
Establish the earliest and most influential raw materials
Producing country
And the output organization. Oil is the main source of energy in the post-war world. In the early post-war period, the exploration, exploitation and sale of oil in the world were almost entirely controlled by western oil monopolies. The consequences of this monopoly control are the West
Developed country
obtained
Excess profit
The third world's major oil producers
Economic benefit
But it was damaged. In order to compete with the major oil companies (mostly American, British and German), so as to reduce
Oil price
And the burden on producers. Originally the organization was just one
unofficial
The bargaining group is sold to third World countries at reduced prices. Such scale limits its relationship with
Occidental Petroleum corporation
To strive for greater interests
occupancy
And higher levels
Production control
. In the early 1970s, however, it began to show its usefulness.
On June 2, 2022 local time, the Organization of Petroleum Exporting Countries (Opec) and non-OPEC oil-producing countries, that is, the "Opec +" cooperation mechanism, held the 29th ministerial meeting by video.
[7]
Vienna time on June 30, 2022, the Organization of Petroleum Exporting Countries (Opec) and non-OPEC oil producers held the 30th ministerial meeting by video on the 30th, and decided to increase the monthly production in August this year by 648,000 barrels per day.
[8]
On October 5, 2022 local time, the Organization of the Petroleum Exporting Countries (Opec) and
Russia
Other non-OPEC producers have agreed on the future
Crude oil production
Agreed to cut production by 2 million barrels per day.
[11]
On October 5, 2022 local time,
OPEC
At the ministerial meeting, OPEC+ decided to cut crude oil production to 2 million barrels per day from November and extend the production limit agreement by one year until the end of 2023. This is OPEC+ 's largest production cut since 2020 and is equivalent to 2% of total global oil demand. originally
International oil price
It's been down four months in a row, and when the news came out,
Brent crude oil
The price is approaching $100.
[12]
On November 30, 2023, the press office of the Brazilian Presidential Office reported that the Brazilian government has received an invitation to join "Opec +", which is made up of members of the Organization of Petroleum Exporting Countries (Opec) and non-OPEC producers.
[18]
Israeli-palestinian conflict
The emergence of finally led to
Opec (Organization of Petroleum Exporting Countries)
From a mere conglomerate to a single share
Can not be ignored
the
Political force
. The year 1967
The third Middle East War
Later, Opec's Arab members formed another overlapping organization called
Organization of Arab Petroleum Exporting States
(Organization of Arab Petroleum Exporting Countries (OAPEC), to focus on support
Israel
Western pressure. Not from major oil exporters
Egypt
and
Syria
It also joined the Organization of Arab Petroleum Exporting States to help achieve its goals. Then, in 1973
Yom Kippur War
The outbreak is more determined
Arab country
Of this choice. On account of
America
right
Israel
Emergency supplies, the Israeli army can hold off the Egyptian and Syrian armies, angry
Arab world
In 1973, yes
America
,
Western Europe
and
Japan
With the imposition of the oil embargo in the early 1970s, the big Western oil conglomerates suddenly faced a group of allied producers.
Opec General Assembly
The Opec General Assembly is the highest authority in the organization, and each member country sends a delegation to the assembly headed by the ministers of petroleum, minerals and energy. The Assembly meets twice a year and may meet in special session if necessary. The General Assembly is governed by the principle of unanimity of all member states, each of which has one vote, and is responsible for setting the organization's broad policies and deciding on the appropriate ways to implement them.
The Opec Assembly also decides whether to admit new members and considers reports and recommendations from the Governing Council on the organization's affairs. The Assembly considers and approves the appointment of Governors from any member State and elects the President of the Council. The Assembly shall have the power to request the Council to submit reports or make recommendations on any matter affecting the interests of the Organization. The Assembly also considers the Opec budget report submitted by the Governing Council and decides whether to revise it.
