Opec Stands For Organization Of The Petroleum Exporting Countries Essay

They formed the Organization of the Petroleum Exporting Countries, or OPEC. Since the OPEC was instated to protect the interests of oil producers, it could be seen as an example of regional integration. The OPEC is widely considered, throughout the world, as a cartel. This would be an intellectual misconception. The concept of cartel would consider oligarchies limiting competition and monopolies increasing prices. Oppositely, many international oil producers are not members of the OPEC. These non-members saw a fourfold increase in the oil prices, during the 1973 oil embargo. In A history of the modern Middle East, William L. Cleveland and Martin Bunton stated that the immediate objective of the OPEC was “to utilize the collective bargaining power of its member states to pressure the Western oil companies to increase oil prices.”. However, the birth of the OPEC did not occur, overnight. In 1947, the Venezuelan and Iranian delegations held talks in Washington, to coordinate their oil policies. In OPEC: Past and Present, Abdul Amir Q. Kubbah stated that the Arab league had a project of creating an “association of Arab oil-producing countries.”, since 1945. The first OPEC-type grouping occurred in 1953, when Iraqi and Saudi delegates joined forces. The agreement between these two states was the first to involve cooperation from both governments. The Arab League held a summit in Cairo, in 1959. During that summit, “views have been exchanged concerning the

Currently Saudi Arabia is one of the leading producers of oil in the world. However, it is losing its foothold on the market. Many countries, like North America, are increasing their oil production and are looking for ways to become less dependent on foreign oil. The increased competition has caused oil prices to decrease. By producing their own oil, countries not only will increase their revenues, but will also reduce their need to rely on foreign oil. By reducing their need foreign an oil a country does not have to worry that their oil supply will be cut off if they go to war.

The Organisation of the Petroleum Exporting Countries (OPEC) aims to coordinate and unify the petroleum policies of its Member Countries and ensure the

The Middle East is one of the birthplaces of human kind’s civilization. Since the Ancient Egypt, Sumer, the Arab Empire, Turkey Empire, or even to present day, the Middle East has always been a valuable strategic point for not only because of its geographic location but also it full of petroleum and nature gas. According the OPEC (Organization of the Petroleum Exporting Countries) that 66% of the global oil reserves are in the Middle East and only 6% in North America, this makes a lot of powerful countries want to share a pieces of the Middle East, Stephen mentions “Much of the world 's oil wealth exists along the Persian Gulf, with particularly large reserves in Saudi Arabia, Kuwait

This article “Why the Price of Filling Up Has Been Going Down” written by Alan Neuhauser stated that back in 2012. The article analyse fighters with the Islamic State group have seized oil fields, huge swathes of territory and major cities in Iraq and Syria, threatening oil supplies. On normal situation, this is going to threaten markets as it is threaten the supply of oil. Despite of the global unrest the prices at the pump in US are currently at their lowest levels in the year of 2012. According to the article there are several reason which make the price of oil fall, but the main reason which is causing this is the less use of oil crude after the Labor Day.

Short-term: Cleary OPEC policy is to maintain the price down to crumble down the America production especially because of the hydraulic fracking boom. Thus, its goal is to increase production maintaining the oil price low.

Why should we worry about OPEC? Why do we need to get away from foreign oil? OPEC controls the oil prices on the world market. They can raise oil prices to benefit their bottom line. Last November crude oil prices went up 48 cents because Nigerian militants attacked a pipeline affecting oil production (“Oil Prices Find Floor”, n.d). It 's hard on Americans when the oil prices rise and it would be even harder if our foreign oil producers decided to stop trade with us. Not only would we be in danger of not being able to satisfy our wants, but our basic needs such as driving to work could be in danger. That is why this issue is a current geopolitical challenge for the United States.

on this years by providing the oil gap cause for the OPEC embargo to those

Our world economy depends upon petroleum; petroleum, in fact, has shaped the modern world. It has dictated production technologies and methods. It has facilitated the emergence of a worldwide transportation network. It has allowed cites to grow and expand, and determined the spatial landscape of regions. Due to our great need for petroleum, the scope of OPEC¡¦s power surpasses our prowess as an economic superpower, considering OPEC regulates the output and the price of oil from their reserves.

In 1973, Arab states and Israel were in the midst of war. In retaliation of the U.S. resupplying Israeli military, Arab members of the Organization of Petroleum Exporting Countries (OPEC) initiated an embargo against the United States and other countries that supported Israel. This embargo banned petroleum exports to certain countries, introduced cuts in oil production, and had a drastic effect on the U.S. economy (Oil Embargo, 1973–1974). It led to quadrupling oil prices and oil shortages that led to a widespread crisis across the United States and other countries facing the embargo. The crisis caused a global realization that the world seemed to be running out of oil and provided incentive to look to alternative energy

The Organization of the Petroleum Exporting Countries (OPEC) was created in 1960 and has consisted of approximately 14 changing members over the last 55+ years. In 1960, five oil-producing countries formed the core of OPEC

OPEC is a permanent organisation of 12 countries which are world-leaders in oil production. The primary aim of OPEC is to unify petroleum policies between its member countries, to ensure fair and stable oil prices. OPEC also tries to ensure a steady supply of petroleum to oil consuming nations.

Norway has encountered an problem with the oil price decreasing. It is decreasing dramatically and a lot faster than Norway thought it was going to. The price of oil has decreased about 40 percent since July, 2014. This will start to affect countries that are part of the OPEC, which stands for Organization of Petroleum Exporting Countries. This will also affect other countries that gets their oil from Norway. Norway is not part of the OPEC. Although Norway is not a member of the OPEC, "Norway is thus vulnerable to the volatility in oil pricing, and with regard to the structure of the sector and its role in the Norwegian economy, this vulnerability is extended throughout the society as a whole." (Buvarp, Paul).

 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.  Members Qatar (1961) Indonesia (1962) – suspended from January 2009 Libya (1962) United Arab Emirates (1967) Algeria (1969) Nigeria (1971) Ecuador (1973) – suspended (1992- 2007) Angola (2007) and Gabon (1975–1994) Having Headquarters in Vienna Austria Since Sep1, 1965.

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.