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Topic: OPEC

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In the News (Thu 20 Jun 19)

  OPEC - Wikipedia, the free encyclopedia
For example, in the 1973 energy crisis OPEC refused to ship oil to western countries that had supported Israel in the Yom Kippur War or October War with Egypt and Syria.
At that time, OPEC nations—including many who had recently nationalized their oil industries—joined the call for a new international economic order to be initiated by coalitions of primary producers.
In August 2004, OPEC began communicating that its members had little excess pumping capacity, indicating that the cartel was losing influence over crude oil prices.
en.wikipedia.org /wiki/OPEC   (801 words)

 OPEC, by Benjamin Zycher: The Concise Encyclopedia of Economics: Library of Economics and Liberty
OPEC is a cartel—a group of producers that attempts to restrict output in order to keep prices higher than the competitive level.
The heart of OPEC is the Conference, which comprises national delegations, usually at the level of oil minister.
OPEC faces the classic problem of all cartels: overproduction and cheating by members.
www.econlib.org /library/Enc/OPEC.html   (1542 words)

 Alexander's Gas & Oil Connections - Price fluctuations call OPEC's attention to Russia
OPEC ministers announced that they would cut production by a further 1.5 mm bpd, effective January 1, 2002, subject to the firm commitment by non-OPEC producers to reduce their output volumes by 500,000 bpd simultaneously.
OPEC's position is that some 2 mm bpd of crude needs to be removed from the market in order to bring the price of the OPEC basket back up to within the group's preferred range of $ 22-28 per barrel range.
OPEC denies that it is threatening a price war, but instead insists that it is looking for help in addressing the issues of declining demand and subsequent falling prices.
www.gasandoil.com /goc/news/ntm15152.htm   (954 words)

In the last year and a half, OPEC appears to have been defending price at the expense of market share, a situation that might be changing.
Prior to the crisis, the EIA Outlook indicated that unless the OPEC 10 eased off their new quotas, there was a very real possibility that these low inventories would create upward pressure on oil prices as the winter heating season approached.
With the large increase in OPEC 10 production that began during September 2001 and the decline in world oil demand, OECD commercial stocks are projected to loosen and move into the middle of their normal range in 2002.
sjalam.tripod.com /OPEC.htm   (2538 words)

 Alexander's Gas & Oil Connections - OPEC leaders defend their oil policies
At the first OPEC summit in 25 years, leaders insisted there was little reason to raise the amount of oil they're producing.
OPEC officials maintain that taxes on gasoline, speculation in futures markets, and bottlenecks in transportation and refining are to blame for high prices.
Clinton said he acted because it was "the most prudent thing to do." OPEC heads of state held bilateral meetings, finishing the final draft of a summit declaration of the cartel's long-term goals that will be released.
www.gasandoil.com /goc/news/ntm04275.htm   (623 words)

 Organization of Petroleum Exporting Countries - OPEC
An organization consisting of the world's major oil-exporting nations, OPEC was founded in 1960 to coordinate the petroleum policies of its members and to provide member states with technical and economic aid.
OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.
OPEC membership is open to any country that is a substantial exporter of oil and that shares the ideals of the organization.
www.investopedia.com /terms/o/opec.asp   (223 words)

 OPEC adjourns; no deal - Mar. 27, 2000
LONDON (CNNfn) - Leaders of OPEC adjourned their meeting in Vienna Monday with no agreement on boosting the global supply of oil, though members pledged to resume talks Tuesday to strike a deal on exactly how much they'll release onto world markets beginning next month.
OPEC produces about 40 percent of the world's oil supply, with the United States being its biggest customer.
In addition, part of the extra supply that makes its way from OPEC will be used to restock depleted supplies, leaving refiners with even less of the raw material to work with.
money.cnn.com /2000/03/27/worldbiz/opec_meeting   (1348 words)

 Opec looks to non-Opec states for price changes -DAWN - International; October 7, 2003
But Opec’s policy of supply management to maintain prices within the group’s preferred 22 to 28 dollars a barrel price band implies a preparedness to cede market share to producers outside the organization, unless non-Opec producers contribute output cuts of their own as they did in 1999 and 2002.
With Opec itself, member countries have suggested that they are reaching the point where major new output cuts, whether decided at an upcoming meeting in Vienna in December or in 2004, will need to be matched by cutbacks from non-Opec producers.
Opec’s willingness to defend not just the 22-28 dollars a barrel price band but the median point of 25 dollars a barrel has also demonstrated that the balance of Opec price policy is on the hawkish side.
www.dawn.com /2003/10/07/int5.htm   (530 words)

