4/4/2020 OPEC - Wikipedia

OPEC

The Organization of the Exporting Countries (OPEC, /ˈoʊpɛk/ OH-pek) is an intergovernmental organization of 14 nations, founded on 14 September 1960 in Baghdad by the first Organization of the Petroleum five members (, , , , and ), and headquartered since 1965 in Exporting Countries (OPEC) Vienna, Austria. As of September 2018, the 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies.

The stated mission of the organization is to "coordinate and unify the petroleum policies of its member Flag countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the ."[5] The organization is also a significant provider of information about the international oil market. The current OPEC members are the following: , , , , Iran, Iraq, Kuwait, , , the Republic of the Congo, Saudi Arabia (the de facto leader), the and Venezuela. , Indonesia and are former members.

The formation of OPEC marked a turning point toward national sovereignty over natural resources, and Headquarters Vienna, Austria OPEC decisions have come to play a prominent role in the global oil market and international relations. Official English The effect can be particularly strong when wars or civil disorders lead to extended interruptions in language supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue Type International cartel[1] and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy. In the 1980s, OPEC began setting production targets for its member nations; generally, when the targets are Membership 13 states reduced, oil prices increase. This has occurred most recently from the organization's 2008 and 2016 (March 2020)[2][3][4] decisions to trim oversupply. Leaders Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market • Secretary Mohammed Barkindo competition, but one whose consultations are protected by the doctrine of state immunity under General international law. In December 2014, "OPEC and the oil men" ranked as #3 on Lloyd's list of "the top Establishment Baghdad, Iraq 100 most influential people in the shipping industry".[6] However, the influence of OPEC on • Statute September 1960 https://en.wikipedia.org/wiki/OPEC 1/34 4/4/2020 OPEC - Wikipedia international trade is periodically challenged by the expansion of non-OPEC energy sources, and by the • In effect January 1961 recurring temptation for individual OPEC countries to exceed production targets and pursue conflicting Currency Indexed as USD per barrel self-interests. (US$/bbl)

[7] Website In October 2019, Saudi Arabia invited Brazil to join OPEC. The president of , Roberto OPEC.org (http://www.opec.org/) Castello Branco, in an interview in New York, said that being a member or not of OPEC is not an option currently considered by the Brazilian federal government.[8]

Contents History and impact Post-WWII situation 1959–1960 anger from exporting countries 1960–1975 founding and expansion 1973–1974 oil embargo 1975–1980 Special Fund, now OFID 1975 hostage siege 1979–1980 oil crisis and 1990–2003 ample supply and modest disruptions 2003–2011 volatility 2008 production dispute 2014–2017 oil glut 2017–2020 production cut and OPEC+ 2020 Saudi-Russian price war Membership Current member countries Lapsed members OPEC+ members Observers Vienna Group Leadership and decision-making International cartel https://en.wikipedia.org/wiki/OPEC 2/34 4/4/2020 OPEC - Wikipedia Conflicts Market information Publications and research Crude oil benchmarks Spare capacity Leaders of OPEC member states, as of 2020 See also References Further reading External links

History and impact

Post-WWII situation

In 1949, Venezuela and Iran took the earliest steps in the direction of OPEC, by inviting Iraq, Kuwait and Saudi Arabia to improve communication among petroleum-exporting nations as the world recovered from World War II.[9] At the time, some of the world's largest oil fields were just entering production in the Middle East. The United States had established the Interstate Oil Compact Commission to join the Texas Railroad Commission in limiting overproduction. The US was simultaneously the world's largest producer and consumer of oil; and the world market was dominated by a group of multinational companies known as the "Seven Sisters", five of which were headquartered in the US following the breakup of John D. Rockefeller's original monopoly. Oil-exporting countries were eventually motivated to form OPEC as a counterweight to this concentration of political and economic power.[10]

1959–1960 anger from exporting countries

In February 1959, as new supplies were becoming available, the multinational oil companies (MOCs) unilaterally reduced their posted prices for Venezuelan and Middle Eastern crude oil by 10 percent. Weeks later, the Arab League's first Arab Petroleum Congress convened in Cairo, Egypt, where the influential journalist Wanda Jablonski introduced Saudi Arabia's Abdullah Tariki to Venezuela's observer Juan Pablo Pérez Alfonzo, representing the two then-largest oil-producing nations outside the United States and the Soviet Union. Both oil ministers were angered by the price cuts, and the two led their fellow delegates to establish the Maadi Pact or Gentlemen's Agreement, calling for an "Oil Consultation Commission" of exporting countries, to which MOCs should present price-change plans. Jablonski reported a marked hostility toward the West and a growing outcry https://en.wikipedia.org/wiki/OPEC 3/34 4/4/2020 OPEC - Wikipedia against "absentee landlordism" of the MOCs, which at the time controlled all oil operations within the exporting countries and wielded enormous political influence. In August 1960, ignoring the warnings, and with the US favoring Canadian and Mexican oil for strategic reasons, the MOCs again unilaterally announced significant cuts in their posted prices for Middle Eastern crude oil.[9][10][11][12]

1960–1975 founding and expansion

The following month, during 10–14 September 1960, the Baghdad Conference was held at the initiative of Tariki, Pérez Alfonzo, and Iraqi prime minister Abd al-Karim Qasim, whose country had skipped the 1959 congress.[13] Government representatives from Iran, Iraq, Kuwait, Saudi Arabia and Venezuela met in Baghdad to discuss ways to increase the price of crude oil produced by their countries, and ways to respond to unilateral actions by the MOCs. Despite strong US opposition: "Together with Arab and non-Arab producers, Saudi Arabia formed the Organization of Petroleum Export Countries (OPEC) to secure the best price available from the major oil corporations."[14] The Middle Eastern members originally called for OPEC headquarters to be in Baghdad or Beirut, but Venezuela argued for a neutral location, and so the organization chose Geneva, Switzerland. On 1 September 1965, OPEC moved to Vienna, Austria, after Switzerland declined to extend [15] OPEC headquarters in Vienna diplomatic privileges. (2009 building) During 1961–1975, the five founding nations were joined by Qatar (1961), Indonesia (1962–2008, rejoined 2014-2016), Libya (1962), United Arab Emirates (originally just the Emirate of Abu Dhabi, 1967), Algeria (1969), Nigeria (1971), Ecuador (1973–1992, 2007-2020), and Gabon (1975–1994, rejoined 2016).[2] By the early 1970s, OPEC's membership accounted for more than half of worldwide oil production.[16] Indicating that OPEC is not averse to further expansion, Mohammed Barkindo, OPEC's Acting Secretary General in 2006, urged his African neighbors Angola and Sudan to join,[17] and Angola did in 2007, followed by Equatorial Guinea in 2017.[3] Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers, as an informal mechanism for coordinating policies.[18]

In 1971, an accord was signed between major oil companies and members of OPEC doing business in the Mediterranean Sea region, called the Tripoli Agreement. The agreement, signed on 2 April 1971, raised oil prices and increased producing countries' profit shares.[19]

1973–1974 oil embargo

In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab majority of OPEC plus Egypt and Syria) declared significant production cuts and an oil embargo against the United States and other industrialized nations that supported Israel in the Yom Kippur War.[20][21] A previous embargo attempt was largely ineffective in response to the Six-Day War in 1967.[22] However, in 1973, the result was a sharp rise in oil prices and OPEC revenues, from US$3/bbl to US$12/bbl, and an emergency period of energy rationing, intensified by panic reactions, a declining trend in US oil production, currency devaluations,[21] and a lengthy UK coal-miners dispute. For a time, the UK imposed an https://en.wikipedia.org/wiki/OPEC 4/34 4/4/2020 OPEC - Wikipedia emergency three-day workweek.[23] Seven European nations banned non-essential Sunday driving.[24] US gas stations limited the amount of gasoline that could be dispensed, closed on Sundays, and restricted the days when gasoline could be purchased, based on license plate numbers.[25][26] Even after the embargo ended in March 1974 following intense diplomatic activity, prices continued to rise. The world experienced a global economic recession, with unemployment and inflation surging simultaneously, steep declines in stock and bond prices, major shifts in trade balances and petrodollar flows, and a dramatic end to the post-WWII economic boom.[27][28]

The 1973–1974 oil embargo had lasting effects on the United States and other industrialized nations, which established the International Energy Agency in response, as well as national emergency stockpiles designed to An undersupplied US gasoline station, closed during the oil withstand months of future supply disruptions. Oil conservation efforts included lower speed limits on embargo in 1973 highways, smaller and more energy-efficient cars and appliances, year-round daylight saving time, reduced usage of heating and air-conditioning, better insulation, increased support of mass transit, and greater emphasis on coal, natural gas, ethanol, nuclear and other alternative energy sources. These long-term efforts became effective enough that US oil consumption would rise only 11 percent during 1980–2014, while real GDP rose 150 percent. But in the 1970s, OPEC nations demonstrated convincingly that their oil could be used as both a political and economic weapon against other nations, at least in the short term.[21][29][30][31][32]

But the embargo also meant that a section of the Non-Aligned Movement saw power as a source of hope for their developing countries. The Algerian president Houari Boumédiène expressed this hope in a speech at the UN's 6th Special Session in April 1974:

The OPEC action is really the first illustration and at the same time the most concrete and most spectacular illustration of the importance of raw material prices for our countries, the vital need for the producing countries to operate the levers of price control, and lastly, the great possibilities of a union of raw material producing countries. This action should be viewed by the developing countries as an example and a source of hope.[33]

1975–1980 Special Fund, now OFID A woman uses wood in a fireplace OPEC's international aid activities date from well before the 1973–1974 oil price surge. For example, the Kuwait for heat. A newspaper headline in the foreground shows a story Fund for Arab Economic Development has operated since 1961.[34] regarding a lack of heating oil in the community.

https://en.wikipedia.org/wiki/OPEC 5/34 4/4/2020 OPEC - Wikipedia In the years after 1973, as an example of so-called "checkbook diplomacy", certain Arab nations have been among the world's largest providers of foreign aid,[35][36] and OPEC added to its goals the selling of oil for the socio-economic growth of poorer nations. The OPEC Special Fund was conceived in Algiers, Algeria, in March 1975, and was formally established the following January. "A Solemn Declaration 'reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment,' and called for measures to strengthen cooperation between these countries... [The OPEC Special Fund's] resources are additional to those already made available by OPEC states through a number of bilateral and multilateral channels."[37] The Fund became an official international development agency in May 1980 and was renamed the OPEC Fund for International Development (OFID),[38] with Permanent Observer status at the United Nations.[39]

1975 hostage siege

On 21 December 1975, Saudi Arabia's Ahmed Zaki Yamani, Iran's Jamshid Amuzegar, and the other OPEC oil ministers were taken hostage at their semi-annual conference in Vienna, Austria. The attack, which killed three non-ministers, was orchestrated by a six-person team led by Venezuelan militant "Carlos the Jackal", and which included Gabriele Kröcher-Tiedemann and Hans-Joachim Klein. The self-named "Arm of the Arab Revolution" group declared its goal to be the liberation of Palestine. Carlos planned to take over the conference by force and hold for ransom all eleven attending oil ministers, except for Yamani and Amuzegar who were to be executed.[40]

Carlos arranged bus and plane travel for his team and 42 of the original 63 hostages, with stops in Algiers and Tripoli, planning to fly eventually to Baghdad, where Yamani and Amuzegar were to be killed. All 30 non-Arab hostages were released in Algiers, excluding Amuzegar. Additional hostages were released at another stop in Tripoli before returning to Algiers. With only 10 hostages remaining, Carlos held a phone conversation with Algerian President Houari Boumédienne, who informed Carlos that the oil ministers' deaths would result in an attack on the plane. Boumédienne must also have offered Carlos asylum at this time and possibly financial compensation for failing to complete his assignment. Carlos expressed his regret at not being able to murder Yamani and Amuzegar, then he and his comrades left the plane. All the hostages and terrorists walked away from the situation, two days after it began.[40]

Some time after the attack, Carlos's accomplices revealed that the operation was commanded by Wadie Haddad, a founder of the Popular Front for the Liberation of Palestine. They also claimed that the idea and funding came from an Arab president, widely thought to be Muammar al-Gaddafi of Libya, itself an OPEC member. Fellow militants Bassam Abu Sharif and Klein claimed that Carlos received and kept a ransom between US$20 million and US$50 million from "an Arab president". Carlos claimed that Saudi Arabia paid ransom on behalf of Iran, but that the money was "diverted en route and lost by the Revolution".[40][41] He was finally captured in 1994 and is serving life sentences for at least 16 other murders.[42]

1979–1980 oil crisis and 1980s oil glut

https://en.wikipedia.org/wiki/OPEC 6/34 4/4/2020 OPEC - Wikipedia In response to a wave of oil nationalizations and the high prices of the 1970s, industrial nations took steps to reduce their dependence on OPEC oil, especially after prices reached new peaks approaching US$40/bbl in 1979–1980[45][46] when the Iranian Revolution and Iran–Iraq War disrupted regional stability and oil supplies. Electric utilities worldwide switched from oil to coal, natural gas, or nuclear power;[47] national governments initiated multibillion-dollar research programs to develop alternatives to oil;[48][49] and commercial exploration developed major non-OPEC oilfields in Siberia, Alaska, the North Sea, and the .[50] By 1986, daily worldwide demand for oil dropped by 5 million barrels, non-OPEC production rose by an even-larger amount,[51] and OPEC's market share sank from approximately 50 percent in 1979 to less than 30 percent in 1985.[16] Illustrating the volatile multi-year timeframes of typical market cycles for natural resources, the result [52] was a six-year decline in the , which culminated by plunging more than half in 1986 alone. As one Fluctuations of OPEC net oil export oil analyst summarized succinctly: "When the price of something as essential as oil spikes, humanity does two revenues since 1972[43][44] things: finds more of it and finds ways to use less of it."[16]

