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OPEC: Its Role and Influence Since 1960 OPEC: Its Role and Influence since 1960 Prof. Dr J. Clifford Jones Download free books at Dr J. Clifford Jones OPEC: Its Role and Influence since 1960 2 Download free eBooks at bookboon.com OPEC: Its Role and Influence since 1960 1st edition © 2014 Dr J. Clifford Jones & bookboon.com ISBN 978-87-403-0748-1 3 Download free eBooks at bookboon.com Dedicated to the memory of: Anne Gray (Forshaw) 1936–2012 whose presence brought warmth to so many. 4 Download free eBooks at bookboon.com OPEC: Its Role and Influence since 1960 Contents Contents Preface 8 1 The origins of OPEC and its primary aims 9 1.1 Introduction 9 1.2 Oil production in Iran, Iraq, Kuwait, Saudi Arabia and Venezuela in 1960 9 1.3 The OPEC conference in 1960 10 1.4 Other early OPEC conferences 11 1.5 Further information 13 1.6 The OPEC basket price 14 1.7 References 15 2 Entrants to OPEC after 1965 17 2.1 Algeria, entered 1969 17 2.2 Nigeria, entered 1971 19 2.3 Ecuador joined 1973, withdrew 1992, rejoined 2007 20 5 Click on the ad to read more Download free eBooks at bookboon.com OPEC: Its Role and Influence since 1960 Contents 2.4 Gabon, entered 1975, withdrew 1996 21 2.5 Angola, joined 2007 23 2.6 Further information 24 2.7 References 24 3 Production quotas 26 3.1 Background 26 3.2 Iran 26 3.3 Kuwait 27 3.4 Venezuela 27 3.5 Saudi Arabia 29 360° 3.6 Iraq 29 3.7 Qatar 31 3.8 Libya 33 thinking 3.9 Indonesia 360° 33 . 3.10 The United Arab Emirates (UAE) 34 3.11 Algeria thinking 35 3.12 Nigeria . 36 3.13 Ecuador 36 360° thinking . 360° thinking. Discover the truth at www.deloitte.ca/careers Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. © Deloitte & Touche LLP and affiliated entities. Discover the truth6 at www.deloitte.ca/careersClick on the ad to read more Download free eBooks at bookboon.com © Deloitte & Touche LLP and affiliated entities. OPEC: Its Role and Influence since 1960 Contents 3.14 Gabon 37 3.15 Angola 38 3.16 Further comments 38 3.17 References 39 4 Organisations operating alongside OPEC 41 4.1 The national oil companies 41 4.2 OAPEC 42 4.3 The standards bodies 44 4.4 Concluding remarks 47 4.5 References. 48 5 New Members? 49 5.1 Introduction 49 5.2 The identification of possible eligible countries 50 5.3 Concluding remarks 53 5.4 References 53 Appendix to Chapter 5 54 GOT-THE-ENERGY-TO-LEAD.COM We believe that energy suppliers should be renewable, too. We are therefore looking for enthusiastic new colleagues with plenty of ideas who want to join RWE in changing the world. Visit us online to find out what we are offering and how we are working together to ensure the energy of the future. 7 Click on the ad to read more Download free eBooks at bookboon.com OPEC: Its Role and Influence since 1960 Preface Preface My position in writing this book is that of an expert in matters relating to oil who is attempting to evaluate the role of OPEC over the 54 years of since it was set up at the first OPEC conference in Baghdad. There is a great deal of literature on OPEC, so an endeavour to describe its ‘role and influence’ in a book on the scale of this one might appear difficult to justify. This book is a synthesis of carefully selected information on OPEC, a major essay in which the activity of OPEC since its beginning in 1960 is reviewed. Such matters as production quotas and the OPEC basket price loom large and I have tried to put the material together in a way which makes for continuity of theme. This, as already stated, has involved careful selection of documents and literature on OPEC. At least such information and documents are readily available in these days of the internet: the book would have taken much longer to write in the days of libraries stocked with hard copies. By the same token, the abundance of material now available electronically requires that an author drawing on electronic sources be discriminating. The OPEC conferences feature throughout the book, and there is often more than one of these in a year. Information relating to such matters as production quotas, production levels and exports is often reported on a quarterly basis. Throughout the book I have tended (although there are some exceptions) to date events by the year only so as to avoid unnecessary detail. More than once whilst obtaining information from the web in the writing of this book I have encountered a comment to the effect that information on production by particular countries and on production quotas sometimes differs from one source to another. This is