OPEC
Organization of the Petroleum Exporting Countries (OPEC) | ||
---|---|---|
Flag | ||
Secretary General | Haitham al-Ghais | |
Establishment | Baghdad, Iraq | |
• Statute | September 1960 | |
• In effect | January 1961 | |
Website opec.org |
The Organization of the Petroleum Exporting Countries (OPEC, /ˈoʊpɛk/ OH-pek) is an organization enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). The organization, which currently comprises 12 member countries, accounted for an estimated 30 percent of global oil production.[2] A 2022 report further details that OPEC member countries were responsible for approximately 38 percent of it.[3] Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.[4][5]
In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favor of oil-producing states and away from an
The formation of OPEC marked a turning point toward national sovereignty over natural resources. OPEC decisions have come to play a prominent role in the global oil-market and in international relations. Economists have characterized OPEC as a textbook example of a cartel[9] (a group whose members cooperate to reduce market competition) but one whose consultations may be protected by the doctrine of state immunity under international law.[10]
Current OPEC members are[ref] Algeria, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela. Meanwhile, Angola, Ecuador, Indonesia, and Qatar are former OPEC members.[11] A larger group called OPEC+, consisting of OPEC members plus other oil-producing countries, formed in late 2016 to exert more control on the global crude-oil market.[12] Canada, Egypt, Norway, and Oman are observer states.
Organization and structure
In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favor of oil-producing states and away from an oligopoly of dominant Anglo-American oil firms (the Seven Sisters).[6] Coordination among oil-producing states within OPEC made it easier for them to nationalize oil production and structure oil prices in their favor without incurring punishment by Western governments and firms.[6] Prior to the creation of OPEC, individual oil-producing states were punished for taking steps to alter the governing arrangements of oil production within their borders.[6] States were coerced militarily (e.g. in 1953, the US-UK-sponsored a coup against Mohammad Mosaddegh after he nationalized Iran's oil production) or economically (e.g. the Seven Sisters slowed down oil production in one non-compliant state and ramped up oil production elsewhere) when acted contrary to the interests of the Seven Sisters and their governments.[6]
The organisational logic that underpins OPEC is that it is in the collective interest of its members to limit the world oil supply in order to reap higher prices.[7] However, the main problem within OPEC is that it is individually rational for members to cheat on commitments and produce as much oil as possible.[7]
Political scientist Jeff Colgan has argued that OPEC has since the 1980s largely failed to achieve its goals (limits on world oil supply, stabilized prices, and raising of long-term average revenues).[7] He finds that members have cheated on 96% of their commitments.[7] To the extent that when member states comply with their commitments, it is because the commitments reflect what they would do even if OPEC did not exist. One large reason for the frequent cheating is that OPEC does not punish members for non-compliance with commitments.[7]
Leadership and decision-making
The OPEC Conference is the supreme authority of the organisation, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organisation is the
International cartel
At various times, OPEC members have displayed apparent anti-competitive cartel behavior through the organisation's agreements about oil production and price levels.[15] 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: Organisation of Petroleum Exporting Countries) are examples of international cartels which have publicly entailed agreements between different national governments.
OPEC members strongly prefer to describe their organisation as a modest force for market stabilisation, rather than a powerful anti-competitive cartel. In its defense, the organisation was founded as a counterweight against the previous "
OPEC has not been involved in any disputes related to the competition rules of the
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.