 OPEC Brief
OPEC calculated that on June 15 (the last day that the old reference basket was calcuated), the new basket would have averaged $50.03 barrel, over $2 per barrel less than the old basket price of $52.26 per barrel.
OPEC decided to raise its production quotas from 23 million barrels per day to 24.5 million barrels per day, effective February 1, 2003, in order to ensure adequate supplies of crude in response to the oil supply shortfall in Venezuela.
OPEC authorized an additional 500,000 barrels per day increase in its quotas "should oil prices remain at current levels or continue to rise further." OPEC also decided to replace its previous OPEC reference basket of seven crude oils with a new one consisting of eleven crude streams, effective June 16.
www.eia.doe.gov /emeu/cabs/opec.html   (1721 words)

 CNN.com - OPEC meeting changes little - Oct. 29, 2001
OPEC is hoping a cut of about one million barrels per day in its own output will remove excess supply from world markets and force its export prices back to a targeted $25 a barrel from below $19 last week.
It is an uphill task for OPEC, which controls two-thirds of world exports, because few outside the cartel see their interest served by restricting output.
OPEC analysts estimate the 76 million bpd market is now about 1.0-1.5 million bpd oversupplied because demand growth evaporated after last month's attacks.
edition.cnn.com /2001/BUSINESS/10/29/opec   (770 words)

 A brief history of OPEC
OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
Activities were generally of a low-profile nature, as OPEC set out its objectives, established its Secretariat, which moved from Geneva to Vienna in 1965, adopted resolutions and engaged in negotiations with the companies.
OPEC rose to international prominence during this decade, as its Member Countries took control of their domestic petroleum industries and acquired a major say in the pricing of crude oil on world markets.
www.opec.org /aboutus/history/history.htm   (555 words)

 OpinionJournal - The Real World
But at its core, OPEC is a creature of the royal family of Saudi Arabia, who have enthroned themselves atop the world's largest oil reserves, estimated at more than 20% of the global total, and among the cheapest by far to produce.
OPEC, in turn, confers unearned dignity and respect on its select bunch of oil despots by way of being a rich, established institution, with a regular place on the calendar of world events, and an address in Vienna.
OPEC's overall rate of economic growth this year is estimated by its own analysts at 1.4%, or less than half the world average of 2.9%.
www.opinionjournal.com /columnists/cRosett/?id=110003813   (1123 words)

 Raymond J. Learsy on OPEC on National Review Online
OPEC president Abdullah bin Hamad al-Attiyah said he received a call from Russia's oil minister, Igor Yusufov, before the start of the September 24 meeting: "He said he will support us and he will cooperate" if prices look to fall sharply.
OPEC would like to see these friendly sentiments result in output cuts to prop up prices: "Support is nice, but we should cash it in the bank," al-Attiyah said.
OPEC is an ugly cartel, a sty in the eye of free trade and sound global economic policy.
www.nationalreview.com /comment/learsy200312040900.asp   (1276 words)

 Bloomberg Printer-Friendly Page
The Qatari, Abdullah bin Hamad al-Attiyah, said OPEC is near a consensus to boost its output quota by 2.5 million barrels a day, or 11 percent, a plan also backed by Kuwait.
OPEC can't always control prices, and Saudi Arabia plans to ensure demand is always met, he said.
OPEC president Purnomo and ministers from Qatar and Kuwait have said the group won't formally suspend its system of oil quotas.
quote.bloomberg.com /apps/news?pid=71000001&refer=home&sid=aHYsXeITnM5Q   (836 words)

For 1998 as a whole, OPEC is expected to earn $101 billion in oil export revenues, down 32% from $149 billion in 1997 (see Table 1).
If agreed-upon OPEC output cuts (see EIA analysis of OPEC 1998 cutbacks) fail to boost oil prices, it is possible that 1998 will be the worst year for OPEC revenues (in real terms) since 1972 including 1986, following the oil price collapse of late 1985/early 1986.
Saudi Arabia is the largest OPEC oil producer and as a leader in the organization's production quota decisions, including the decision of December 1, 1997, to raise the OPEC oil production ceiling by 10% (although actual OPEC production increased by less than 2% between November 1997 and February 1998).
www.irvl.net /OPEC-FACTSHEET.htm   (7072 words)

 OPEC considers move in early 2004
Although Naimi seemed to support other OPEC oil ministers’ calling for no change in official output Thursday, he warned that “there is a high possibility” OPEC will have to cut production early next year.
OPEC fears prices might plunge during the second quarter of 2004, when demand typically ebbs as warmer weather in the Northern Hemisphere means people buy less heating oil for their homes.
OPEC should indicate in its statement that it will reduce its production starting from February,” he told the paper.
www.msnbc.com /news/mobilechannel/1001134.asp?s=COM   (636 words)