Opec Council
The Opec Council is similar to normal
Commercial institution
The Council shall be composed of members nominated by the Member States and approved by the General Conference for a term of two years. The Council is responsible for managing the day-to-day affairs of Opec, implementing General Assembly resolutions, and drafting
Annual budget
The report shall be submitted to the General Assembly for consideration and adoption. The Council also considers the reports submitted by the Secretary-General to the General Assembly on the day-to-day affairs of Opec.
Opec secretariat
The Opec Secretariat is responsible for the administrative functions of the organization under the leadership of the Governing Council, in accordance with the Organization's regulations. Secretariat by
Secretary general
, research room, data
Service center
Energy Situation Research Department, Oil Market Analysis Department, Administration and Personnel Department,
Information department
, the Office of the Secretary-General and the Legal Room. The secretariat was established in 1961 and was originally located in
Geneva
In 1965, it was moved to
Vienna
. There is a specialized agency within the Secretariat, the Economic Commission, which assists the Organization in transferring international oil
Price stability
On a fair and reasonable level.
It is to coordinate national oil policies, agree on crude oil production and prices, take joint actions to oppose the exploitation and plunder of oil producing countries by Western countries, protect national resources, and safeguard their own interests.
Opec headquarters in Vienna
Publication, Bulletin of the Organization of Petroleum Exporting Countries (monthly); Organization of Petroleum Exporting Countries Review (quarterly); "
Annual report
"; Annual Statistical Report.
According to the "BP World Energy Statistics 2017", the total oil reserves of the organization's members at the end of 2016 were 1220.5 billion barrels, accounting for about 71.5% of the world's oil reserves, of which the top five members were Venezuela (300.9 billion barrels), Saudi Arabia (266.5 billion barrels), Iran (158.4 billion barrels),
Iraq
(153 billion barrels) and Kuwait (101.5 billion barrels). In 2016, the crude oil production of the members of the organization was 1,864.2 million tons, accounting for about 42.5% of the world's crude oil production, of which the top five members were
Saudi Arabia
(585.7 million tons),
Iran
(216.4 million tons),
The United Arab Emirates
(182.4 million tons),
Kuwait
(152.7 million tons) and
Venezuela
(124.1 million tons).
[5]
(1 ton =7-7.8 barrels)
This paragraph explains:
The representatives of Opec member countries (mainly the heads of delegations) coordinate and unify their oil policies at the Opec General Assembly to promote the stability and prosperity of the oil market. The Opec Secretariat is responsible for the day-to-day affairs of the organization, receiving instructions from the Council and under the direct leadership of the Secretary-General. Opec Economic Committee, ministers
Supervisory committee
Such as a number of executive agencies, the performance of consultation, consultation, coordination and other functions.
Opec member states analyze and forecast the current situation and market trend, and clarify the rate of economic growth and oil supply and demand
Basic factor
And then negotiate what changes to make in its oil policy. For example, in previous meetings, Opec members have separately decided to raise or reduce the overall size of the organization
Oil production
In order to maintain the stability of oil prices, to provide consumer countries with a stable short -, medium - and long-term oil supply.
In recent years, Opec has repeatedly skyrocketed oil prices to compete with Western developed countries such as the United States, and has played a significant role in balancing world power.
An oil plant in Libya
Opec's decision greatly affects international oil prices. For example, during the 1973 oil crisis, Opec refused to ship oil as a result of the Yom Kippur War.
October War
Supporting Israel against Egypt and Syria
Western countries
. This quadrupled the price of oil for five months, from October 17, 1973, to March 18, 1974. On January 7, 1975, Opec members agreed to raise the price of crude oil by 10%. At the same time, Opec members (including some who just
Petroleum industry
nationalization
Responding to the call of the new international economic order, the country joined and began to unite
Primary producer
. Summarize in
Algiers
Held the first Opec summit, it called for stable and reasonable prices, international food and food
Agricultural plan
From south to north
Technology transfer
, and
Economic system
Democracy.