History and impact
Post-WWII situation
In 1949,
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
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
During the early years of OPEC, the oil-producing countries had a 50/50 profit agreement with the oil companies.[39] OPEC bargained with the dominant oil companies (the Seven Sisters), but OPEC faced coordination problems among its members.[39] If one OPEC member demanded too much from the oil companies, then the oil companies could slow down production in that country and ramp up production elsewhere.[39] The 50/50 agreements were still in place until 1970 when Libya negotiated a 58/42 agreement with the oil company Occidental, which prompted other OPEC members to request better agreements with oil companies.[39] 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.[40]
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).[41] By the early 1970s, OPEC's membership accounted for more than half of worldwide oil production.[42] 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,[43] and Angola did in 2007, followed by Equatorial Guinea in 2017.[44] Since the 1980s, representatives from Canada, Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers, as an informal mechanism for coordinating policies.[45]
1973–1974: oil embargo
The oil market was tight in the early 1970s, which reduced the risks for OPEC members in nationalising their oil production.[46] One of the major fears for OPEC members was that nationalisation would cause a steep decline in the price of oil.[46] This prompted a wave of nationalisations in countries such as Libya, Algeria, Iraq, Nigeria, Saudi Arabia and Venezuela.[46] With greater control over oil production decisions and amid high oil prices, OPEC members unilaterally raised oil prices in 1973, prompting the 1973 oil crisis.[46]
In October 1973, the
The 1973–1974 oil embargo had lasting effects on the United States and other industrialized nations, which established the
The embargo also meant that a section of the
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.[60]
1975–1980: Special Fund, now the OPEC Fund for International Development
OPEC's
In the years after 1973, as an example of so-called "
1975: hostage siege
On 21 December 1975, Saudi Arabia's
Carlos arranged bus and plane travel for his team and 42 of the original 63 hostages, with stops in
Sometime 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 Gaddafi of Libya, itself an OPEC member. Fellow militants Bassam Abu Sharif and Klein claimed that Carlos received and kept a ransom between 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".[67][68] He was finally captured in 1994 and is serving life sentences for at least 16 other murders.[69]
1979–1980: oil crisis and 1980s oil glut
In response to a wave of
To combat falling revenue from oil sales, in 1982 Saudi Arabia pressed OPEC for audited national
1990–2003: ample supply and modest disruptions
Leading up to his August 1990
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,[89] although it rejoined in October 2007. Similar concerns prompted Gabon to suspend membership in January 1995;[90] it rejoined in July 2016.[41] 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.[91][92]
Lower demand triggered by the 1997–1998
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."[94]
2003–2011: volatility
Widespread insurgency and sabotage occurred during the 2003–2008 height of the
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.[100] 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."[101]
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.[102] 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.[103] 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 for oil and eventually leaving unneeded barrels in the ground.[104] To this point, Saudi Oil Minister Yamani famously remarked in 1973: "The Stone Age didn't end because we ran out of stones."[105]
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."[24] Over the next few months, oil prices plummeted into the $30s, and did not return to $100 until the Libyan Civil War in 2011.[106]
2014–2017: oil glut
Graphs are unavailable due to technical issues. There is more info on Phabricator and on MediaWiki.org. |
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 "
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.[110] As he explained in an interview:[23]
Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency continues to produce? That is crooked logic. If I reduce, what happens to my market share? The price will go up and the Russians, the Brazilians, US shale oil producers will take my share... We 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.
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
As 2016 continued, the oil glut was partially trimmed with significant production offline in the United States, 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.[112][113][114]
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 in May 2017 OPEC 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.[115][116][44] 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."[117] These production cut deals with non-OPEC countries are generally referred to as OPEC+.[118][119]
In December 2017, Russia and OPEC agreed to extend the production cut of 1.8 mbpd until the end of 2018.[120][121]
Qatar announced it would withdraw from OPEC effective 1 January 2019.