The Organization of the Petroleum Exporting Countries (OPEC) was formed at the Baghdad Conference in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to serve as a platform for oil producers to achieve their economic objectives.
OPEC’s objective is to coordinate and unify petroleum policies among the member countries to secure fair and stable prices for petroleum producers, an efficient economic and regular supply of petroleum to consuming nations and a fair return on capital to those investing in the industry.
OPEC has also tried to use its economic clout for political purposes, most notably during the Yom Kippur War of 1973 (also known as the October War).
www.jewishvirtuallibrary.org /jsource/US-Israel/opec.html   (496 words)

 Under the Radar: OPEC's False Hope
That OPEC made the cut contingent on support from nonmembers, such as Norway, Russia and Mexico, further shows the growing helplessness of the cartel in controlling world energy prices.
OPEC members themselves are poor barrel counters when it comes to quotas.
If correct, OPEC members will have ignored their own directive and, instead, simply come closer to fulfilling the previously announced reductions of 3.5 million bpd.
www.thestreet.com /comment/chrisedmonds/10005959.html   (1085 words)

 OPEC - Encyclopedia.WorldSearch   (Site not responding. Last check: 2007-10-21)
If OPEC has an official language, it would warrant mention.
Does OPEC carry out all of their meetings, etc in English, despite having 6 of the 11 members as Arabic speaking countries?
They see the long run increase in oil prices, not as a result of OPEC's output restrictions, but as a result of monetary policy which since the early 1970s has abandoned the discipline of the gold standard, which allowed the growth of M1, which has lead to inflation, which increases the price of commodities.
encyclopedia.worldsearch.com /opec.htm   (949 words)

 OPEC agrees oil cut - Dec. 28, 2001
OPEC has also made a pact with the world's leading independent producers, including Russia, Norway and Mexico, for production cuts of 462,500 bpd from January.
OPEC had said in November it was prepared to implement its fourth round of production cuts in a year, but only if rival non-aligned countries that include Russia, Mexico and Norway, also restrained output.
OPEC, which pumps about a third of the world's oil, had said its move to slash output will be contingent on non-OPEC oil producers cutting their exports.
money.cnn.com /2001/12/28/international/opec   (492 words)

 Free Markets Would Be OPEC's Undoing - Mises Institute
Based on an annual OPEC production of about 11 billion barrels of oil, every dollar that the average annual price of a barrel of oil can be made to fall means approximately $11 billion dollars a year less going to OPEC—and thus correspondingly less money directly or indirectly available with which to finance terrorism.
And to the extent that OPEC sought to prevent a fall in price by equivalently curtailing its own production, it would be deprived of the full amount of the revenues it had earned on that production.
In addition, any maintenance of the high price by OPEC would serve only to put revenues and profits that it had been earning into the pockets of its American competitors, who would thereby have the financial means as well as the incentive to further expand at OPEC’s expense.
www.mises.org /fullarticle.asp?control=784   (1153 words)

 OPEC   (Site not responding. Last check: 2007-10-21)
OPEC-THE ORGANIZATION OF THE PETROLEUM EXPORTING COUNTRIES is a permanent, intergovernmental Organization, created at the Baghdad Conference of September 10-14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
OPEC is an intergovernmental organization dedicated to the stability and prosperity of the petroleum market, as enshrined in the OPEC Statute.
OPEC Membership is open to any country which is a substantial net exporter of oil and which shares the ideals of the Organization.
www.solcomhouse.com /OPEC.htm   (296 words)

 OPEC   (Site not responding. Last check: 2007-10-21)
Founded September 14, 1960 at a Baghdad conference, OPEC originally consisted of only five countries.
The members of OPEC constitute a cartel whose purpose is to agree on the quantity and price of the oil their countries export.
Through coordinated effort OPEC seeks to regulate oil production and thereby manage oil prices, primarily by setting quotas for its members.
www.worldhistory.com /wiki/O/OPEC.htm   (768 words)

 Chronology of World Oil Market Events 1970 - 2003   (Site not responding. Last check: 2007-10-21)
OPEC approves plan providing for 25 percent government ownership of all Western oil interests operating within Kuwait, Qatar, Abu Dhabi and Saudi Arabia beginning on January 1, 1973, and rising to 51 percent by January 1, 1983.
OPEC oil ministers meeting in Cairo agree to reduce their crude oil output quotas by a combined 1.5 million barrels per day (about 6.5%) for a six-month period beginning January 1, 2002.
OPEC received commitments for 462,500 barrels per day of the 500,000 barrels per day in cuts that it had requested from non-OPEC exporters, close enough to the target for OPEC to go ahead and implement its concomitant cuts.
www.eia.doe.gov /emeu/cabs/chron.html   (17914 words)

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