To combat falling revenue from oil sales, in 1982 Saudi Arabia pressed OPEC for audited national production quotas in an attempt to limit output and boost prices. When other OPEC nations failed to comply, Saudi Arabia first slashed its own production from 10 million barrels daily in 1979–1981 to just one-third of that level in 1985. When even this proved ineffective, Saudi Arabia reversed course and flooded the market with cheap oil, causing prices to fall below US$10/bbl and higher-cost producers to become unprofitable.[51][53]:127–128,136–137 Faced with increasing economic hardship (which ultimately contributed to the collapse of the Soviet bloc in 1989),[54][55] the "free-riding" oil exporters that had previously failed to comply with OPEC agreements finally began to limit production to shore up prices, based on painstakingly negotiated national quotas that sought to balance oil-related and economic criteria since 1986.[51][56] (Within their sovereign-controlled territories, the national governments of OPEC members are able to impose production limits on both government-owned and private oil companies.)[57] Generally when OPEC production targets are reduced, oil prices increase.[58]

1990–2003 ample supply and modest disruptions

https://en.wikipedia.org/wiki/OPEC 7/34 4/4/2020 OPEC - Wikipedia

One of the hundreds of Kuwaiti oil fires set by retreating Iraqi troops in 1991[59] Fluctuations of oil price, 1988–2015[60]

Leading up to his August 1990 Invasion of Kuwait, Iraqi President Saddam Hussein was pushing OPEC to end overproduction and to send oil prices higher, in order to help OPEC members financially and to accelerate rebuilding from the 1980–1988 Iran–Iraq War.[61] But these two Iraqi wars against fellow OPEC founders marked a low point in the cohesion of the organization, and oil prices subsided quickly after the short-term supply disruptions. The September 2001 Al Qaeda attacks on the US and the March 2003 US invasion of Iraq had even milder short-term impacts on oil prices, as Saudi Arabia and other exporters again cooperated to keep the world adequately supplied.[60]

In the 1990s, OPEC lost its two newest members, who had joined in the mid-1970s. Ecuador withdrew in December 1992, because it was unwilling to pay the annual US$2 million membership fee and felt that it needed to produce more oil than it was allowed under the OPEC quota,[62] although it rejoined in October 2007. Similar concerns prompted Gabon to suspend membership in January 1995;[63] it rejoined in July 2016.[2] Iraq has remained a member of OPEC since the organization's founding, but Iraqi production was not a part of OPEC quota agreements from 1998 to 2016, due to the country's daunting political difficulties.[64][65]

Lower demand triggered by the 1997–1998 Asian financial crisis saw the price of oil fall back to 1986 levels. After oil slumped to around US$10/bbl, joint diplomacy achieved a gradual slowing of oil production by OPEC, Mexico and Norway.[66] After prices slumped again in Nov. 2001, OPEC, Norway, Mexico, Russia, Oman and Angola agreed to cut production on 1 Jan. 2002 for 6 months. OPEC contributed 1.5 million barrels a day (mbpd) to the approximately 2 mbpd of cuts announced.[53]

In June 2003, the International Energy Agency (IEA) and OPEC held their first joint workshop on energy issues. They have continued to meet regularly since then, "to collectively better understand trends, analysis and viewpoints and advance market transparency and predictability."[67]

2003–2011 volatility https://en.wikipedia.org/wiki/OPEC 8/34 4/4/2020 OPEC - Wikipedia Widespread insurgency and sabotage occurred during the 2003–2008 height of the American occupation of Iraq, coinciding with rapidly increasing oil demand from China and commodity-hungry investors, recurring violence against the Nigerian oil industry, and dwindling spare capacity as a cushion against potential shortages. This combination of forces prompted a sharp rise in oil prices to levels far higher than those previously targeted by OPEC.[68][69][70] Price volatility reached an extreme in 2008, as WTI crude oil surged to a record US$147/bbl in July and then plunged back to US$32/bbl in December, during the worst global recession since World War II.[71] OPEC's annual oil export revenue also set a new record in 2008, estimated around US$1 trillion, and reached similar annual rates in 2011–2014 (along with extensive activity) before plunging again.[44] By the time of the 2011 Libyan Civil War and Arab Spring, OPEC started issuing explicit statements to counter "excessive speculation" in oil futures markets, blaming financial speculators for increasing volatility beyond market fundamentals.[72]

In May 2008, Indonesia announced that it would leave OPEC when its membership expired at the end of that year, having become a net importer of oil and being unable to meet its production quota.[73] A statement released by OPEC on 10 September 2008 confirmed Indonesia's withdrawal, noting that OPEC "regretfully accepted the wish of Indonesia to suspend its full membership in the organization, and recorded its hope that the country would be in a position to rejoin the organization in the not-too-distant future."[74]

2008 production dispute

The differing economic needs of OPEC member states often affect the internal debates behind OPEC production quotas. Poorer members have pushed for production cuts from fellow members, to increase the price of oil and thus their own revenues.[75] These proposals conflict with Saudi Arabia's stated long-term strategy of being a partner with the world's economic powers to ensure a steady flow of oil that would support economic expansion.[76] Part of the basis for this policy is the Saudi concern that overly expensive oil or unreliable supply will drive industrial nations to conserve energy and develop alternative fuels, curtailing the worldwide demand Countries by net oil exports (2008) for oil and eventually leaving unneeded barrels in the ground.[77] To this point, Saudi Oil Minister Yamani famously remarked in 1973: "The Stone Age didn't end because we ran out of stones."[78]

On 10 September 2008, with oil prices still near US$100/bbl, a production dispute occurred when the Saudis reportedly walked out of a negotiating session where rival members voted to reduce OPEC output. Although Saudi delegates officially endorsed the new quotas, they stated anonymously that they would not observe them. The New York Times quoted one such delegate as saying: "Saudi Arabia will meet the market's demand. We will see what the market requires and we will not leave a customer without oil. The policy has not changed."[79] Over the next few months, oil prices plummeted into the $30s, and did not return to $100 until the Libyan Civil War in 2011.[80]

2014–2017 oil glut

https://en.wikipedia.org/wiki/OPEC 9/34 4/4/2020 OPEC - Wikipedia

Countries by oil production (2013)

Top oil-producing countries[81] (million barrels per day, 1973–2016)

During 2014–2015, OPEC members consistently exceeded their production ceiling, and China experienced a slowdown in economic growth. At the same time, US oil production nearly doubled from 2008 levels and approached the world-leading "" volumes of Saudi Arabia and Russia, due to the substantial long-term improvement and spread of shale "fracking" technology in response to the years of record oil prices. These developments led in turn to a plunge in US oil import requirements (moving closer to energy independence), a record volume of worldwide oil inventories, and a collapse in oil prices that continued into early 2016.[80][82][83]

In spite of global oversupply, on 27 November 2014 in Vienna, Saudi Oil Minister Ali Al-Naimi blocked appeals from poorer OPEC members for production cuts to support prices. Naimi argued that the oil market should be left to rebalance itself competitively at lower price levels, strategically rebuilding OPEC's long-term market share by ending the profitability of high-cost US shale oil production.[84] As he explained in an interview:[85]

Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency Gusher well in Saudi Arabia: continues to produce? That is crooked logic. If I reduce, what happens to my market share? The conventional source of OPEC price will go up and the Russians, the Brazilians, US shale oil producers will take my share... We production want to tell the world that high-efficiency producing countries are the ones that deserve market share. That is the operative principle in all capitalist countries... One thing is for sure: Current prices [roughly US$60/bbl] do not support all producers. https://en.wikipedia.org/wiki/OPEC 10/34 4/4/2020 OPEC - Wikipedia

A year later, when OPEC met in Vienna on 4 December 2015, the organization had exceeded its production ceiling for 18 consecutive months, US oil production had declined only slightly from its peak, world markets appeared to be oversupplied by at least 2 million barrels per day despite war-torn Libya pumping 1 million barrels below capacity, oil producers were making major adjustments to withstand prices as low as the $40s, Indonesia was rejoining the export organization, Iraqi production had surged after years of disorder, Iranian output was poised to rebound with the lifting of international sanctions, hundreds of world leaders at the Paris Climate Agreement were committing to limit carbon emissions from fossil fuels, and solar technologies were becoming steadily more competitive and prevalent. In light of all these market pressures, OPEC decided to set aside its ineffective production ceiling until the next ministerial conference in June 2016.[86][83][87][88][89][90] Shale "fracking" in the US: important By 20 January 2016, the OPEC Reference Basket was down to US$22.48/bbl – less than one-fourth of its high new challenge to OPEC market from June 2014 ($110.48), less than one-sixth of its record from July 2008 ($140.73), and back below the April share 2003 starting point ($23.27) of its historic run-up.[80]

As 2016 continued, the oil glut was partially trimmed with significant production offline in the US, Canada, Libya, Nigeria and China, and the basket price gradually rose back into the $40s. OPEC regained a modest percentage of market share, saw the cancellation of many competing drilling projects, maintained the status quo at its June conference, and endorsed "prices at levels that are suitable for both producers and consumers", although many producers were still experiencing serious economic difficulties.[91][92][93][94]

2017–2020 production cut and OPEC+

As OPEC members grew weary of a multi-year supply contest with diminishing returns and shrinking financial reserves, the organization finally attempted its first production cut since 2008. Despite many political obstacles, a September 2016 decision to trim approximately 1 million barrels per day was codified by a new quota agreement at the November 2016 OPEC conference. The agreement (which exempted disruption-ridden members Libya and Nigeria) covered the first half of 2017 – alongside promised reductions from Russia and ten other non-members, offset by expected increases in the US shale sector, Libya, Nigeria, spare capacity, and surging late-2016 OPEC production before the cuts took effect. Indonesia announced another "temporary suspension" of its OPEC membership, rather than accepting the organization's requested 5 percent production cut. Prices fluctuated around US$50/bbl, and OPEC in May 2017 decided to extend the new quotas through March 2018, with the world waiting to see if and how the oil inventory glut might be fully siphoned-off by then.[95][96][97][98][99][100][3] Longtime oil analyst Daniel Yergin "described the relationship between OPEC and shale as 'mutual coexistence', with both sides learning to live with prices that are lower than they would like."[101] These production cut deals with non-OPEC countries are generally referred as OPEC+.[102][103]

In December 2017, Russia and OPEC agreed to extend the production cut of 1.8million barrels/day until the end of 2018.[104][105]

Qatar announced it will withdraw from OPEC effective 1 January 2019.[106] According to the New York Times, this constitutes a strategic response to the ongoing Qatar boycott by Saudi Arabia, United Arab Emirates, Bahrain, and Egypt.[107] https://en.wikipedia.org/wiki/OPEC 11/34 4/4/2020 OPEC - Wikipedia On 29 June 2019, Russia has again agreed with Saudi Arabia to extend by six to nine months the original production cuts of 2018.[108]

In October 2019, Ecuador announced it would withdraw from OPEC in January 1 of 2020 due to financial problems facing the country.[109]

In December 2019, OPEC and Russia agreed one of the deepest output cuts so far to prevent oversupply in a deal that will last for the first three months of 2020.[110]

2020 Saudi-Russian price war

In early March 2020, OPEC officials presented an ultimatum to Russia to cut production by 1.5% of world supply. Russia, which foresaw continuing cuts as American shale oil production increased, rejected the demand, ending the three-year partnership between OPEC and major non-OPEC providers.[111] Another factor was weakening global demand resulting from the 2019–20 coronavirus pandemic.[112] This also resulted in 'OPEC plus' failing to extend the agreement cutting 2.1 million barrels per day that was set to expire at the end of March. Saudi Arabia, which has absorbed a disproportionate amount of the cuts to convince Russia to stay in the agreement, notified its buyers on 7 March that they would raise output and discount their oil in April. This prompted a Brent crude price crash of more than 30% before a slight recovery and widespread turmoil in financial markets.[111]

Several pundits saw this as a Saudi-Russian price war, or game of chicken which cause the "other side to blink first".[113][114][115][116] Saudi Arabia had in March 2020 $500 billion of foreign exchange reserves, while at that time Russia's reserves were $580 billion. The debt-to-GDP ratio of the Saudis was 25%, while the Russian ratio was 15%.[113] Another remarked that the Saudis can produce oil at as low a price as $3 per barrel, whereas Russia needs $30 per barrel to cover production costs.[116] Another analyst came to the conclusion that "it’s about assaulting the Western economy, especially America’s."[115] In order to ward of from the oil exporters price war which can make shale oil production uneconomical, US may protect its crude oil market share by passing the NOPEC bill.[117]

Membership

Current member countries

As of January 2020, OPEC has 13 member countries: five in the Middle East (Western Asia), seven in Africa, and one in South America. According to the U.S. Energy Information Administration (EIA), OPEC's combined rate of oil production (including gas condensate) represented 44 percent of the world's total in 2016,[118] and OPEC accounted for 81.5 percent of the world's "proven" oil reserves.