On 29 June 2019, Russia again agreed with Saudi Arabia to extend by six to nine months the original production cuts of 2018.[124]
In October 2019, Ecuador announced it would withdraw from OPEC on 1 January 2020 due to financial problems facing the country.[125]
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.[126]
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
Several pundits saw this as a
In April 2020, OPEC and a group of other oil producers, including Russia, agreed to extend production cuts until the end of July. The cartel and its allies agreed to cut oil production in May and June by 9.7 million barrels a day, equal to around 10% of global output, in an effort to prop up prices, which had previously fallen to record lows.[134]
2021: Saudi-Emirati dispute
In July 2021, OPEC+ member United Arab Emirates rejected a Saudi proposed eight-month extension to oil output curbs which was in place due to COVID-19 and lower oil consumption.[135][136] The previous year, OPEC+ cut the equivalent of about 10% of demand at the time. The UAE asked for the maximum amount of oil the group would recognize the country of producing to be raised to 3.8 million barrels a day compared to its previous 3.2 million barrels. A compromise deal allowed UAE to increase its maximum oil output to 3.65 million barrels a day.[137] Per the terms of the agreement, Russia would increase its production from 11 million barrels to 11.5 million by May 2022 as well. All members would increase output by 400,000 barrels per day each month starting in August to gradually offset the previous cuts made due to the COVID pandemic.[138]
2021–present global energy crisis
The record-high energy prices were driven by a global surge in demand as the world quit the economic recession caused by COVID-19, particularly due to strong energy demand in Asia.[139][140][141] In August 2021, U.S. President Joe Biden's national security adviser Jake Sullivan released a statement calling on OPEC+ to boost oil production to "offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022."[142] On 28 September 2021, Sullivan met in Saudi Arabia with Saudi Crown Prince Mohammed bin Salman to discuss the high oil prices.[143] The price of oil was about US$80 by October 2021,[144][145][146] the highest since 2014.[147] President Joe Biden and U.S. Energy Secretary Jennifer Granholm blamed the OPEC+ for rising oil and gas prices.[148][149][150]
Russia's invasion of Ukraine in February 2022 has altered the global oil trade. EU leaders tried to ban the majority of Russian crude imports, but even prior to the official action imports to Northwest Europe were down. More Russian oil is now heading to nations including India and China.[151]
In October 2022, key OPEC+ ministers agreed to oil production cuts of 2 million barrels per day, the first production cut since 2020.[152] This led to renewed interest in the passage of NOPEC.[153]
2022: oil production cut
In October 2022, OPEC+ led by Saudi Arabia announced a large cut to its oil output target in order to aid Russia after previously producing lots of cheap oil to aid the US.
Saudi Arabia's foreign ministry stated that the OPEC+ decision was "purely economic" and taken unanimously by all members of the conglomerate, pushing back on pressure to change its stance on the Russo-Ukrainian War at the UN.[159][160] In response, the White House accused Saudi Arabia of pressuring other OPEC nations into agreeing with the production cut, some of which felt coerced, saying the United States had presented the Saudi government with an analysis showing there was no market basis for the cut. United States National Security Council spokesman John Kirby said the Saudi government knew the decision will "increase Russian revenues and blunt the effectiveness of sanctions" against Moscow, rejecting the Saudi claim that the move was "purely economic".[161][162] According to a report in The Intercept, sources and experts said that Saudi Arabia had sought even deeper cuts than Russia, saying Saudi Crown Prince Mohammed bin Salman wants to sway the 2022 United States elections in favor of the GOP and the 2024 United States presidential election in favor of Donald Trump.[163]
In 2023, the IEA predicted that demand for fossil fuels such as oil, natural gas and coal would reach an all-time high by 2030.[164] OPEC rejected the IEA's forecast, saying "what makes such predictions so dangerous, is that they are often accompanied by calls to stop investing in new oil and gas projects."[165][166]
Membership
Current member countries
As of January 2024, OPEC has 12 member countries: five in the Middle East (West Asia), six in Africa, and one in South America.[167] According to the U.S. Energy Information Administration (EIA), OPEC's combined rate of oil production (including gas condensate) represented 44% of the world's total in 2016,[168] and OPEC accounted for 81.5% of the world's "proven" oil reserves. Subsequent reports from 2022 indicate that OPEC member countries were then responsible for about 38% of total world crude oil production.[169] It is also estimated that these countries hold 79.5% of the globe's proven oil reserves, with the Middle East alone accounting for 67.2% of OPEC's reserves.[170][171]
Approval of a new member country requires agreement by three-quarters of OPEC's existing members, including all five of the founders.[13] In October 2015, Sudan formally submitted an application to join,[172] but it is not yet a member.