Unlike other corporate deals, Opec has managed to keep prices rising. Opec owes much of its success
Saudi Arabia
The elasticity of... The country allowed other participating countries to cheat, and reduced its own production to make up for other members' over-quota production. Because the other members are producing at full capacity, Saudi Arabia is the only member with ample storage space and the ability to increase production if needed, which gives them a reliable supply
Leverage effect
.
The policy was so successful that the price of crude oil briefly rose to a level second only to that of refined products. But there are limits to Opec's ability to raise prices. Rising oil prices will lead to a fall in consumption and a net fall in earnings. And rising prices encourage fundamental behavioral changes, such as
Alternative energy
The use of, or
Save energy
The promotion of...
Former president of Iraq
Saddam Hussein
Advocated that Opec raise oil prices to help Iraq and other member countries pay interest on their debts, leading up to 1990-1991
Gulf War
The outbreak of... Danin
Iran-iraq War
The Gulf War and the Gulf War caused a rift among Opec members, making this a period of inter-OPEC
cohesion
Reach a low point. As these conflicts dissipated, oil prices began to slide.
When the price of oil fell to about $10 a barrel, after
Presidents of Venezuela
Chavez Frias
Diplomatic mediation
After successful coordination, the resumption of proportional oil production began in 1998. In 2000, Chavez hosted a summit of heads of state for the 25th anniversary of Opec's founding. In August 2004, Opec began to report that its members had only a small amount of capacity to increase production, indicating that Opec's influence on crude oil prices was fading.
Indonesia
Its membership is being reviewed because Indonesia is no longer a net oil exporter and does not have sufficient capacity to meet its production quota.
Opec regulations state that "crude oil is indeed available in accordance with the fundamental interests of the member countries.
Net export
Any State which has been admitted by a three-fourths majority of the full members and unanimously by all the founding members may become a full member of the Organization." The Organization's regulations further distinguish three categories of members: founding members - the countries that attended the first Opec meeting in Baghdad, Iraq, in September 1960 and signed the original agreement establishing Opec; Full members - including founding members, as well as all countries whose application to join Opec has been accepted by the General Conference; Associate Member - a State that has not attained full membership but is admitted to the General Conference in exceptional circumstances as determined by the General Conference.
Currently, Opec has 13 member countries, which are:
Algeria
(1969),
Iran
(1960),
Iraq
(1960),
Kuwait
(1960),
Libya
(1962),
Nigeria
(1971),
Saudi Arabia
(1960),
United Arab Emirates
(1967),
Venezuela
(1960),
Angola
(2007),
Gabon
(Joined in 1975, withdrew in 1995, joined again in 2016),
Equatorial Guinea
(2017),
Republic of Congo
(2018)
(Note:
Indonesia
Joined in 1962, its status was frozen in January 2009, reactivated in January 2016, and suspended again at the 171st meeting of the Opec meeting on September 30, 2016
Member state
Identity;
Qatar
Exit in January 2019;
Ecuador
To withdraw in January 2020)
[2]
.
On December 3, 2018,
Qatar
Announced that it will withdraw from the Organization of Petroleum Exporting Countries (OPEC) in January 2019.
[19]
On December 21, 2023, Angola said it would withdraw from the Organization of the Petroleum Exporting Countries (Opec).
[20]
Opec regulations require that the organization is committed to the stability and prosperity of the oil market, so in order to ensure the interests of both producers and consumers, Opec implements the oil production quota system. If demand for oil rises, or if some producers reduce their output, Opec will increase its output to stop oil prices from soaring. To stop the slide in oil prices, Opec may also argue
Market situation
Reduce oil production.
