Opec
O P E C
ORGANIZATION
OF THE
PETROLEUM
EXPORTING
COUNTRIES
EXPORT MEMBERS
NAME | ROLL NO. | PRERNA BAJORIA | 63 | DEVANSH DOSHI | 66 | POOJA JAIN | 90 | AKSHALI SHAH | 113 | SONIKA GAMBHIR | 114 | RESHMA LALA | 115 |
WHAT DOES OPEC STAND FOR?
The Organization of the Petroleum Exporting Countries (OPEC) was created in 1960 to unify and protect the interests of oil-producing countries. The Organization of the Petroleum Exporting Countries (OPEC) is a group of twelve states made up of Iran, Iraq, Kuwait, Qatar, Saudi Arabia, the United Arab Emirates, Libya, Algeria, Nigeria, Angola, Venezuela and Ecuador. The organization has maintained its headquarters in Vienna since 1965, and hosts regular meetings among the oil ministers of its member states. OPEC allows oil-producing countries to guarantee their income by coordinating policies and prices among them. This unified front was created primarily in response to the efforts of Western oil companies to drive oil prices down. The original members of OPEC included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. OPEC has since expanded to include seven more countries (Algeria, Angola, Indonesia, Libya, Nigeria, Qatar, and United Arab Emirates) making a total membership of 12.
OPEC represents a considerable political and economical force. Two-thirds of the oil reserves in the world belong to OPEC members; likewise, OPEC members are responsible for half of the world 's oil exports. The fact that OPEC controls the availability of a substance so universally sought after by modern society renders the organization a force to be reckoned with. BRIEF HISTORY
Venezuela and Iran were the first countries to move towards the establishment of OPEC in the 1960s by approaching Iraq, Kuwait and Saudi Arabia in 1949, suggesting that they exchange views and explore avenues
ORGANIZATION
OF THE
PETROLEUM
EXPORTING
COUNTRIES
EXPORT MEMBERS
NAME | ROLL NO. | PRERNA BAJORIA | 63 | DEVANSH DOSHI | 66 | POOJA JAIN | 90 | AKSHALI SHAH | 113 | SONIKA GAMBHIR | 114 | RESHMA LALA | 115 |
WHAT DOES OPEC STAND FOR?
The Organization of the Petroleum Exporting Countries (OPEC) was created in 1960 to unify and protect the interests of oil-producing countries. The Organization of the Petroleum Exporting Countries (OPEC) is a group of twelve states made up of Iran, Iraq, Kuwait, Qatar, Saudi Arabia, the United Arab Emirates, Libya, Algeria, Nigeria, Angola, Venezuela and Ecuador. The organization has maintained its headquarters in Vienna since 1965, and hosts regular meetings among the oil ministers of its member states. OPEC allows oil-producing countries to guarantee their income by coordinating policies and prices among them. This unified front was created primarily in response to the efforts of Western oil companies to drive oil prices down. The original members of OPEC included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. OPEC has since expanded to include seven more countries (Algeria, Angola, Indonesia, Libya, Nigeria, Qatar, and United Arab Emirates) making a total membership of 12.
OPEC represents a considerable political and economical force. Two-thirds of the oil reserves in the world belong to OPEC members; likewise, OPEC members are responsible for half of the world 's oil exports. The fact that OPEC controls the availability of a substance so universally sought after by modern society renders the organization a force to be reckoned with. BRIEF HISTORY
Venezuela and Iran were the first countries to move towards the establishment of OPEC in the 1960s by approaching Iraq, Kuwait and Saudi Arabia in 1949, suggesting that they exchange views and explore avenues
Links: data, and text will post when ready. On the other hand, recall how things were for the OPEC members for that brief period after oil hit the record high. The cash disappeared at alarming rates, payments were in doubt, populations restless, with oil at under $40. Now suppose alternative products to oil were profitable at $40 per barrel – now you’re thinking what Big Oil is thinking and not saying.