Country | Region | Duration of membership[41][44] | Population (2021 est.)[173][174] |
Area (km2)[175] |
Oil production (bbl/day, 2021)[A][168] |
Proven reserves (bbl, 2016)[A][176] |
---|---|---|---|---|---|---|
Algeria | North Africa | Since 1969 | 44,177,969 | 2,381,740 | 1,133,123 | 12,200,000,000 |
Republic of the Congo | Central Africa | Since 2018[177] | 5,125,821 | 342,000 | 265,871 | 1,600,000,000 |
Equatorial Guinea | Central Africa | Since 2017 | 1,634,466 | 28,050 | 132,562 | ... |
Gabon | Central Africa |
|
2,341,179 | 267,667 | 175,041 | 2,000,000,000 |
Iran | Middle East | Since 1960[B] | 87,923,432 | 1,648,000 | 2,546,336 | 157,530,000,000 |
Iraq | Middle East | Since 1960[B] | 43,533,592 | 437,072 | 4,084,822 | 143,069,000,000 |
Kuwait | Middle East | Since 1960[B] | 4,250,114 | 17,820 | 2,527,106 | 101,500,000,000 |
Libya | North Africa | Since 1962 | 6,735,277 | 1,759,540 | 1,237,808 | 48,363,000,000 |
Nigeria | West Africa | Since 1971 | 213,401,323 | 923,768 | 1,540,991 | 37,070,000,000 |
Saudi Arabia | Middle East | Since 1960[B] | 35,950,396 | 2,149,690 | 9,313,145 | 266,578,000,000 |
United Arab Emirates | Middle East | Since 1967[C] | 9,365,145 | 83,600 | 3,091,481 | 97,800,000,000 |
Venezuela | South America | Since 1960[B] | 28,199,867 | 912,050 | 594,808 | 299,953,000,000 |
OPEC total | 483,630,000 | 12,492,695 | 27,770,543 | 1,210,703,000,000 | ||
World total | 8,097,328,000 | 510,072,000 | 77,043,680 | 1,650,585,000,000 | ||
OPEC percent | 6.3% | 2.4% | 36% | 73% |
- ^ a b 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),[178] and the world's current production rate would take approximately 56 years to exhaust the world's current proven reserves.
- ^ a b c d e The five founding members attended the first OPEC conference in September 1960.
- ^ The UAE was founded in December 1971. Its OPEC membership originated with the Emirate of Abu Dhabi.
OPEC+
A number of non-OPEC member countries also participate in the organisation's initiatives such as voluntary supply cuts in order to further bind policy objectives between OPEC and non-OPEC members.[12] This loose grouping of countries, known as OPEC+, includes Azerbaijan, Bahrain, Brunei, Brazil, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.[179][180]
Observers
Since the 1980s, representatives from Canada, 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.[181]
Lapsed members
Country | Region | Membership years[41] | Population (2021 est.)[173][174] |
Area (km2)[175] |
Oil production (bbl/day, 2016)[168] |
Proven reserves (bbl, 2016)[176] |
---|---|---|---|---|---|---|
Angola | Southern Africa |
|
34,503,774 | 1,246,700 | 1,127,449 | 8,423,000,000 |
Ecuador | South America |
|
17,797,737 | 283,560 | 548,421 | 8,273,000,000 |
Indonesia | Southeast Asia |
|
273,753,191 | 1,904,569 | 833,667 | 3,692,500,000 |
Qatar | Middle East | 1961–2019[184] | 2,688,235 | 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.[89] Ecuador then rejoined in October 2007 before leaving again in January 2020.[185] 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.[183] Similar concerns prompted Gabon to suspend membership in January 1995;[90] 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.[100] It rejoined the organization in January 2016,[41] but announced another "temporary suspension" of its membership at year-end when OPEC requested a 5% production cut.[115]
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).[184][186]
In an OPEC meeting in November 2023, Nigeria and Angola, the biggest oil producers in Sub-Saharan Africa, expressed their discontent over OPEC's quotas which, according to them, blocked their efforts to ramp up oil production and boost their foreign reserves. In December 2023, Angola announced it was leaving the OPEC because it disagreed with the organization's production quotas scheme.[187]
Market information