Approval of a new member country requires agreement by three-quarters of OPEC's existing members, including all five of the founders.[119] In October 2015, Sudan formally submitted an application to join,[120] but it is not yet a member. https://en.wikipedia.org/wiki/OPEC 12/34 4/4/2020 OPEC - Wikipedia Qatar left OPEC on 1 January 2019, after joining the organization in 1961, to focus on natural gas production, of which it is the world's largest exporter in the form of liquified natural gas (LNG).[121][122]

Ecuador announced that it would leave OPEC on 1 January 2020.[123] Ecuador's Ministry of Energy and Non-Renewable Natural Resources released an official statement on 2 January 2020 which confirmed that Ecuador had left OPEC,[4] though it was still listed as a member state on OPEC's website as of 7 January.[2]

Population Membership Area Oil Production Proven Reserves Country Region (2018 Years[2][3] (km2)[126] (bbl/day, 2016)[A][118] (bbl, 2016)[A][127] est.)[124][125]

Algeria North Africa 1969– 42,228,408 2,381,740 1,348,361 12,200,000,000

Angola Southern Africa 2007– 30,809,787 1,246,700 1,769,615 8,423,000,000

Equatorial Guinea Central Africa 2017– 1,308,975 28,050 … …

Gabon Central Africa 1975–1995, 2016– 2,119,275 267,667 210,820 2,000,000,000

Iran Middle East 1960[B]– 81,800,188 1,648,000 3,990,956 157,530,000,000

Iraq Middle East 1960[B]– 38,433,600 437,072 4,451,516 143,069,000,000

Kuwait Middle East 1960[B]– 4,137,312 17,820 2,923,825 101,500,000,000 Libya North Africa 1962– 6,678,559 1,759,540 384,686 48,363,000,000

Nigeria West Africa 1971– 195,874,685 923,768 1,999,885 37,070,000,000

Republic of the Congo Central Africa 2018[128]– 5,125,821 342,000 260,000 1,600,000,000

Saudi Arabia Middle East 1960[B]– 33,702,756 2,149,690 10,460,710 266,578,000,000

United Arab Emirates Middle East 1967[C]– 9,630,959 83,600 3,106,077 97,800,000,000

Venezuela South America 1960[B]– 28,887,118 912,050 2,276,967 299,953,000,000

OPEC Total 483,630,000 12,492,695 35,481,740 1,210,703,000,000

World Total 7,775,779,000 510,072,000 80,622,287[129] 1,650,585,000,000 OPEC Percent 6.3% 2.4% 44% 73%

A. One petroleum barrel (bbl) is approximately 42 U.S. gallons, or 159 liters, or 0.159 m3, varying slightly with temperature. To put the production numbers in context, a supertanker typically holds 2,000,000 barrels (320,000 m3),[130] and the world's current production rate would take approximately 56 years to exhaust the world's current proven reserves. https://en.wikipedia.org/wiki/OPEC 13/34 4/4/2020 OPEC - Wikipedia B. The five founding members attended the first OPEC conference in September 1960. C. The UAE was founded in December 1971. Its OPEC membership originated with the Emirate of Abu Dhabi.

Lapsed members

Population Membership Area Oil Production Proven Reserves Country Region (2018 Years[2] (km2)[126] (bbl/day, 2016)[118] (bbl, 2016)[127] est.)[124][125] 1973–1992, 2007– Ecuador South America 17,084,358 283,560 548,421 8,273,000,000 2020[4] 1962–2008, Indonesia Southeast Asia 267,670,543 1,904,569 833,667 3,692,500,000 Jan-Nov 2016

Qatar Middle East 1961–2019[121] 2,781,682 11,437 1,522,902 25,244,000,000

For countries that export petroleum at relatively low volume, their limited negotiating power as OPEC members would not necessarily justify the burdens imposed by OPEC production quotas and membership costs. Ecuador withdrew from OPEC in December 1992, because it was unwilling to pay the annual US$2 million membership fee and felt that it needed to produce more oil than it was allowed under its OPEC quota at the time,[62] then rejoined in October 2007 before leaving again in January 2020.[4] Similar concerns prompted Gabon to suspend membership in January 1995;[63] it rejoined in July 2016. In May 2008, Indonesia announced that it would leave OPEC when its membership expired at the end of that year, having become a net importer of oil and being unable to meet its production quota.[73] It rejoined the organization in January 2016,[2] but announced another "temporary suspension" of its membership at year-end when OPEC requested a 5 percent production cut.[95]

Some commentators consider that the United States was a de facto member of OPEC during its formal occupation of Iraq, due to its leadership of the Coalition Provisional Authority in 2003–2004.[131][132] But this is not borne out by the minutes of OPEC meetings, as no US representative attended in an official capacity.[133][134]

OPEC+ members

In addition to the OPEC members, the following 10 more oil exporting countries led by Russia, are grouped as OPEC+ cartel from the year 2016 as they cooperate in fixing the global crude oil prices by agreeing to production quotas so that global production is below the global demand/consumption.[135]

OPEC+ countries excluding OPEC

Russia Azerbaijan Bahrain Brunei Kazakhstan Malaysia Mexico Oman South Sudan Sudan https://en.wikipedia.org/wiki/OPEC 14/34 4/4/2020 OPEC - Wikipedia Observers

Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers. This arrangement serves as an informal mechanism for coordinating policies.[18]

Vienna Group

A number of non-OPEC member countries also participate in the organisations initiatives such as voluntary supply cuts in order to further bind policy objectives between OPEC and non-OPEC members.[136] This loose grouping of countries includes: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan.[137]

Leadership and decision-making

The OPEC Conference is the supreme authority of the organization, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organization is the OPEC Secretary General. The Conference ordinarily meets at the Vienna headquarters, at least twice a year and in additional extraordinary sessions when necessary. It generally operates on the principles of unanimity and "one member, one vote", with each country paying an equal membership fee into the annual budget.[119] However, since Saudi OPEC Conference delegates at Arabia is by far the largest and most-profitable oil exporter in the world, with enough capacity to function as the Swissotel, Quito, Ecuador, [86] traditional swing producer to balance the global market, it serves as "OPEC's de facto leader". December 2010

International cartel

At various times, OPEC members have displayed apparent anti-competitive cartel behavior through the organization's agreements about oil production and price levels.[138] In fact, economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, as in this definition from OECD's Glossary of Industrial Organisation Economics and Competition Law:[1]

International commodity agreements covering products such as coffee, sugar, tin and more recently oil (OPEC: Organization of Petroleum Exporting Countries) are examples of international cartels which have publicly entailed agreements between different national governments.

https://en.wikipedia.org/wiki/OPEC 15/34 4/4/2020 OPEC - Wikipedia OPEC members strongly prefer to describe their organization as a modest force for market stabilization, rather than a powerful anti-competitive cartel. In its defense, the organization was founded as a counterweight against the previous "Seven Sisters" cartel of multinational oil companies, and non-OPEC energy suppliers have maintained enough market share for a substantial degree of worldwide competition.[139] Moreover, because of an economic "prisoner's dilemma" that encourages each member nation individually to discount its price and exceed its production quota,[140] widespread cheating within OPEC often erodes its ability to influence global oil prices through collective action.[141][142]

OPEC has not been involved in any disputes related to the competition rules of the World Trade Organization, even though the objectives, actions, and principles of the two organizations diverge considerably.[143] A key US District Court decision held that OPEC consultations are protected as "governmental" acts of state by the Foreign Sovereign Immunities Act, and are therefore beyond the legal reach of US competition law governing "commercial" acts.[144][145] Despite popular sentiment against OPEC, legislative proposals to limit the organization's sovereign immunity, such as the NOPEC Act, have so far been unsuccessful.[146]

Conflicts

OPEC often has difficulty agreeing on policy decisions because its member countries differ widely in their oil export capacities, production costs, reserves, geological features, population, economic development, budgetary situations, and political circumstances.[85][79] Indeed, over the course of market cycles, oil reserves can themselves become a source of serious conflict, instability and imbalances, in what economists call the "natural resource curse".[147][148] A further complication is that religion-linked conflicts in the Middle East are recurring features of the geopolitical landscape for this oil-rich region.[149][150] Internationally important conflicts in OPEC's history have included the Six-Day War (1967), Yom Kippur War (1973), a hostage siege directed by Palestinian militants (1975), the Iranian Revolution (1979), Iran–Iraq War (1980–1988), Iraqi occupation of Kuwait (1990–1991), September 11 attacks by mostly Saudi hijackers (2001), American occupation of Iraq (2003–2011), Conflict in the (2004–present), Arab Spring (2010–2012), Libyan Crisis (2011–present), and international Embargo against Iran (2012–2016). Although events such as these can temporarily disrupt oil supplies and elevate prices, the frequent disputes and instabilities tend to limit OPEC's long-term cohesion and effectiveness.[151]

Market information

As one area in which OPEC members have been able to cooperate productively over the decades, the organization has significantly improved the quality and quantity of information available about the international oil market. This is especially helpful for a natural-resource industry whose smooth functioning requires months and years of careful planning.

Publications and research

https://en.wikipedia.org/wiki/OPEC 16/34 4/4/2020 OPEC - Wikipedia In April 2001, OPEC collaborated with five other international organizations (APEC, Eurostat, IEA, OLADE, UNSD) to improve the availability and reliability of oil data. They launched the Joint Oil Data Exercise, which in 2005 was joined by IEF and renamed the Joint Organisations Data Initiative (JODI), covering more than 90 percent of the global oil market. GECF joined as an eighth partner in 2014, enabling JODI also to cover nearly 90 percent of the global market for natural gas.[152]

Since 2007, OPEC has published the "World Oil Outlook" (WOO) annually, in which it presents a comprehensive analysis of the global oil industry including medium- and long-term projections for supply and demand.[153] OPEC also produces an "Annual Statistical Bulletin" (ASB),[64] and publishes more-frequent updates in its "Monthly Oil Market Report" (MOMR)[154] and "OPEC Bulletin".[155]

Crude oil benchmarks Logo for JODI, in which OPEC is a founding member A "crude oil " is a standardized that serves as a convenient reference price for buyers and sellers of crude oil, including standardized contracts in major futures markets since 1983. Benchmarks are used because oil prices differ (usually by a few dollars per barrel) based on variety, grade, delivery date and location, and other legal requirements.[156][157]

The OPEC Reference Basket of Crudes has been an important benchmark for oil prices since 2000. It is calculated as a weighted average of prices for petroleum blends from the OPEC member countries: Saharan Blend (Algeria), Girassol (Angola), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).[158]

North Sea Brent Crude Oil is the leading benchmark for Atlantic basin crude oils, and is used to price approximately two-thirds of the world's traded crude oil. Other well-known benchmarks are (WTI), , Oman Crude, and .[159]

Spare capacity Sulfur content and API gravity of different types of crude oil The US Energy Information Administration, the statistical arm of the US Department of Energy, defines spare capacity for crude oil market management "as the volume of production that can be brought on within 30 days and sustained for at least 90 days... OPEC spare capacity provides an indicator of the world oil market's ability to respond to potential crises that reduce oil supplies."[58]

https://en.wikipedia.org/wiki/OPEC 17/34 4/4/2020 OPEC - Wikipedia In November 2014, the International Energy Agency (IEA) estimated that OPEC's "effective" spare capacity, adjusted for ongoing disruptions in countries like Libya and Nigeria, was 3.5 million barrels per day (560,000 m3/d) and that this number would increase to a peak in 2017 of 4.6 million barrels per day (730,000 m3/d).[160] By November 2015, the IEA changed its assessment "with OPEC's spare production buffer stretched thin, as Saudi Arabia – which holds the lion's share of excess capacity – and its [Persian] Gulf neighbours pump at near-record rates."[161]

Leaders of OPEC member states, as of 2020

https://en.wikipedia.org/wiki/OPEC 18/34 4/4/2020 OPEC - Wikipedia

Republic of Angola Republic of the Republic of Gabonese Republic Republic of Iraq João Lourenço Congo Equatorial Guinea Ali Bongo Ondimba Adil Abdul-Mahdi President of Angola Denis Sassou Nguesso Teodoro Obiang President of Gabon Prime Minister of Iraq President of the Republic of Nguema Mbasogo the Congo President of Equatorial Guinea

State of Kuwait State of Libya Federal Republic Kingdom of Saudi United Arab Sheikh Sabah Al-Sabah (Tripoli) of Nigeria Arabia Emirates IV Fayez al-Sarraj Muhammadu Buhari King Salman I Khalifa bin Zayed Al Emir of Kuwait Chairman of the Presidential President of Nigeria King of Saudi Arabia Nahyan https://en.wikipedia.org/wiki/OPEC 19/34 4/4/2020 OPEC - Wikipedia Emir of Kuwait Chairman of the Presidential President of Nigeria King of Saudi Arabia Nahyan Council of the Government of Raʾīs of the United Arab National Accord Emirates and Sheikh of Abu Dhabi

Bolivarian Republic of Venezuela Nicolas Maduro President of Venezuela

See also

List of countries by oil exports List of country groupings List of intergovernmental organizations