Opec does not control the international oil market because its members' oil,
Natural gas production
They account for only the world's oil and natural gas
Total output
40% and 14%. But Opec members export the world's oil
Volume of trade
It has a strong influence on the international oil market, especially when it decides to reduce or increase oil production. Opec aims to maintain the stability and prosperity of the oil market and is committed to providing consumers with a stable supply of oil at reasonable prices, taking into account the interests of both producers and consumers. Opec does this by voluntarily reducing oil production or increasing it when the market is undersupplied. For example, in 1990
Gulf crisis
During the same period, Opec dramatically increased oil production to make up for the 3 million barrels a day gap in the oil market after economic sanctions were imposed on Iraq.
On June 4, 2023, Opec delegates said Opec + reached an agreement to extend production cuts until 2024, but gave no details on the size of the cuts.
[15]
In May 2024, OPEC said Iraq and Kazakhstan had outlined to the group how they would make additional supply cuts to compensate for exceeding their quotas earlier in 2024.
[21]
Abdalla Salem el-Badri, secretary-general of the oil cartel OPEC, said he had met with the then deputy head of China's National Development and Reform Commission
Chen Deming
it
petrochina
Demand, investment and
Strategic petroleum reserve
The problem was discussed. But Badri refused to disclose the contents of the talks. Mr El-badri said Opec welcomed Chinese investment in the upstream and downstream sectors of its members' oil industries. At the same time, the two sides also discussed the member states' investment in China's oil industry. Most of Opec's investment in China's oil industry has been downstream.
[6]
Schematic diagram of the changing proportion of world energy supply
: : Abdul Rahman al-Bazzaz (Iraq) : (1 May 1964-30 April 1965)
: : Ashraf Lutfi (Kuwait) : (1 May 1965-31 December 1966)
: : Muhammad Saleh Joukhdar (Saudi Arabia) : (1 January 1967-31 December 1967)
: : Francisco R. Parra (Venezuela) : (1 January 1968-31 December 1968)
: : Elrich Sanger (Indonesia) : (1 January 1969-31 December 1969)
: : Nadim Pachachi (Iraq) : (1 January 1971-31 December 1972)
: : Ali M. Jaidah (Qatar) : (1 January 1977-31 December 1978)
: : Rene G. Ortiz (Ecuador) : (1 January 1979-30 June 1981)
: : Fadhil J. al-Chalabi (Iraq), (Agent) : (1 July 1983-30 June 1988)
: : Subroto (Indonesia) : (1 July 1988-30 June 1994)
: : Abdallah Salem el-Badri (Libya) : (1 July 1994-31 July 1994)
: : Rilwanu Lukman (Nigeria) : (1 January 1995-31 December 2000)
* Ali Rodriguez Araque (Venezuela) : (1 January 2001-30 June 2002)
: : Alvaro Silva Calderon (Venezuela) : (1 July 2002-31 December 2003)
* Purnomo Yusgiantoro (Indonesia), (Agent) : (1 Jan 2004 &)
* Iin Arifin Takhyan (Indonesia), (Acting for Yusgiantoro) : (1 January 2004 - February 2004)
: : Maizar Rahman (Indonesia), (Acting Yusgiantoro) : (February 2004-31 December 2004)
: : Sheikh Ahmad Fahad Al Ahmad Al Sabah (Kuwait), (Agent) : (1 January 2005)
: : Adnan Shihab-Eldin (Kuwait), (Acting for Al Sabah) : (1 January 2005)
From 21 January 1961 to April 1965, the President of the Council also served as Secretary-General. The functions of President and Secretary-General of the Council were split in April 1965.
On October 9, 2023, the Organization of Petroleum Exporting Countries (Opec) released the World Oil Outlook Report 2023, which raised the global oil demand forecast, predicting that the average daily global oil demand in 2045 will be 116 million barrels, an increase of 16.4% over the average daily demand of 99.6 million barrels in 2022.
[16]
On November 22, 2023, the Organization of the Petroleum Exporting Countries announced that the 187th OPEC General Assembly, the 51st Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 36th OPEC and Non-OPEC Ministerial Meeting (ONOMM), scheduled for November 25-26, would be postponed to November 30.
[17]