As one area in which OPEC members have been able to cooperate productively over the decades, the organisation 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
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% of the global oil market. GECF joined as an eighth partner in 2014, enabling JODI also to cover nearly 90% of the global market for natural gas.[188]
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.[189] OPEC also produces an "Annual Statistical Bulletin" (ASB),[91] and publishes more-frequent updates in its "Monthly Oil Market Report" (MOMR)[190] and "OPEC Bulletin".[191]
Crude oil benchmarks
A "crude oil benchmark" is a standardized
The
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 West Texas Intermediate (WTI), Dubai Crude, Oman Crude, and Urals oil.[195]
Spare capacity
The US Energy Information Administration, the statistical arm of the
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).[196] By November 2015, the IEA changed its assessment[quantify] "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."[197]
See also
- Big Oil
- Energy diplomacy
- List of country groupings
- List of intergovernmental organizations
- Oligopoly
- World oil market chronology from 2003
- Gasoline
- Peak oil
- Peak gas
- Arun gas field
References
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- ^ "Opec: What is it and what is happening to oil prices?". BBC News. 3 May 2022.
- ^ "Where our oil comes from - U.S. Energy Information Administration (EIA)". www.eia.gov. Retrieved 26 March 2024.
- ^ Organization of the Petroleum Exporting Countries. (2023). OPEC Annual Statistical Bulletin (58th ed.), 90 pages. Retrieved from https://asb.opec.org/. ISSN: 0475-0608. (See pages 7 and 22).
- ^ "OPEC Share of World Crude Oil Reserves".
- ^ a b c d e . "The Rise of OPEC". In Colgan (2021), pp. 59–93. harvc: no authors in contributor list. (help)
- ^ ISBN 978-0-19-754637-6.
- ^ "OPEC and allies agree to historic 10 million barrel per day production cut". CNBC. 9 April 2020.
- ^
LeClair, Mark S. (8 July 2016) [2000]. "The History and Evlauation of Significant commodity Cartels". International Commodity Markets and the Role of Cartels (reprint ed.). Abingdon: Routledge. p. 81. ISBN 9781315500881. Retrieved 11 June 2023.
OPEC, the most notorious of the modern cartels, functioned effectively for only thirteen years.
- ^
ISBN 9783540788836. Retrieved 11 June 2023.
[...] the question whether OPEC's activities, those of its member states and those of the state-owned enterprises are protected by the principle of State Immunity is to be answered in accordance with the preconditions set by the UN Convention as an expression of common principles of International law. [...] The crucial question [...] in terms of International law is: 'Is OPEC engaged in commercial activities or not?'
- ^ "OPEC: Member Countries". opec.org. Retrieved 22 April 2020.
- ^ a b Cohen, Ariel. "OPEC Is Dead, Long Live OPEC+". Forbes. Archived from the original on 2 August 2019. Retrieved 2 August 2019.
The deal represents the latest successful policy effort by the 24 member supercartel, informally referred to as the 'Vienna Group' or 'OPEC+,' to put their thumb on the scale of global oil markets. And it's a huge thumb indeed. [...] OPEC's 14 members control 35 percent of global oil supplies and 82 percent of proven reserves. With the addition of the 10 Non-OPEC nations, notable among them Russia, Mexico and Kazakhstan, those shares increase to 55 percent and 90 percent respectively. This affords OPEC+ a level of influence over the world economy never seen before.
- ^ a b "Statute" (PDF). OPEC. 2012. Archived (PDF) from the original on 21 October 2014. Retrieved 12 December 2014.
- ^ a b "OPEC discord fuels further oil price drop". Financial Times. 7 December 2015. Archived from the original on 10 December 2022.
- doi:10.5547/issn0195-6574-ej-vol17-no2-3. Archived from the original on 16 September 2000.)