certainly the case, and is the reason I have almost always backed up such information in this book with a reference so that a reader can at least examine for him or herself the sources I have (usually arbitrarily) chosen. This book is not an introduction to OPEC. It is an advanced treatise directed at experts already having knowledge of and insights into such things. Even so it might serve as a confidence builder for someone new to the subject area wanting subsequently to tackle the more detailed and specialised books and articles about OPEC. All diligent attempts were made to contact copyright owners of the illustrations and obtain permission to use them. If any permission or acknowledgement has been inadvertently omitted author and publisher should be informed. This being an electronic book it will be possible to rectify such an omission. J.C. Jones. 8 Download free eBooks at bookboon.com OPEC: Its Role and Influence since 1960 The origins of OPEC and its primary aims 1 The origins of OPEC and its primary aims 1.1 Introduction The five founding member of OPEC in 1960 were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Plate 1 below shows the first OPEC conference, held in Baghdad that year. In understanding the development of OPEC it is helpful to know the oil production figures in the respective countries at that time and these are given in the next section. Plate 1.1. The first meeting OPEC conference, Baghdad 1960. Taken from [1]. Reproduced with the permission of OPEC. 1.2 Oil production in Iran, Iraq, Kuwait, Saudi Arabia and Venezuela in 1960 Figures for oil production in the OPEC countries at the time of formation are in the Table 1.1 below. They are taken from [2] and a discussion follows the table. Country Oil production/million Further information barrels per day Iran 1.07 The National Iranian Oil Company (NIOC), formed in 1948, became a consortium of foreign companies in 1954. Iraq 0.97 Iraqi Oil Company, owned jointly by British Petroleum, Shell, Mobil and Standard Oil, formed in 1958 [5]. Kuwait 1.69 Kuwait Oil Company owned jointly by BP and Gulf Oil [6]. Saudi Arabia 1.31 Aramco – Arabian American Oil Company – formed in the 1930s [7]. Venezuela 2.85 Corporacion Venezolana del Petroleo (CVP) formed in 1960. Table 1.1. Oil production figures of the OPEC countries in 1960. 9 Download free eBooks at bookboon.com OPEC: Its Role and Influence since 1960 The origins of OPEC and its primary aims The total obtained from summing the figures in the second column is 7.9 million barrels per day, slightly higher than the US production for that year which was 7.04 million barrels per day. World oil production that year was 21.09 million barrels per day [3], so the contribution from the countries which joined OPEC was 37% which is not hugely different from the 2013 figure which is 40% [4]. The matter of the proportion of the world’s oil provided by OPEC countries will be a recurrent theme throughout this book. Turning our attention to Iran, we note that one of the companies in the consortium referred to is BP (previously the Anglo-Iranian Oil Company) which had 40% ownership. Various US companies had another 40% and Shell had 14%. The balance of 6% was in the hands of Compagnie Française des Pétroles (CFP) which was the forerunner to Total. In Iraq (following row) a similar arrangement existed, consolidation into an aggregate composed entirely of foreign concerns. In each country political and social instability had jeopardized the oil industry previously, and this was one reason for the grouping of the oil companies into a single larger company which, it was believed, would make the industry less vulnerable. A similar formal arrangement existed at that time in Kuwait (next row). In Saudi Arabia (penultimate row) Aramco had been formed as a partnership between Standard Oil and the government of Saudi Arabia. Texaco had a share in Aramco by the time OPEC was formed. In Venezuela (final row of the table) in 1943, a forty-year agreement was made between the government and a group of oil companies, beyond which the companies’ own assets would go to the government. When the CVP was set up, over 20 years before expiry of the agreement, it operated in co-operation with the foreign companies. An account of the OPEC conference of 1960, an illustration of which is given on the previous page, follows. 1.3 The OPEC conference in 1960 1.3.1 Motives for convening the conference The meeting, which took place over five days, was called at the initiation of Iraq.
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