OPEC

The Organization of Petroleum Exporting Countries ( OPEC short of english Organization of Petroleum Exporting Countries ) is an international organization founded in Baghdad in 1960.

Since 1965, the cartel has its headquarters in Vienna. The original members were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Later joined seven other countries: Qatar (1961 ), Libya (1962 ), the United Arab Emirates ( 1967), Algeria (1969 ), Nigeria (1971) and Angola ( 2007). Ecuador from 1973 to 1992 Member and Gabon 1975 until 1992. On November 17, 2007 Ecuador returned after 15 - year break in the organization. Indonesia has emerged in January 2009.

The OPEC member states promote about 40 percent of world oil production and have three-quarters of world oil reserves. However, some experts suspect as Matthew Simmons, among other things, that the information on the reserves as Saudi Arabia are not applicable. After all non- OPEC countries their peak (see global peak oil ) have passed, it is expected that the influence of OPEC increases. Among the world's ten largest oil promoters are Saudi Arabia, Iran, Kuwait, Venezuela and the United Arab Emirates in OPEC.

Objectives

The goal of OPEC is a monopolized oil market, which can hedge against the price formation on the world market by establishing production quotas for individual OPEC members and the regulation of petroleum production. Due to the artificial shortage or increasing oil production, the price of oil to the world be so depressed, stabilized or lifted by agreement of all OPEC member countries that it is within a specified target price range. This target price range, is also the variable, but taken as a guide for an extended period of time.

However, it also happens that individual members do not adhere to the established production quotas, but pursue their own economic and political objectives. For example, in 2008 Indonesia announced his resignation, since the OPEC price expectations for the larger domestic market represent a higher burden than could be offset by expensive exports again. (Indonesia in 2008 by decreasing flow rates a net importer, so lost its ability to produce more oil than it needs for its own use. )

As OPEC hardliners are especially Algeria, Iran, Libya and Venezuela. So OPEC Chakib Khelil chairman 24 spoke openly in the French channel France of possible price increases of up to 400 dollars per barrel, if rule about unity.

Other OPEC countries also give the demands of industrialized countries under less restricted funding rates against the risk of a recession but partly after. As a countermeasure, some OPEC countries operate, however, again reinforced with affluent investors in the financial markets. This works so that government index investors about the state of their own fund focuses on the traded commodity indices as participate in the media often only supposed speculators.

Organs

The supreme bodies of OPEC are:

In addition, there also the following organs:

Furthermore, a Legal Counsel (General Legal Council) as well as an Internal Auditor ( Auditor ) were established.

President

The so-called OPEC President is actually only the President of the Ministerial Conference and appointed as such only to the presidency of the meeting at which he was elected. He retains the position until the next meeting of the Ministerial Conference ( the statutes according to semi-annually take place ).

Mode of action and influence

The organization works as follows: Twice a year, the authorities responsible for energy and oil minister of OPEC member countries to meet the Ministerial Conference to assess the state of the oil market and to take appropriate measures to are intended to ensure a stable oil market, while their own oil to secure profits. This conference are then award the new guidelines. Significant policies are setting the oil production quotas that are linked to the existing reserves since 1985. When exceeding the quotas established the Ministerial Conference may initiate sanctions. ( This is as yet not occurred, because the countries concerned its oil reserves in the past clearly - and apparently artificial -. 've Upgraded)

The publicity leads the Secretariat. Him are the tasks of the research in energy and finance, statistics continue to be made and released. Also, lectures and seminars are the responsibility of the Secretariat. It also features a large library, which is open to representatives of the Member States as well as researchers and students. The Secretariat is financed by contributions from Member States. The representative of the Secretary-General of OPEC, who is also Head of the Secretariat. This is either elected or appointed for three years alphabetically by the principle of rotation for two years. Departments of the Secretariat are: research, energy studies, economics and finance, data service, personnel and administration, OPECNA (OPEC News Agency ), Office of the Secretary General and Legal Affairs.

History

During the 1950s, the oil price fell because of the development of ever- new sources and the associated oversupply on the world market from continuously, resulting in heavy losses in the state coffers of oil producing countries. Around 1960, several of them, therefore, were in serious budget crises. In this situation, Saudi Arabia proposed the creation of a conveyor cartel. It should not only control the flow rate, but also act as a counterweight to the big oil companies, the profits generated on the basis of contracts from the colonial period largely without the participation of the States on whose territory lay the oil wells.

On September 14, 1960, OPEC was founded in Baghdad. Its first members were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The first measures a broad nationalization of the oil wells, the future deny the delivery rates and increased taxation of oil companies were agreed. The latter should open an independent on the flow of money source. First, the OPEC remained largely ineffective and was also assessed globally as little punchy, especially since they comprised only a small part of the producing countries.

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