{{cite journal}}
: CS1 maint: unfit URL (link - ^ "The Global Energy Scene" (PDF). OPEC Bulletin. 43 (5): 24–41. June–July 2012. Archived (PDF) from the original on 9 September 2016. Retrieved 9 April 2016.
- ISBN 978-0471678717. Archivedfrom the original on 15 September 2016. Retrieved 5 September 2016.
- ^ Colgan, Jeff (16 June 2014). "OPEC, the Phantom Menace". The Washington Post. Archived from the original on 10 November 2016. Retrieved 9 November 2016.
- hdl:1854/LU-8137111. Archived(PDF) from the original on 25 September 2019. Retrieved 25 September 2019.
- SSRN 2330416.
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Varied forms of a NOPEC bill have been introduced some 16 times since 1999, only to be vehemently resisted by the oil industry.
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Further reading
- Ansari, Dawud. (2017) "OPEC, Saudi Arabia, and the shale revolution: Insights from equilibrium modelling and oil politics." Energy Policy 111 (2017): 166–178. online
- Claes, Dag Harald, and Giuliano Garavini eds. (2019) Handbook of OPEC and the Global Energy Order: Past, Present and Future Challenges (Routledge 2019) excerpt
- Colgan, Jeff D. (2014) "The emperor has no clothes: The limits of OPEC in the global oil market." International Organization 68.3 (2014): 599–632. online
- Dudley, Bob. (2019) "BP energy outlook." Report–BP Energy Economics–London: UK 9 (2019) online.
- Economou, Andreas, and Bassam Fattouh. (2021) "OPEC at 60: the world with and without OPEC." OPEC Energy Review 45.1 (2021): 3-28. online, a historical perspective from 1990 to 2018.
- 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.
- Garavini, Giuliano. (2019). The Rise and Fall of OPEC in the Twentieth Century. Oxford University Press.
- Gately, Dermot. (1984) "A ten-year retrospective: OPEC and the world oil market." Journal of Economic Literature 22.3 (1984): 1100–1114. summary of scholarly literature online
- Licklider, Roy (1988). "The Power of Oil: The Arab Oil Weapon and the Netherlands, the United Kingdom, Canada, Japan, and the United States" (PDF). S2CID 155591645. Archived from the original(PDF) on 18 February 2020.
- Monbiot, George (26 June 2019). "Shell is not a green saviour. It's a planetary death machine". The Guardian. Retrieved 12 March 2023.[relevant?]
- Painter, David S (2014). "Oil and geopolitics: The oil crises of the 1970s and the cold war". Historical Social Research/Historische Sozialforschung. 186–208.
- Pickl, Matthias J. (2019) "The renewable energy strategies of oil majors–From oil to energy?." Energy Strategy Reviews 26 (2019): 100370. online
- Ratti, Ronald A., and Joaquin L. Vespignani. (2015) "OPEC and non-OPEC oil production and the global economy." Energy Economics 50 (2015): 364–378. online
- Skeet, Ian (1988). OPEC: Twenty-five Years of Prices and Politics. Cambridge UP. ISBN 978-0521405720 online
- Van de Graaf, Thijs. (2020) "Is OPEC dead? Oil exporters, the Paris agreement and the transition to a post-carbon world." in Beyond market assumptions: Oil price as a global institution (Springer, Cham, 2020) pp. 63–77. online
- Wight, David M. Oil Money: Middle East Petrodollars and the Transformation of US Empire, 1967-1988 (Cornell University Press, 20210 Website: rjissf.org online reviews
- Woolfson, Charles, and Matthias Beck. (2019) "Corporate social responsibility in the international oil industry." in Corporate social responsibility failures in the oil industry. (Routledge, 2019) pp. 1–14. online
- Yergin, Daniel (1991). The Prize: The Epic Quest for Oil, Money, and Power. ISBN 978-1439110126 online
- Yergin, Daniel (2011). The quest : energy, security and the remaking of the modern world (2011) online