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OPEC

OPEC. Organization of the Petroleum Exporting Countries. Brief History. It is a permanent, intergovernmental organization created September 10-14, 1960 The founding countries are: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela The headquarters are in Vienna, Austria

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OPEC

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  1. OPEC Organization of the Petroleum Exporting Countries

  2. Brief History • It is a permanent, intergovernmental organization created September 10-14, 1960 • The founding countries are: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela • The headquarters are in Vienna, Austria • Objective: co-ordinate and unify petroleum policies among countries, secure fair and stable prices • Purpose: Limit supplies in hopes of keeping prices high

  3. 1960’s • Low-profile activities • Adopted resolutions and engaged in negotiations with the companies • Membership grew to 10 countries • Companies: Exxon, Shell, BP, Mobil, Chevron, Gulf and Texaco

  4. 1970’s • Rose to international prominence • Had a major say in the price of crude oil in the world • 2 oil crises • 1) 1973 Arab oil embargo • 2) 1979 Iranian Revolution • Oil prices rose steeply

  5. 1980’s • Prices rose at the beginning of decade • Decline happened right before 1986 collapse • Environmental issues began to appear on the international agenda • Prices fluctuated during this decade

  6. 1990’s • Price crisis due to hostilities in the Middle East • Prices increased, then were stable until 1998 • There were increasing disagreements between major international oil companies • Climate change negotiations threatened heavy decreases in future oil demand

  7. OPEC Member Non-OPEC • Algeria • Angola • Indonesia • Iran • Iraq • Kuwait • Libya • Nigeria • Qatar • Saudi Arabia • Venezuela • United States • Mexico • Russia • China • Canada • Norway • United Kingdom

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