Opec And Oil And Exporting Countries

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Consisting of 12 producers of oil and exporting countries Organization of the Petroleum Exporting Countries (OPEC) is one of the intergovernmental organization. Three continents over which the organization is spread is Asia, America, and Africa.12 oil producing countries in the organization are as follows: America, Asia and Africa. These12 countries are: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. The present headquarters of the organization is located in Vienna Austria. During the initial stage, Geneva was the headquarters of the organization.
Major objectives of the organization are to unite and coordinate the policies that govern the export and import of
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Over the years, OPEC has been able to achieve this objective by being focustive on the production of oil. They reduce and increase the production as and when required. For instance, several million barrels of oil was removed from market during the Gulf Crisis in 1990. (www.opec.org).
The three major websites that affect the price of crude oil in the present global market are, New York Mercantile Exchange (NYMEX, http://www.nymex.com), the International Petroleum Exchange in London (IPE,http://www.ipe.uk.com) and the Singapore International Monetary Exchange (SIMEX,http://www.simex.com.sg).
Other websites that also serve information about the price of oil are the web sites of the Paris-based International Energy Agency (IEA, http://www.iea.org) and the US Energy Information Administration (EIA, http://www.eia.doe.gov).
Influence of OPEC in Oil Production and Oil Prices:
In order to coordinate the oil production policies the ministers of the organization meet twice in a year. They discuss about the methods to balance the supply and demand in the future. It is not necessary that the member countries alter the production during the delegation of the meeting. There are 1,199,707 million barrels of crude oil barrels by the end of 2011, representing nearly 81 percent of the total reserves. (www.opec.org).
Given that OPEC Countries deliver around 43 every penny of the world 's raw
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