References 1. "Glossary of Industrial Organization Economics and Competition 094916/http://www.oecd.org/regreform/sectors/2376087.pdf) (PDF) Law" (http://www.oecd.org/regreform/sectors/2376087.pdf) (PDF). from the original on 4 March 2016. Retrieved 22 December 2015. OECD. 1993. p. 19. Archived (https://web.archive.org/web/20160304

https://en.wikipedia.org/wiki/OPEC 20/34 4/4/2020 OPEC - Wikipedia 2. "Member Countries" (http://www.opec.org/opec_web/en/about_us/2 9. "General Information" (http://www.opec.org/opec_web/static_files_pr 5.htm). OPEC. Archived (https://web.archive.org/web/202001070501 oject/media/downloads/publications/GenInfo.pdf) (PDF). OPEC. May 55/https://www.opec.org/opec_web/en/about_us/25.htm) from the 2012. Archived (https://web.archive.org/web/20140413233306/http:// original on 7 January 2020. Retrieved 7 January 2020. www.opec.org/opec_web/static_files_project/media/downloads/public 3. "OPEC 172nd Meeting concludes" (http://www.opec.org/opec_web/e ations/GenInfo.pdf) (PDF) from the original on 13 April 2014. n/press_room/4305.htm). OPEC (Press release). 11 March 2019. Retrieved 13 April 2014. Archived (https://web.archive.org/web/20170527214657/http://www.o 10. Yergin, Daniel (1991). The Prize: The Epic Quest for Oil, Money, and pec.org/opec_web/en/press_room/4305.htm) from the original on 27 Power. New York: Simon & Schuster. pp. 499–503 (https://archive.or May 2017. Retrieved 26 May 2017. g/details/prize00dani/page/499). ISBN 978-0671502485. 4. "Comunicado Oficial" (https://www.recursosyenergia.gob.ec/comunic 11. Painter, David S. (2012). "Oil and the American Century" (http://jah.o ado-oficial-7/) [Official Statement] (Press release) (in Spanish). xfordjournals.org/content/99/1/24.full.pdf) (PDF). The Journal of Metropolitan District of Quito, Ecuador: Ministry of Energy and Non- American History. 99 (1): 24–39. doi:10.1093/jahist/jas073 (https://do Renewable Natural Resources. 2 January 2020. Archived (https://we i.org/10.1093%2Fjahist%2Fjas073). Archived (https://web.archive.or b.archive.org/web/20200107043240/https://www.recursosyenergia.g g/web/20141010181915/http://jah.oxfordjournals.org/content/99/1/24. ob.ec/comunicado-oficial-7/) from the original on 6 January 2020. full.pdf) (PDF) from the original on 10 October 2014. Retrieved Retrieved 6 January 2020. 4 May 2013. 5. "Our Mission" (http://www.opec.org/opec_web/en/about_us/23.htm). 12. Vassiliou, M.S. (2009). Historical Dictionary of the Petroleum Industry OPEC. Archived (https://web.archive.org/web/20130211030346/htt (https://books.google.com/books?id=bBvz_YxlB-AC&pg=PA7). p://www.opec.org/opec_web/en/about_us/23.htm) from the original Scarecrow Press. p. 7. ISBN 978-0810862883. on 11 February 2013. Retrieved 16 February 2013. 13. Styan, David (2006). France and Iraq: Oil, Arms and French Policy 6. "Top 100 Most Influential People in the Shipping Industry: 3. OPEC Making in the Middle East (https://books.google.com/books?id=8U_s and the oil men" (http://www.lloydslist.com/ll/news/top100/article4535 WfvgToQC&pg=PA74). I.B. Tauris. p. 74. ISBN 978-1845110451. 73.ece). Lloyd's List. 12 December 2014. Archived (https://web.archi 14. Citino, Nathan J. (2002). From Arab Nationalism to OPEC: ve.org/web/20141219163600/http://www.lloydslist.com/ll/news/top10 Eisenhower, King Sa'ud, and the Making of US-Saudi Relations. 0/article453573.ece) from the original on 19 December 2014. Bloomington: Indiana University Press. p. 4. ISBN 978-0-253-34095- Retrieved 19 December 2014. 5. 7. Lazarini, Jader (30 October 2019). "Exportador de petróleo, Brazil is 15. Skeet, Ian (1988). OPEC: Twenty-Five Years of Prices and Politics (h invited to join OPEC, says Bolsonaro" (https://www.sunoresearch.co ttps://books.google.com/books?id=Jg80AAAAIAAJ&pg=PA24). m.br/noticias/exportador-de-petroleo-brasil-convidado-opep-diz-bols Cambridge: Cambridge University Press. p. 24. onaro/). Suno Notícias (in Portuguese). Retrieved 10 March 2020. ISBN 9780521405720. Archived (https://web.archive.org/web/20160 8. "Joining Opep is not an option for Brazil, says Petrobras" (https://ww 617124502/https://books.google.com/books?id=Jg80AAAAIAAJ&pg= w.infomoney.com.br/mercados/entrar-na-opep-nao-e-opcao-para-bra PA24) from the original on 17 June 2016. Retrieved 17 December sil-diz-petrobras/). InfoMoney (in Portuguese). 5 December 2019. 2015. Retrieved 10 March 2020.

https://en.wikipedia.org/wiki/OPEC 21/34 4/4/2020 OPEC - Wikipedia 16. Denning, Liam (1 June 2016). "How OPEC Won the Battle and Lost 23. "British Economics and Trade Union politics 1973–1974" (http://www. the War" (https://www.bloomberg.com/gadfly/interactives/2016-how-o nationalarchives.gov.uk/releases/2005/nyo/politics.htm). The pec-won-the-battle-and-lost-the-war/). Bloomberg News. Archived (ht National Archives (UK). January 2005. Archived (https://web.archive. tps://web.archive.org/web/20170222193958/https://www.bloomberg.c org/web/20070609060809/http://www.nationalarchives.gov.uk/releas om/gadfly/interactives/2016-how-opec-won-the-battle-and-lost-the-w es/2005/nyo/politics.htm) from the original on 9 June 2007. Retrieved ar/) from the original on 22 February 2017. Retrieved 22 February 29 December 2015. 2017. 24. "Europe car ban becoming a real traffic stopper" (http://archives.chic 17. "Angola, Sudan to ask for OPEC membership" (http://www.chron.co agotribune.com/1973/11/26/page/7/article/europe-car-ban-becoming- m/disp/story.mpl/business/energy/4374140.html). Associated Press. a-real-traffic-stopper). Chicago Tribune. 26 November 1973. 3 December 2006. Archived (https://web.archive.org/web/201106042 Archived (https://web.archive.org/web/20160219093149/http://archiv 05524/http://www.chron.com/disp/story.mpl/business/energy/437414 es.chicagotribune.com/1973/11/26/page/7/article/europe-car-ban-bec 0.html) from the original on 4 June 2011. Retrieved 4 December oming-a-real-traffic-stopper/) from the original on 19 February 2016. 2006. Retrieved 6 January 2016. 18. "OPEC: Fifty Years Regulating Oil Market Roller Coaster" (http://ww 25. Frum, David (2000). How We Got Here: The '70s (https://archive.org/ w.ipsnews.net/2010/09/opec-fifty-years-regulating-oil-market-roller-c details/howwegothere70sd00frum/page/313). Basic Books. pp. 313– oaster/). Inter Press Service. 14 September 2010. Archived (https://w 318 (https://archive.org/details/howwegothere70sd00frum/page/313). eb.archive.org/web/20151224104031/http://www.ipsnews.net/2010/0 ISBN 978-0-465-04195-4. 9/opec-fifty-years-regulating-oil-market-roller-coaster/) from the 26. "Gas Fever: Happiness Is a Full Tank" (http://www.time.com/time/ma original on 24 December 2015. Retrieved 23 December 2015. gazine/article/0,9171,942763,00.html). Time. 18 February 1974. 19. Marius Vassiliou (2009). Historical Dictionary of the Petroleum Archived (https://web.archive.org/web/20100922191457/http://www.ti Industry. Lanham, MD: Scarecrow Press. ISBN 0-8108-5993-9. me.com/time/magazine/article/0,9171,942763,00.html) from the 20. Kumins, Lawrence (1975). "Oil and the Economy" (http://www.unz.or original on 22 September 2010. Retrieved 30 December 2015. g/Pub/CurrentHistory-1975nov-00189). Energy Shock: 189. 27. Skidelsky, Robert (2009). Keynes: The Return of the Master. Allen 21. Maugeri, Leonardo (2006). The Age of Oil: The Mythology, History, Lane. pp. 116–126 (https://archive.org/details/keynesreturnofma0000 and Future of the World's Most Controversial Resource (https://book skid/page/116). ISBN 978-1-84614-258-1. s.google.com/books?id=JWmx5uKA6gIC&printsec=frontcover). 28. Masouros, Pavlos E. (2013). Corporate Law and Economic Greenwood Publishing Group. pp. 112–116. ISBN 978-0-275-99008- Stagnation: How Shareholder Value and Short-Termism Contribute 4. Archived (https://web.archive.org/web/20160501230353/https://bo to the Decline of the Western Economies. Eleven International oks.google.com/books?id=JWmx5uKA6gIC&printsec=frontcover) Publishing. pp. 60–62. from the original on 1 May 2016. Retrieved 20 June 2015. 29. "Energy Crisis (1970s)" (http://www.history.com/topics/energy-crisis). 22. Foreign Relations of the United States, 1964–1968, Vol. XXXIV: The History Channel. 2010. Archived (https://web.archive.org/web/20 Energy Diplomacy and Global Issues, Document 266 (https://history. 160624152753/http://www.history.com/topics/energy-crisis) from the state.gov/historicaldocuments/frus1964-68v34/d266). US original on 24 June 2016. Retrieved 25 December 2015. Department of State. 1999. Archived (https://web.archive.org/web/20 30. Horton, Sarah (October 2000). "The " (http://www.envi 160604103018/https://history.state.gov/historicaldocuments/frus1964 rothonpa.org/documents/The1973OilCrisis.pdf) (PDF). Pennsylvania -68v34/d266) from the original on 4 June 2016. Retrieved 28 April Envirothon. Archived (https://web.archive.org/web/20120711030710/ 2016. http://www.envirothonpa.org/documents/The1973OilCrisis.pdf) (PDF) from the original on 11 July 2012. Retrieved 16 February 2013. https://en.wikipedia.org/wiki/OPEC 22/34 4/4/2020 OPEC - Wikipedia 31. "Oil Shock: The role of OPEC" (http://www.socialismtoday.org/51/ope 39. "Intergovernmental Organizations" (https://www.un.org/en/sections/m c.html). Socialism Today (51). October 2000. Archived (https://web.ar ember-states/intergovernmental-organizations/). United Nations. chive.org/web/20150216024014/http://www.socialismtoday.org/51/op Archived (https://web.archive.org/web/20170806153518/http://www.u ec.html) from the original on 16 February 2015. Retrieved n.org/en/sections/member-states/intergovernmental-organizations/) 30 November 2014. from the original on 6 August 2017. Retrieved 28 April 2017. 32. Aven, Petr; Nazarov, Vladimir; Lazaryan, Samvel (17 May 2016). 40. Bellamy, Patrick. "Carlos the Jackal: Trail of Terror" (https://web.archi "Twilight of the Petrostate" (http://nationalinterest.org/feature/twilight- ve.org/web/20120107125703/http://www.trutv.com/library/crime/terror the-petrostate-16235?page=show). The National Interest. Archived ists_spies/terrorists/jackal/12.html). truTV. Archived from the original (https://web.archive.org/web/20160522201053/http://nationalinterest. on 7 January 2012. org/feature/twilight-the-petrostate-16235?page=show) from the 41. Follain, John (1998). Jackal: The Complete Story of the Legendary original on 22 May 2016. Retrieved 2 June 2016. Terrorist, Carlos the Jackal (https://books.google.com/books?id=3t5jt 33. Tony Smith, Configurations of Power in North-South Relations since M2faD8C&pg=PA102). Arcade Publishing. p. 102. ISBN 978- 1945. Industrial Organization 31:1 (Winter 1977) p. 4 1559704663. Archived (https://web.archive.org/web/2016050319455 34. "Timeline" (https://www.kuwait-fund.org/timeLine/?lang=en). Kuwait 0/https://books.google.com/books?id=3t5jtM2faD8C&pg=PA102) Fund. Archived (https://web.archive.org/web/20151224104007/http from the original on 3 May 2016. Retrieved 13 January 2016. s://www.kuwait-fund.org/timeLine/?lang=en) from the original on 24 42. Anderson, Gary (28 March 2017). " 'Carlos the Jackal' jailed over December 2015. Retrieved 23 December 2015. 1974 Paris grenade attack" (http://news.sky.com/story/carlos-the-jack 35. Oweiss, Ibrahim M. (1990). "Economics of Petrodollars" (http://facult al-jailed-over-1974-paris-grenade-attack-10816476). Sky News. y.georgetown.edu/imo3/petrod/petro2.htm). In Esfandiari, Haleh; Archived (https://web.archive.org/web/20170328141244/http://news. Udovitch, A.L. (eds.). The Economic Dimensions of Middle Eastern sky.com/story/carlos-the-jackal-jailed-over-1974-paris-grenade-attac History. Darwin Press. pp. 179–199. Retrieved 19 October 2016. k-10816476) from the original on 28 March 2017. Retrieved 22 April 36. Hubbard, Ben (21 June 2015). "Cables Released by WikiLeaks 2017. Reveal Saudis' Checkbook Diplomacy" (https://www.nytimes.com/20 43. "OPEC Revenues Fact Sheet" (https://web.archive.org/web/2008010 15/06/21/world/middleeast/cables-released-by-wikileaks-reveal-saudi 7014809/http://www.eia.doe.gov/emeu/cabs/OPEC_Revenues/OPE s-checkbook-diplomacy.html). The New York Times. Archived (http C.html). US Energy Information Administration. 10 January 2006. s://web.archive.org/web/20161221173312/http://www.nytimes.com/2 Archived from the original on 7 January 2008. 015/06/21/world/middleeast/cables-released-by-wikileaks-reveal-sau 44. "OPEC Revenues Fact Sheet" (http://www.eia.gov/beta/international/ dis-checkbook-diplomacy.html) from the original on 21 December regions-topics.cfm?RegionTopicID=OPEC). US Energy Information 2016. Retrieved 19 October 2016. Administration. 15 May 2017. Archived (https://web.archive.org/web/ 37. "About Us" (http://www.ofid.org/ABOUT-US). OFID. Archived (https:// 20151222161556/http://www.eia.gov/beta/international/regions-topic web.archive.org/web/20160103213950/http://www.ofid.org/ABOUT-U s.cfm?RegionTopicID=OPEC) from the original on 22 December S) from the original on 3 January 2016. Retrieved 13 January 2016. 2015. Retrieved 28 May 2017. 38. "The Agreement Establishing the OPEC Fund for International 45. Mouawad, Jad (3 March 2008). "Oil Prices Pass Record Set in '80s, Development" (https://web.archive.org/web/20170424183934/http:// but Then Recede" (https://www.nytimes.com/2008/03/03/business/w www.ofid.org/Portals/0/Publications/Special%20Publications/AE-eng orldbusiness/03cnd-oil.html). The New York Times. Archived (https:// l.pdf) (PDF). OPEC. 27 May 1980. Archived from the original (http:// web.archive.org/web/20170307021046/http://www.nytimes.com/200 www.ofid.org/Portals/0/Publications/Special%20Publications/AE-eng 8/03/03/business/worldbusiness/03cnd-oil.html) from the original on l.pdf) (PDF) on 24 April 2017. Retrieved 12 January 2016. 7 March 2017. Retrieved 11 February 2017. https://en.wikipedia.org/wiki/OPEC 23/34 4/4/2020 OPEC - Wikipedia 46. Denning, Liam (18 May 2016). "It's Saudi Arabia's World. Just 51. Robert, Paul (2004). The End of Oil: The Decline of the Petroleum Lives In It" (https://www.bloomberg.com/gadfly/articles/2016-05-18/s Economy and the Rise of a New Energy Order (https://archive.org/de audi-aramco-ipo-big-oil-s-world-is-changing). Bloomberg News. tails/endofoilonedgeof00robe_0/page/103). New York: Houghton Archived (https://web.archive.org/web/20170203211205/https://www. Mifflin Company. pp. 103–104 (https://archive.org/details/endofoilone bloomberg.com/gadfly/articles/2016-05-18/saudi-aramco-ipo-big-oil-s dgeof00robe_0/page/103). ISBN 978-0-618-23977-1. -world-is-changing) from the original on 3 February 2017. Retrieved 52. Hershey Jr., Robert D. (30 December 1989). "Worrying Anew Over 10 March 2017. Oil Imports" (https://www.nytimes.com/1989/12/30/business/worrying 47. Toth, Ferenc L.; Rogner, Hans-Holger (January 2006). "Oil and -anew-over-oil-imports.html?pagewanted=all). The New York Times. nuclear power: Past, present, and future" (http://www.iaea.org/OurW Archived (https://web.archive.org/web/20170612035248/http://www.n ork/ST/NE/Pess/assets/oil+np_toth+rogner0106.pdf) (PDF). Energy ytimes.com/1989/12/30/business/worrying-anew-over-oil-imports.htm Economics. 28 (1): 1–25. doi:10.1016/j.eneco.2005.03.004 (https://d l?pagewanted=all) from the original on 12 June 2017. Retrieved oi.org/10.1016%2Fj.eneco.2005.03.004). Archived (https://web.archi 11 February 2017. ve.org/web/20071203152254/http://www.iaea.org/OurWork/ST/NE/P 53. Al-Naimi, Ali (2016). Out of the Desert. Great Britain: Portfolio ess/assets/oil%2Bnp_toth%2Brogner0106.pdf) (PDF) from the Penguin. pp. 201–210, 239. ISBN 9780241279250. original on 3 December 2007. Retrieved 30 December 2015. 54. Gaidar, Yegor (April 2007). "The Soviet Collapse: Grain and Oil" (http 48. "Renewables in Global : An IEA Fact Sheet" (https://w s://www.aei.org/wp-content/uploads/2011/10/20070419_Gaidar.pdf) ww.iea.org/publications/freepublications/publication/renewable_facts (PDF). American Enterprise Institute. Archived (https://web.archive.o heet.pdf) (PDF). International Energy Agency. January 2007. rg/web/20160304021426/https://www.aei.org/wp-content/uploads/20 Archived (https://web.archive.org/web/20160303220128/https://www. 11/10/20070419_Gaidar.pdf) (PDF) from the original on 4 March iea.org/publications/freepublications/publication/renewable_factshee 2016. Retrieved 12 January 2016. "Oil production in Saudi Arabia t.pdf) (PDF) from the original on 3 March 2016. Retrieved increased fourfold, while oil prices collapsed by approximately the 30 December 2015. same amount in real terms. As a result, the Soviet Union lost 49. "Renewable Energy: World Invests $244 billion in 2012, Geographic approximately $20 billion per year, money without which the country Shift to Developing Countries" (http://www.unep.org/Documents.Multi simply could not survive." lingual/Default.asp?DocumentID=2718&ArticleID=9542) (Press 55. McMaken, Ryan (7 November 2014). "The Economics Behind the release). United Nations Environment Programme. 12 June 2013. Fall of the Berlin Wall" (https://mises.org/library/economics-behind-fal Archived (https://web.archive.org/web/20160304110442/http://www.u l-berlin-wall). Mises Institute. Archived (https://web.archive.org/web/2 nep.org/Documents.Multilingual/Default.asp?DocumentID=2718&Arti 0160306150734/https://mises.org/library/economics-behind-fall-berli cleID=9542) from the original on 4 March 2016. Retrieved n-wall) from the original on 6 March 2016. Retrieved 12 January 30 December 2015. 2016. "High oil prices in the 1970s propped up the regime so well, 50. Bromley, Simon (2013). American Power and the Prospects for that had it not been for Soviet oil sales, it's quite possible the regime International Order (https://books.google.com/books?id=1cJhK-Sd8 would have collapsed a decade earlier." QgC&pg=PT95). John Wiley & Sons. p. 95. ISBN 9780745658414. 56. "Brief History" (http://www.opec.org/opec_web/en/about_us/24.htm). Archived (https://web.archive.org/web/20160617111649/https://book OPEC. Archived (https://web.archive.org/web/20130228051108/htt s.google.com/books?id=1cJhK-Sd8QgC&pg=PT95) from the original p://www.opec.org/opec_web/en/about_us/24.htm) from the original on 17 June 2016. Retrieved 30 December 2015. on 28 February 2013. Retrieved 16 February 2013.

https://en.wikipedia.org/wiki/OPEC 24/34 4/4/2020 OPEC - Wikipedia 57. "Libya orders oil cuts of 270K bpd" (http://www.foxnews.com/printer_f 61. Ibrahim, Youssef M. (18 July 1990). "Iraq Threatens Emirates and riendly_wires/2008Dec30/0,4675,MLMideastLibyaOPECCompliance, Kuwait on Oil Glut" (https://www.nytimes.com/1990/07/18/business/ir 00.html). Associated Press. 30 December 2008. Archived (https://we aq-threatens-emirates-and-kuwait-on-oil-glut.html). The New York b.archive.org/web/20151211182333/http://www.foxnews.com/printer_ Times. Archived (https://web.archive.org/web/20170630060909/htt friendly_wires/2008Dec30/0,4675,MLMideastLibyaOPECComplianc p://www.nytimes.com/1990/07/18/business/iraq-threatens-emirates-a e,00.html) from the original on 11 December 2015. Retrieved nd-kuwait-on-oil-glut.html) from the original on 30 June 2017. 8 December 2015. "Libya has asked oil companies to slash Retrieved 11 February 2017. production by 270,000 barrels per day. Abu Dhabi National Oil Co. 62. "Ecuador Set to Leave OPEC" (https://www.nytimes.com/1992/09/1 told customers in letters dated Dec. 25 that it was cutting ... 10 to 15 8/business/ecuador-set-to-leave-opec.html). The New York Times. percent of all types of ADNOC crude in February. Ecuadorean 18 September 1992. Archived (https://web.archive.org/web/2016031 President Rafael Correa said the South American nation would 4210526/http://www.nytimes.com/1992/09/18/business/ecuador-set-t suspend crude production by Italy's Agip and reduce quotas for other o-leave-opec.html) from the original on 14 March 2016. Retrieved companies to comply with new OPEC cuts." 8 April 2016. 58. "Energy & Financial Markets: What Drives Crude Oil Prices?" (http 63. "Gabon Plans To Quit OPEC" (https://www.nytimes.com/1995/01/09/ s://www.eia.gov/finance/markets/supply-opec.cfm). US Energy business/gabon-plans-to-quit-opec.html). The New York Times. 9 Information Administration. 2014. Archived (https://web.archive.org/w January 1995. Archived (https://web.archive.org/web/201603141320 eb/20141213031101/http://www.eia.gov/finance/markets/supply-ope 00/http://www.nytimes.com/1995/01/09/business/gabon-plans-to-quit c.cfm) from the original on 13 December 2014. Retrieved -opec.html) from the original on 14 March 2016. Retrieved 8 April 12 December 2014. 2016. 59. "Report to Congress: United States Gulf Environmental Technical 64. "Annual Statistical Bulletin" (http://www.opec.org/opec_web/en/public Assistance" (http://nepis.epa.gov/Exe/ZyNET.exe/20014FNJ.txt?ZyA ations/202.htm). OPEC. Archived (https://web.archive.org/web/20180 ctionD=ZyDocument&Client=EPA&Index=1991%20Thru%201994&Fi 821113032/https://www.opec.org/opec_web/en/publications/202.htm) le=D%3A%5CZYFILES%5CINDEX%20DATA%5C91THRU94%5CT from the original on 21 August 2018. Retrieved 31 December 2015. XT%5C00000017%5C20014FNJ.txt&User=ANONYMOUS&Passwor 65. "Iraq heads for OPEC clash over quota" (http://www.upi.com/Busines d=anonymous&Display=p%7Cf&DefSeekPage=x&SearchBack=ZyA s_News/Energy-Industry/2010/02/05/Iraq-heads-for-OPEC-clash-ove ctionL&Back=ZyActionS&BackDesc=Results%20page&MaximumPa r-quota/14451265409498/). UPI. 5 February 2010. Archived (https:// ges=1&ZyEntry=1). US Environmental Protection Agency. 1991. web.archive.org/web/20160417085129/http://www.upi.com/Business p. 14. Archived (https://web.archive.org/web/20160424001604/http:// _News/Energy-Industry/2010/02/05/Iraq-heads-for-OPEC-clash-over nepis.epa.gov/Exe/ZyNET.exe/20014FNJ.txt?ZyActionD=ZyDocume -quota/14451265409498/) from the original on 17 April 2016. nt&Client=EPA&Index=1991%20Thru%201994&File=D%3A%5CZYF Retrieved 6 April 2016. "Iraq, a founding member of OPEC, has not ILES%5CINDEX%20DATA%5C91THRU94%5CTXT%5C0000001 had a production quota since 1998, when it was pegged at 1.3 7%5C20014FNJ.txt&User=ANONYMOUS&Password=anonymous& million bpd to allow Saddam Hussein's regime to sell oil for food Display=p%7Cf&DefSeekPage=x&SearchBack=ZyActionL&Back=Zy during U.N. sanctions imposed in 1990... Despite the success of the ActionS&BackDesc=Results%20page&MaximumPages=1&ZyEntry= 2009 auctions, problems remain – mounting violence in the run-up to 1) from the original on 24 April 2016. Retrieved 11 April 2016. March 7 parliamentary elections, uncertainty over their outcome, 60. "Europe Brent Crude Oil Spot Price FOB (DOE)" (https://www.quand and, probably more importantly, the absence of a long-delayed oil l.com/DOE/RBRTE). Quandl. Retrieved 1 January 2016. law that will define revenue-sharing and regulation of the industry."

https://en.wikipedia.org/wiki/OPEC 25/34 4/4/2020 OPEC - Wikipedia 66. Putting a Price on Energy (http://www.energycharter.org/fileadmin/Do 72. "Opening address to the 159th Meeting of the OPEC Conference" (ht cumentsMedia/Thematic/Oil_and_Gas_Pricing_2007_en.pdf) (PDF). tp://www.opec.org/opec_web/en/press_room/2071.htm). OPEC Energy Charter Secretariat. 2007. p. 90. ISBN 978-9059480469. (Press release). 8 June 2011. Archived (https://web.archive.org/web/ Archived (https://web.archive.org/web/20160413155028/http://www.e 20141213085839/http://www.opec.org/opec_web/en/press_room/207 nergycharter.org/fileadmin/DocumentsMedia/Thematic/Oil_and_Gas 1.htm) from the original on 13 December 2014. Retrieved _Pricing_2007_en.pdf) (PDF) from the original on 13 April 2016. 12 December 2014. Retrieved 1 January 2016. 73. "Indonesia to withdraw from OPEC" (http://news.bbc.co.uk/2/hi/busin 67. "Dialogue replaces OPEC–IEA Mistrust" (https://web.archive.org/we ess/7423008.stm). BBC. 28 May 2008. Archived (https://web.archive. b/20160502040956/http://www.iea.org/media/ieajournal/Issue7_WE org/web/20131203090307/http://news.bbc.co.uk/2/hi/business/74230 B.pdf) (PDF). IEA Energy (7): 7. November 2014. Archived from the 08.stm) from the original on 3 December 2013. Retrieved 27 January original (http://www.iea.org/media/ieajournal/Issue7_WEB.pdf) (PDF) 2014. on 2 May 2016. 74. "149th Meeting of the OPEC Conference" (http://www.opec.org/opec 68. Simmons, Greg (7 December 2005). "Dems Doubt Iraq Progress" (ht _web/en/951.htm). OPEC (Press release). 10 September 2008. tp://www.foxnews.com/story/2005/12/07/dems-doubt-iraq-progress.ht Archived (https://web.archive.org/web/20151222090010/http://www.o ml). Fox News. Archived (https://web.archive.org/web/201601050707 pec.org/opec_web/en/951.htm) from the original on 22 December 47/http://www.foxnews.com/story/2005/12/07/dems-doubt-iraq-progr 2015. Retrieved 16 December 2015. ess.html) from the original on 5 January 2016. Retrieved 14 January 75. Owen, Nick A.; Inderwildi, Oliver R.; King, David A. (August 2010). 2016. "The status of conventional world oil reserves: Hype or cause for 69. "Oil price 'may hit $200 a barrel' " (http://news.bbc.co.uk/2/hi/busines concern?". Energy Policy. 38 (8): 4743–4749. s/7387203.stm). BBC News. 7 May 2008. Archived (https://web.archi doi:10.1016/j.enpol.2010.02.026 (https://doi.org/10.1016%2Fj.enpol. ve.org/web/20090411231928/http://news.bbc.co.uk/2/hi/business/73 2010.02.026). 87203.stm) from the original on 11 April 2009. Retrieved 2 January 76. Al-Naimi, Ali (20 October 1999). "Saudi oil policy: stability with 2016. strength" (https://web.archive.org/web/20090426011929/http://www.s 70. Masters, Michael W. (20 May 2008). "Testimony" (http://hsgac.senat audiembassy.net/1999News/Statements/SpeechDetail.asp?cIndex=3 e.gov/public/_files/052008Masters.pdf) (PDF). U.S. Senate 27). Saudi Embassy. Archived from the original on 26 April 2009. Committee on Homeland Security and Governmental Affairs. 77. Waldman, Peter (12 April 2015). "Saudi Arabia's Plan to Extend the Archived (https://web.archive.org/web/20080528200858/http://hsgac. Age of Oil" (https://www.bloomberg.com/news/articles/2015-04-12/sa senate.gov/public/_files/052008Masters.pdf) (PDF) from the original udi-arabia-s-plan-to-extend-the-age-of-oil). Bloomberg News. on 28 May 2008. Retrieved 2 January 2016. Archived (https://web.archive.org/web/20170224083439/https://www. 71. Tuttle, Robert; Galal, Ola (10 May 2010). "Oil Ministers See Demand bloomberg.com/news/articles/2015-04-12/saudi-arabia-s-plan-to-exte Rising" (https://www.bloomberg.com/news/articles/2010-05-09/saudi- nd-the-age-of-oil) from the original on 24 February 2017. Retrieved arabian-algerian-oil-ministers-see-consumption-increasing-this-year). 10 March 2017. Bloomberg News. Archived (https://web.archive.org/web/201602062 78. Frei, Matt (3 July 2008). "Washington diary: Oil addiction" (http://new 33533/http://www.bloomberg.com/news/articles/2010-05-09/saudi-ar s.bbc.co.uk/2/hi/americas/7486705.stm). BBC. Archived (https://web. abian-algerian-oil-ministers-see-consumption-increasing-this-year) archive.org/web/20131031103610/http://news.bbc.co.uk/2/hi/america from the original on 6 February 2016. Retrieved 14 January 2016. s/7486705.stm) from the original on 31 October 2013. Retrieved 27 January 2014. https://en.wikipedia.org/wiki/OPEC 26/34 4/4/2020 OPEC - Wikipedia 79. "Saudis Vow to Ignore OPEC Decision to Cut Production" (https://ww 85. "Interview With Saudi Oil Minister Ali Naimi" (https://web.archive.org/ w.nytimes.com/2008/09/11/business/worldbusiness/11oil.html). The web/20151221021005/http://oilpro.com/post/9223/mees-interview-sa New York Times. 11 September 2008. Archived (https://web.archive. udi-oil-minister-ali-naimi). Middle East Economic Survey. 57 (51/52). org/web/20170904202313/http://www.nytimes.com/2008/09/11/busin 22 December 2014. Archived from the original (http://oilpro.com/post/ ess/worldbusiness/11oil.html) from the original on 4 September 9223/mees-interview-saudi-oil-minister-ali-naimi) on 21 December 2017. Retrieved 11 February 2017. 2015. 80. "OPEC Basket Daily Archives" (http://www.opec.org/basket/basketD 86. "OPEC discord fuels further oil price drop" (https://www.ft.com/intl/cm ayArchives.xml). OPEC. Archived (https://web.archive.org/web/2016 s/s/0/1f84e444-9ceb-11e5-8ce1-f6219b685d74.html). The Financial 0121231540/http://www.opec.org/basket/basketDayArchives.xml) Times. 7 December 2015. from the original on 21 January 2016. Retrieved 21 January 2016. 87. "Country Analysis Brief: Libya" (https://www.eia.gov/beta/internationa 81. "Monthly Energy Review" (https://www.eia.gov/totalenergy/data/mont l/analysis_includes/countries_long/Libya/libya.pdf) (PDF). US Energy hly/archive/00351705.pdf) (PDF). US Energy Information Information Administration. 19 November 2015. Archived (https://we Administration. 25 May 2017. Figure 11.1a. Archived (https://web.arc b.archive.org/web/20151223160212/http://www.eia.gov/beta/internati hive.org/web/20170817203235/https://www.eia.gov/totalenergy/data/ onal/analysis_includes/countries_long/Libya/libya.pdf) (PDF) from monthly/archive/00351705.pdf) (PDF) from the original on 17 August the original on 23 December 2015. Retrieved 22 May 2016. 2017. Retrieved 28 May 2017. 88. "Despite Climate Concerns, OPEC Plans to Keep Pumping Oil While 82. Krassnov, Clifford (3 November 2014). "US Oil Prices Fall Below $80 It Can" (https://www.nytimes.com/2015/12/05/business/energy-enviro a Barrel" (https://www.nytimes.com/2014/11/04/business/energy-envi nment/opec-meeting-oil-production-price.html). The New York Times. ronment/us-oil-prices-fall-below-80-a-barrel.html). The New York 5 December 2015. Archived (https://web.archive.org/web/201701281 Times. Archived (https://web.archive.org/web/20141216205651/htt 23133/https://www.nytimes.com/2015/12/05/business/energy-environ p://www.nytimes.com/2014/11/04/business/energy-environment/us-oi ment/opec-meeting-oil-production-price.html) from the original on 28 l-prices-fall-below-80-a-barrel.html) from the original on 16 January 2017. Retrieved 11 February 2017. December 2014. Retrieved 13 December 2014. 89. "OPEC ceiling falls in" (http://www.argusmedia.com/pages/NewsBod 83. Smith, Grant; Rascouet, Angelina; Mahdi, Wael (4 December 2015). y.aspx?id=1148950&menu=yes). Argus Media. 7 December 2015. "OPEC Won't Cut Production to Stop Oil's Slump" (https://www.bloo Archived (https://web.archive.org/web/20151208105422/http://www.a mberg.com/news/articles/2015-12-04/opec-maintains-crude-producti rgusmedia.com/pages/NewsBody.aspx?id=1148950&menu=yes) on-as-group-defers-output-target-ihryzilb). Bloomberg News. from the original on 8 December 2015. Retrieved 7 December 2015. Archived (https://web.archive.org/web/20170328111428/https://www. 90. Kalantari, Hashem; Sergie, Mohammed (2 January 2016). "Iran Says bloomberg.com/news/articles/2015-12-04/opec-maintains-crude-prod Post-Sanctions Crude Output Boost Won't Hurt Prices" (https://www. uction-as-group-defers-output-target-ihryzilb) from the original on 28 bloomberg.com/news/articles/2016-01-02/iran-says-post-sanctions-c March 2017. Retrieved 10 March 2017. rude-output-boost-won-t-hurt-prices). Bloomberg News. Archived (htt 84. "Inside OPEC room, Naimi declares price war on US shale oil" (htt ps://web.archive.org/web/20160115230602/http://www.bloomberg.co p://uk.reuters.com/article/uk-opec-meeting-idUKKCN0JB0M4201411 m/news/articles/2016-01-02/iran-says-post-sanctions-crude-output-b 28). Reuters. 28 November 2014. Archived (https://web.archive.org/ oost-won-t-hurt-prices) from the original on 15 January 2016. web/20160211162226/http://uk.reuters.com/article/uk-opec-meeting-i Retrieved 18 April 2016. dUKKCN0JB0M420141128) from the original on 11 February 2016. Retrieved 13 January 2016.

https://en.wikipedia.org/wiki/OPEC 27/34 4/4/2020 OPEC - Wikipedia 91. "OPEC 169th Meeting concludes" (http://www.opec.org/opec_web/e 97. "OPEC 171st Meeting concludes" (http://www.opec.org/opec_web/e n/press_room/3487.htm). OPEC (Press release). 2 June 2016. n/press_room/3912.htm). OPEC (Press release). 30 November Archived (https://web.archive.org/web/20160605025220/http://www.o 2016. Archived (https://web.archive.org/web/20161201015438/http:// pec.org/opec_web/en/press_room/3487.htm) from the original on 5 www.opec.org/opec_web/en/press_room/3912.htm) from the original June 2016. Retrieved 2 June 2016. on 1 December 2016. Retrieved 30 November 2016. 92. Halligan, Liam (4 June 2016). "OPEC is very much alive as Saudis 98. Blas, Javier (20 October 2016). "The World's Biggest Oil Kingdom learn to tread softly" (https://www.telegraph.co.uk/business/2016/06/ Reverses Course" (https://www.bloomberg.com/news/articles/2016-1 04/opec-is-very-much-alive-as-saudis-learn-to-tread-softly/). The 0-20/the-world-s-biggest-oil-kingdom-reverses-course). Bloomberg Telegraph. Archived (https://web.archive.org/web/20170208231802/h News. Archived (https://web.archive.org/web/20170406180755/http ttp://www.telegraph.co.uk/business/2016/06/04/opec-is-very-much-ali s://www.bloomberg.com/news/articles/2016-10-20/the-world-s-bigges ve-as-saudis-learn-to-tread-softly/) from the original on 8 February t-oil-kingdom-reverses-course) from the original on 6 April 2017. 2017. Retrieved 4 April 2018. Retrieved 10 March 2017. 93. "OPEC Has Its Way as China Oil Output Cut by Most in 15 Years" (ht 99. Hume, Neil (28 September 2016). "OPEC agrees on need for output tps://www.bloomberg.com/news/articles/2016-06-13/china-cuts-oil-ou cut" (https://www.ft.com/content/01ab26c7-3af5-3c54-96fd-8237d66e tput-by-most-in-15-years-coal-production-slows). Bloomberg News. 17c6). The Financial Times. Archived (https://web.archive.org/web/2 13 June 2016. Archived (https://web.archive.org/web/201701182126 0160928201057/https://www.ft.com/content/01ab26c7-3af5-3c54-96f 01/https://www.bloomberg.com/news/articles/2016-06-13/china-cuts- d-8237d66e17c6) from the original on 28 September 2016. Retrieved oil-output-by-most-in-15-years-coal-production-slows) from the 28 September 2016. original on 18 January 2017. Retrieved 10 March 2017. 100. "Russian Energy Minister Says Oil Cuts to Start in January" (https:// 94. "North America Rig Count" (http://phx.corporate-ir.net/phoenix.zhtml? www.bloomberg.com/news/articles/2016-12-11/russian-energy-minist c=79687&p=irol-reportsother). . Archived (https://web. er-says-oil-output-cuts-to-start-in-january). Bloomberg News. 11 archive.org/web/20170302194417/http://phx.corporate-ir.net/phoenix. December 2016. Archived (https://web.archive.org/web/2016121311 zhtml?c=79687&p=irol-reportsother) from the original on 2 March 5632/https://www.bloomberg.com/news/articles/2016-12-11/russian-e 2017. Retrieved 21 February 2017. nergy-minister-says-oil-output-cuts-to-start-in-january) from the 95. Jensen, Fergus; Asmarini, Wilda (1 December 2016). "Net oil original on 13 December 2016. Retrieved 12 December 2016. importer Indonesia leaves producer club OPEC, again" (https://www. 101. "OPEC Said to Break Bread With Shale in Rare Show of Detente" (ht reuters.com/article/us-opec-meeting-indonesia-idUSKBN13Q3M7). tps://www.bloomberg.com/news/articles/2017-03-07/opec-said-to-bre Reuters. Archived (https://web.archive.org/web/20161201141227/htt ak-bread-with-shale-in-rare-show-of-detente). Bloomberg News. 7 p://www.reuters.com/article/us-opec-meeting-indonesia-idUSKBN13 March 2017. Archived (https://web.archive.org/web/2017030722023 Q3M7) from the original on 1 December 2016. Retrieved 3/https://www.bloomberg.com/news/articles/2017-03-07/opec-said-to 1 December 2016. -break-bread-with-shale-in-rare-show-of-detente) from the original on 96. "OPEC Agrees to Cut Production in Drive to End Record Glut" (http 7 March 2017. Retrieved 8 March 2017. s://www.bloomberg.com/news/articles/2016-11-30/opec-decision-day 102. "Where OPEC+ Oil Production Stands Now - Bloomberg" (https://ww -as-ministers-meet-to-salvage-deal-on-oil-cuts). Bloomberg News. 30 w.bloomberg.com/graphics/opec-production-targets/). Retrieved November 2016. Archived (https://web.archive.org/web/2016120102 19 March 2020. 0159/https://www.bloomberg.com/news/articles/2016-11-30/opec-dec 103. "OPEC Is Dead, Long Live OPEC+" (https://www.forbes.com/sites/ari ision-day-as-ministers-meet-to-salvage-deal-on-oil-cuts) from the elcohen/2018/06/29/opec-is-dead-long-live-opec/#5abfd30b2217). original on 1 December 2016. Retrieved 30 November 2016. Retrieved 19 March 2020. https://en.wikipedia.org/wiki/OPEC 28/34 4/4/2020 OPEC - Wikipedia 04. "Russia backs gradual, managed exit from oil cuts with OPEC" (http 110. "OPEC, allies agree to deepen oil output cuts" (https://www.reuters.c s://www.reuters.com/article/us-russia-oil-opec/russia-backs-gradual- om/article/us-oil-opec-idUSKBN1Y90UK). Reuters. 5 December managed-exit-from-oil-cuts-with-opec-idUSKBN1EG11V). Reuters. 2019. Archived (https://web.archive.org/web/20191205195453/http 22 December 2017. Archived (https://web.archive.org/web/20171226 s://www.reuters.com/article/us-oil-opec-idUSKBN1Y90UK) from the 073926/https://www.reuters.com/article/us-russia-oil-opec/russia-bac original on 5 December 2019. Retrieved 5 December 2019. ks-gradual-managed-exit-from-oil-cuts-with-opec-idUSKBN1EG11V) 111. Reed, Stanley (9 March 2020). "How a Saudi-Russian Standoff Sent from the original on 26 December 2017. Retrieved 25 December Oil Markets Into a Frenzy" (https://www.nytimes.com/2020/03/09/busi 2017. ness/energy-environment/oil-opec-saudi-russia.html). The New York 05. "OPEC to extend production cuts throughout 2018" (https://www.shar Times. Retrieved 9 March 2020. ptrader.com/feature/opec-extend-production-cuts-throughout-2018/). 112. Mufson, Steven; Englund, Will. "Oil price war threatens widespread Archived (https://web.archive.org/web/20181224074148/https://www. collateral damage" (https://www.washingtonpost.com/climate-environ sharptrader.com/feature/opec-extend-production-cuts-throughout-20 ment/oil-price-war-threatens-widespread-collateral-damage/2020/03/ 18/) from the original on 24 December 2018. Retrieved 23 December 09/3e42c9e2-6207-11ea-acca-80c22bbee96f_story.html). 2018. Washington Post. Retrieved 9 March 2020. 06. "Qatar to withdraw from OPEC in January 2019" (https://www.aljazee 113. Reguly, Eric (10 March 2020). "Who will win the Saudi-Russia game ra.com/news/2018/12/qatar-withdraw-opec-january-2019-181203061 of chicken in the new oil war? Russia's chances look good" (https://w 900372.html). Archived (https://web.archive.org/web/2018120309154 ww.theglobeandmail.com/business/commentary/article-who-will-win-t 3/https://www.aljazeera.com/news/2018/12/qatar-withdraw-opec-janu he-saudi-russia-game-of-chicken-in-the-new-oil-war/). The Globe ary-2019-181203061900372.html) from the original on 3 December and Mail Inc. 2018. 114. Rees, Tom (10 March 2020). "Russia and Saudi Arabia wait for the 07. "Why is Qatar leaving OPEC?" (https://www.nytimes.com/2018/12/1 other side to blink first in the oil price war" (https://www.telegraph.co. 0/opinion/qatar-leaving-opec-saudi-arabia-blockade-failure.html). uk/business/2020/03/10/russia-saudi-arabia-wait-side-blink-first-oil-pr Archived (https://web.archive.org/web/20181216040018/https://www. ice-war/?li_source=LI&li_medium=li-recommendation-widget). nytimes.com/2018/12/10/opinion/qatar-leaving-opec-saudi-arabia-blo Telegraph Media Group Limited. Daily Telegraph. ckade-failure.html) from the original on 16 December 2018. 115. Tertzakian, Peter (9 March 2020). "This crude war is about a lot more 08. "Russia agrees with Saudi Arabia to extend OPEC+ oil output deal" than oil prices and market share" (https://business.financialpost.com/ (https://www.reuters.com/article/us-g20-summit-putin-opec-idUSKCN commodities/energy/peter-tertzakian-this-crude-war-is-about-a-lot-m 1TU0AF). Reuters. 29 June 2019. Archived (https://web.archive.org/ ore-than-oil-prices-and-market-share). Financial Post. Postmedia. web/20190701211015/https://www.reuters.com/article/us-g20-summi 116. Powell, Naomi (9 March 2020). " 'Game of chicken': Saudis, t-putin-opec-idUSKCN1TU0AF) from the original on 1 July 2019. Russians can wage an oil war for a long time — but at huge political Retrieved 1 July 2019. cost" (https://business.financialpost.com/commodities/game-of-chick 09. "Ecuador to leave OPEC in 2020 due to fiscal problems - ministry" (h en-the-saudis-and-russians-can-wage-an-oil-war-for-a-long-time-but- ttps://www.euronews.com/2019/10/01/ecuador-to-leave-opec-in-2020 at-a-huge-political-cost?video_autoplay=true). Financial Post. -due-to-fiscal-problems-ministry). Euronews. 1 October 2019. Postmedia. Archived (https://web.archive.org/web/20191001210325/https://www. 117. "Trump's Ultimate Weapon To End The Oil War" (https://oilprice.com/ euronews.com/2019/10/01/ecuador-to-leave-opec-in-2020-due-to-fis Energy/Crude-Oil/Trumps-Ultimate-Weapon-To-End-The-Oil-War.htm cal-problems-ministry) from the original on 1 October 2019. l). Retrieved 23 March 2020. Retrieved 1 October 2019. https://en.wikipedia.org/wiki/OPEC 29/34 4/4/2020 OPEC - Wikipedia 18. "Production of Crude Oil including Lease Condensate 2016" (https:// 123. Stephan, Kueffner (1 October 2019). "Ecuador to Leave OPEC in www.eia.gov/beta/international/data/browser/#/?pa=0000000000000 January Amid Efforts to Boost Income" (https://www.bnnbloomberg.c 0000000000000000000002&c=ruvvvvvfvtvnvv1vrvvvvfvvvvvvfvvvou a/ecuador-to-leave-opec-in-january-amid-efforts-to-boost-income-1.1 20evvvvvvvvvvvvuvo&ct=0&tl_id=5-A&vs=INTL.57-1-AFG-TBPD.A& 324853). bnnbloomberg.ca. Archived (https://web.archive.org/web/20 vo=0&v=H&start=2014&end=2016) (CVS download). US Energy 191006225119/https://www.bnnbloomberg.ca/ecuador-to-leave-opec Information Administration. Archived (https://web.archive.org/web/20 -in-january-amid-efforts-to-boost-income-1.1324853) from the 170427031435/https://www.eia.gov/beta/international/data/browser/ original on 6 October 2019. Retrieved 6 October 2019. #/?pa=00000000000000000000000000000000002&c=ruvvvvvfvtvnv 124. " "World Population prospects – Population division" " (https://populat v1vrvvvvfvvvvvvfvvvou20evvvvvvvvvvvvuvo&ct=0&tl_id=5-A&vs=INT ion.un.org/wpp/). population.un.org. United Nations Department of L.57-1-AFG-TBPD.A&vo=0&v=H&start=2014&end=2016) from the Economic and Social Affairs, Population Division. Retrieved original on 27 April 2017. Retrieved 28 May 2017. 9 November 2019. 19. "Statute" (http://www.opec.org/opec_web/static_files_project/media/d 125. " "Overall total population" – World Population Prospects: The 2019 ownloads/publications/OPEC_Statute.pdf) (PDF). OPEC. 2012. Revision" (https://population.un.org/wpp/Download/Files/1_Indicator Archived (https://web.archive.org/web/20141021084736/http://www.o s%20(Standard)/EXCEL_FILES/1_Population/WPP2019_POP_F01_ pec.org/opec_web/static_files_project/media/downloads/publications/ 1_TOTAL_POPULATION_BOTH_SEXES.xlsx) (xslx). OPEC_Statute.pdf) (PDF) from the original on 21 October 2014. population.un.org (custom data acquired via website). United Nations Retrieved 12 December 2014. Department of Economic and Social Affairs, Population Division. 20. "Sudan awaiting decision on its OPEC membership application: Retrieved 9 November 2019. minister" (http://www.sudantribune.com/spip.php?article56814). 126. "Field Listing: Area" (https://www.cia.gov/library/publications/the-worl Sudan Tribune. 22 October 2015. Archived (https://web.archive.org/ d-factbook/fields/2147.html). The World Factbook. Central web/20151120071426/http://www.sudantribune.com/spip.php?article Intelligence Agency. Archived (https://web.archive.org/web/20140131 56814) from the original on 20 November 2015. Retrieved 115000/https://www.cia.gov/library/publications/the-world-factbook/fie 19 November 2015. lds/2147.html) from the original on 31 January 2014. Retrieved 21. Alkhalisi, Zahraa (3 December 2018). "Qatar is pulling out of OPEC 4 January 2009. to focus on gas" (https://www.cnn.com/2018/12/03/business/qatar-op 127. "Crude Oil Proved Reserves 2016" (https://www.eia.gov/beta/internat ec-withdrawal/index.html). cnn.com. Archived (https://web.archive.or ional/data/browser/#/?pa=0000000000000000000008&c=ruvvvvvfvtv g/web/20181203142630/https://www.cnn.com/2018/12/03/business/q nvv1urvvvvfvvvvvvfvvvou20evvvvvvvvvnvvuvo&ct=0&tl_id=5-A&vs=I atar-opec-withdrawal/index.html) from the original on 3 December NTL.57-6-AFG-BB.A&cy=2016&vo=0&v=H&start=2014&end=2016) 2018. Retrieved 3 December 2018. (CVS download). U.S. Energy Information Administration. Archived 22. "Qatar quit OPEC because of politics, not oil" (https://www.economis (https://web.archive.org/web/20170427031435/https://www.eia.gov/b t.com/middle-east-and-africa/2018/12/08/qatar-quit-opec-because-of- eta/international/data/browser/#/?pa=0000000000000000000008&c= politics-not-oil). The Economist. 6 December 2018. ISSN 0013-0613 ruvvvvvfvtvnvv1urvvvvfvvvvvvfvvvou20evvvvvvvvvnvvuvo&ct=0&tl_id (https://www.worldcat.org/issn/0013-0613). Archived (https://web.arc =5-A&vs=INTL.57-6-AFG-BB.A&cy=2016&vo=0&v=H&start=2014&e hive.org/web/20190126000855/https://www.economist.com/middle-e nd=2016) from the original on 27 April 2017. Retrieved 28 May 2017. ast-and-africa/2018/12/08/qatar-quit-opec-because-of-politics-not-oil) from the original on 26 January 2019. Retrieved 25 January 2019.

https://en.wikipedia.org/wiki/OPEC 30/34 4/4/2020 OPEC - Wikipedia 28. Editorial, Reuters. "Congo Republic becomes OPEC oil cartel's 136. Cohen, Ariel. "OPEC Is Dead, Long Live OPEC+" (https://www.forbe newest member" (https://uk.reuters.com/article/congorepublic-opec/c s.com/sites/arielcohen/2018/06/29/opec-is-dead-long-live-opec/). ongo-republic-becomes-opec-oil-cartels-newest-member-idUKL8N1T Forbes. Archived (https://web.archive.org/web/20190802092849/http O3R2). U.K. Archived (https://web.archive.org/web/2018062222032 s://www.forbes.com/sites/arielcohen/2018/06/29/opec-is-dead-long-li 8/https://uk.reuters.com/article/congorepublic-opec/congo-republic-b ve-opec/) from the original on 2 August 2019. Retrieved 2 August ecomes-opec-oil-cartels-newest-member-idUKL8N1TO3R2) from the 2019. original on 22 June 2018. Retrieved 22 June 2018. 137. "OPEC : OPEC makes history in Vienna" (https://www.opec.org/opec 29. Excluding condensate oil production of nearly 20 million bbl/day _web/en/press_room/4052.htm). www.opec.org. Archived (https://we 30. Hayler, William B.; Keever, John M. (2003). American Merchant b.archive.org/web/20190802092851/https://www.opec.org/opec_we Seaman's Manual. Cornell Maritime Press. p. 14.3. ISBN 978-0- b/en/press_room/4052.htm) from the original on 2 August 2019. 87033-549-5. Retrieved 2 August 2019. 31. Noah, Timothy (10 July 2007). "Go NOPEC" (http://www.slate.com/ar 138. Gülen, S. Gürcan (1996). "Is OPEC a Cartel? Evidence from ticles/news_and_politics/chatterbox/2007/07/go_nopec.html). Slate. Cointegration and Causality Tests" (https://web.archive.org/web/2000 Archived (https://web.archive.org/web/20120120182043/http://www.s 0916172154/http://fmwww.bc.edu/EC-P/WP318.pdf) (PDF). The late.com/articles/news_and_politics/chatterbox/2007/07/go_nopec.ht Energy Journal. 17 (2): 43–57. CiteSeerX 10.1.1.133.9886 (https://cit ml) from the original on 20 January 2012. Retrieved 21 August 2009. eseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.133.9886). 32. Noah, Timothy (18 September 2003). "Is Bremer a Price Fixer? doi:10.5547/issn0195-6574-ej-vol17-no2-3 (https://doi.org/10.5547% Letting Iraq's oil minister attend an OPEC meeting may violate the 2Fissn0195-6574-ej-vol17-no2-3). Archived from the original on 16 Sherman Antitrust Act" (http://www.slate.com/articles/news_and_polit September 2000. ics/chatterbox/2003/09/is_bremer_a_price_fixer.html). Slate. 139. "The Global Energy Scene" (http://www.opec.org/opec_web/static_fil Archived (https://web.archive.org/web/20160304095545/http://www.s es_project/media/downloads/publications/OB06_072012.pdf) (PDF). late.com/articles/news_and_politics/chatterbox/2003/09/is_bremer_a OPEC Bulletin. 43 (5): 24–41. June–July 2012. Archived (https://we _price_fixer.html) from the original on 4 March 2016. Retrieved b.archive.org/web/20160909221208/http://www.opec.org/opec_web/ 13 January 2016. static_files_project/media/downloads/publications/OB06_072012.pdf) 33. "Iraq to Attend Next OPEC Ministerial Meeting" (http://www.arabnew (PDF) from the original on 9 September 2016. Retrieved 9 April s.com/node/237468). Arab News. 17 September 2003. Archived (htt 2016. ps://web.archive.org/web/20130620075811/http://www.arabnews.co 140. Browning, Edgar K.; Zupan, Mark A. (2004). "The Prisoner's m/node/237468) from the original on 20 June 2013. Retrieved Dilemma and Cheating by Cartel Members" (http://www.wiley.com/co 16 February 2013. llege/browning/0471389161/pdf/ch14). Microeconomics: Theory & 34. "127th Meeting of the OPEC Conference" (http://www.opec.org/opec Applications (http://www.wiley.com/college/browning/0471389161/pd _web/en/press_room/1077.htm). OPEC (Press release). 24 f/) (8th ed.). Wiley. pp. 394–396. ISBN 978-0471678717. Archived (ht September 2003. Archived (https://web.archive.org/web/2013100423 tps://web.archive.org/web/20160915032256/http://www.wiley.com/col 2402/http://www.opec.org/opec_web/en/press_room/1077.htm) from lege/browning/0471389161/pdf/) from the original on 15 September the original on 4 October 2013. Retrieved 16 February 2013. 2016. Retrieved 5 September 2016. 35. "6 Things You Need to Know About OPEC+" (https://www.themosco wtimes.com/2019/12/04/6-things-opec-russia-a68409l). Retrieved 23 March 2020. https://en.wikipedia.org/wiki/OPEC 31/34 4/4/2020 OPEC - Wikipedia 41. Colgan, Jeff (16 June 2014). "OPEC, the Phantom Menace" (https:// 146. Learsy, Raymond J. (10 September 2012). "NOPEC ('No Oil www.washingtonpost.com/news/monkey-cage/wp/2014/06/16/opec-t Producing and Exporting Cartels Act'): A Presidential Issue and a he-phantom-menace/). Washington Post. Archived (https://web.archi Test of Political Integrity" (https://www.huffingtonpost.com/raymond-j-l ve.org/web/20161110043953/https://www.washingtonpost.com/news/ earsy/nopec-no-oil-producing-an_b_1869803.html). Huffington Post. monkey-cage/wp/2014/06/16/opec-the-phantom-menace/) from the Archived (https://web.archive.org/web/20170603111612/http://www.h original on 10 November 2016. Retrieved 9 November 2016. uffingtonpost.com/raymond-j-learsy/nopec-no-oil-producing-an_b_18 42. Van de Graaf, Thijs (2016). "Is OPEC dead? Oil exporters, the Paris 69803.html) from the original on 3 June 2017. Retrieved 6 April agreement and the transition to a post-carbon world" (https://biblio.u 2016. "Varied forms of a NOPEC bill have been introduced some 16 gent.be/publication/8137111/file/8137112.pdf) (PDF). Energy times since 1999, only to be vehemently resisted by the oil industry." Research & Social Science. 23: 182–188. 147. Palley, Thomas I. (December 2003). "Lifting the Natural Resource doi:10.1016/j.erss.2016.10.005 (https://doi.org/10.1016%2Fj.erss.20 Curse" (https://www.globalpolicy.org/component/content/article/198/4 16.10.005). hdl:1854/LU-8137111 (https://hdl.handle.net/1854%2FLU 0112.html). Foreign Service Journal. Archived (https://web.archive.or -8137111). Archived (https://web.archive.org/web/20190925074356/h g/web/20160520023419/https://www.globalpolicy.org/component/con ttps://biblio.ugent.be/publication/8137111/file/8137112.pdf) (PDF) tent/article/198/40112.html) from the original on 20 May 2016. from the original on 25 September 2019. Retrieved 25 September Retrieved 26 April 2016. 2019. 148. Ross, Michael L. (May 2015). "What Have We Learned about the 43. Farah, Paolo Davide; Cima, Elena (September 2013). "Energy Trade Resource Curse?". Annual Review of Political Science. 18: 239–259. and the WTO: Implications for Renewable Energy and the OPEC doi:10.1146/annurev-polisci-052213-040359 (https://doi.org/10.114 Cartel". Journal of International Economic Law. 16 (3): 707–740. 6%2Fannurev-polisci-052213-040359). doi:10.1093/jiel/jgt024 (https://doi.org/10.1093%2Fjiel%2Fjgt024). 149. Kessler, Oren (13 February 2016). "The Middle East's Conflicts Are SSRN 2330416 (https://ssrn.com/abstract=2330416). About Religion" (http://nationalinterest.org/feature/the-middle-easts-c 44. Weil, Dan (25 November 2007). "If OPEC Is a Cartel, Why Isn't It onflicts-are-about-religion-15205?page=show). The National Interest. Illegal?" (http://www.newsmax.com/Newsfront/opec-cartel-illegal/200 Archived (https://web.archive.org/web/20160326124531/http://nation 9/12/12/id/341497). Newsmax. Archived (https://web.archive.org/we alinterest.org/feature/the-middle-easts-conflicts-are-about-religion-15 b/20140311012304/http://www.newsmax.com/Newsfront/opec-cartel- 205?page=show) from the original on 26 March 2016. Retrieved illegal/2009/12/12/id/341497) from the original on 11 March 2014. 17 March 2016. Retrieved 27 January 2014. 150. Motadel, David (24 May 2015). " 'Defending the Faith' in the Middle 45. Joelson, Mark R.; Griffin, Joseph P. (1975). "The Legal Status of East" (https://www.nytimes.com/2015/05/24/opinion/sunday/defendin Nation-State Cartels Under United States Antitrust and Public g-the-faith-in-the-middle-east.html). The New York Times. Archived International Law". The International Lawyer. 9 (4): 617–645. (https://web.archive.org/web/20150908005002/http://www.nytimes.co JSTOR 40704964 (https://www.jstor.org/stable/40704964). m/2015/05/24/opinion/sunday/defending-the-faith-in-the-middle-east. html) from the original on 8 September 2015. Retrieved 17 March 2016.

https://en.wikipedia.org/wiki/OPEC 32/34 4/4/2020 OPEC - Wikipedia 51. Mattar, Philip, ed. (2004). "Organization of Petroleum Exporting 157. Razavi, Hossein (April 1989). The new era of petroleum trading: Countries (OPEC)" (http://www.encyclopedia.com/topic/OPEC.aspx). spot-oil, spot-related contracts, and futures markets (http://document Encyclopedia of the Modern Middle East and North Africa. 3 (2nd s.worldbank.org/curated/en/603911468739482147/pdf/multi-page.pd ed.). Detroit: Gale / Macmillan Reference USA. ISBN 978- f) (PDF). The World Bank. pp. 65–69. ISBN 978-0-8213-1199-8. 0028657691. Archived (https://web.archive.org/web/2016040904203 Archived (https://web.archive.org/web/20170205095734/http://docum 3/http://www.encyclopedia.com/topic/OPEC.aspx) from the original ents.worldbank.org/curated/en/603911468739482147/pdf/multi-page. on 9 April 2016. Retrieved 10 April 2016. pdf) (PDF) from the original on 5 February 2017. Retrieved 52. "History of the Joint Organisations Data Initiative" (https://www.jodida 4 February 2017. ta.org/about-jodi/history.aspx). JODI. Archived (https://web.archive.or 158. "OPEC Basket Price" (http://www.opec.org/opec_web/en/data_graph g/web/20151012051500/https://www.jodidata.org/about-jodi/history.a s/40.htm). OPEC. Archived (https://web.archive.org/web/2019050113 spx) from the original on 12 October 2015. Retrieved 23 December 1417/https://www.opec.org/opec_web/en/data_graphs/40.htm) from 2015. the original on 1 May 2019. Retrieved 6 January 2017. 53. "World Oil Outlook" (http://www.opec.org/opec_web/en/publications/3 159. "Brent crude and other oil price benchmarks" (https://www.telegraph. 40.htm). OPEC. Archived (https://web.archive.org/web/20151224154 co.uk/finance/newsbysector/energy/oilandgas/8429184/Brent-crude- 110/http://www.opec.org/opec_web/en/publications/340.htm) from and-other-oil-price-benchmarks.html). Reuters. 5 April 2011. the original on 24 December 2015. Retrieved 31 December 2015. Archived (https://web.archive.org/web/20170925075958/http://www.t 54. "Monthly Oil Market Report" (http://www.opec.org/opec_web/en/publi elegraph.co.uk/finance/newsbysector/energy/oilandgas/8429184/Bre cations/338.htm). OPEC. Archived (https://web.archive.org/web/2015 nt-crude-and-other-oil-price-benchmarks.html) from the original on 1227170559/http://www.opec.org/opec_web/en/publications/338.ht 25 September 2017. Retrieved 4 April 2018. m) from the original on 27 December 2015. Retrieved 31 December 160. " 'Effective' OPEC Spare Capacity: Reality-Based Data" (https://web. 2015. archive.org/web/20160502040956/http://www.iea.org/media/ieajourn 55. "OPEC Bulletin" (http://www.opec.org/opec_web/en/76.htm). OPEC. al/Issue7_WEB.pdf) (PDF). IEA Energy (7): 13. November 2014. Archived (https://web.archive.org/web/20160105070452/http://www.o Archived from the original (http://www.iea.org/media/ieajournal/Issue pec.org/opec_web/en/76.htm) from the original on 5 January 2016. 7_WEB.pdf) (PDF) on 2 May 2016. Retrieved 31 December 2015. 161. "3 billion barrel cushion" (https://www.iea.org/oilmarketreport/reports/ 56. "Oil markets explained" (http://news.bbc.co.uk/2/hi/business/904748. 2015/1115/). Oil Market Report. 13 November 2015. Archived (http stm). BBC News. 18 October 2007. Archived (https://web.archive.or s://web.archive.org/web/20151222164633/https://www.iea.org/oilmar g/web/20180913114404/http://news.bbc.co.uk/2/hi/business/904748. ketreport/reports/2015/1115/) from the original on 22 December stm) from the original on 13 September 2018. Retrieved 6 April 2016. 2015. Retrieved 15 December 2015.

Further reading

Evans, John (1986). OPEC, Its Member States and the World Energy Market. ISBN 978-0810321489. Fesharaki, Fereidun (1983). OPEC, the Gulf, and the World Petroleum Market: A Study in Government Policy and Downstream Operations. ISBN 9780367281939. Licklider, Roy (1988). "The Power of Oil: The Arab Oil Weapon and the Netherlands, the United Kingdom, Canada, Japan, and the United States". International Studies Quarterly. 32 (2): 205–226. doi:10.2307/2600627 (https://doi.org/10.2307%2F2600627). JSTOR 2600627 (https:// https://en.wikipedia.org/wiki/OPEC 33/34 4/4/2020 OPEC - Wikipedia www.jstor.org/stable/2600627). Painter, David S (2014). "Oil and geopolitics: The oil crises of the 1970s and the cold war" (https://www.ssoar.info/ssoar/bitstream/handle/docum ent/40394/ssoar-hsr-2014-4-painter-Oil_and_geopolitics_the_oil.pdf?sequence=1). Historical Social Research/Historische Sozialforschung. 186–208. Skeet, Ian (1988). OPEC: Twenty-five Years of Prices and Politics. Cambridge UP. ISBN 978-0521405720 Yergin, Daniel (1991). The Prize: The Epic Quest for Oil, Money, and Power. ISBN 978-1439110126

External links

Official website (http://www.opec.org) The OPEC Fund for International Development (OFID) official website (http://www.ofid.org/)

Retrieved from "https://en.wikipedia.org/w/index.php?title=OPEC&oldid=948622919"

This page was last edited on 2 April 2020, at 02:08 (UTC).

Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

https://en.wikipedia.org/wiki/OPEC 34/34