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OPEC

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OPEC or Organization of Petroleum Exporting Countries established in 1960 to coordinate the petroleum production and export policies of its members made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965.Venezuela and Iran were the first countries to move towards the establishment of OPEC by approaching Iraq, Kuwait and Saudi Arabia in 1949, suggesting that they exchange views and explore avenues for regular and closer communication among petroleum-producing nations. The founding members are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. In 10–14 September 1960, at the initiative of the Venezuelan Energy and Mines minister Juan Pablo Pérez Alfonzo and the Saudi Arabian Energy and Mines minister Abdullah al-Tariki, the governments of Iraq, Iran, Kuwait, Saudi Arabia and Venezuela met in Baghdad to discuss ways to increase the price of the crude oil produced by their respective countries.Between 1960 and 1975, the organization expanded to include Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), and Nigeria (1971). Ecuador and Gabon were early members of OPEC, but Ecuador withdrew on December 31, 1992 because it was unwilling or unable to pay a $2 million membership fee and felt that it needed to produce more oil than it was allowed to under the OPEC quota, although it rejoined in October 2007. Similar concerns prompted Gabon to suspend membership in January 1995. Angola joined on the first day of 2007. Norway and Russia have attended OPEC meetings as observers. Indicating that OPEC is not averse to further expansion, Mohammed Barkindo, OPEC's Secretary General, recently asked Sudan to join. Iraq remains a member of OPEC, but Iraqi production has not been a part of any OPEC quota agreements since March 1998.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. A statement released by OPEC on 10 September 2008 confirmed Indonesia's withdrawal.The 1973 oil embargo happened in October following the United States' and Western Europe's support of Israel against Arab nations in the Yom Kippur War of 1973. Iran stopped providing oil to the United States and Western Europe. In doing so, the oil pricing for the United States went from 3 dollars a barrel to 12 dollars a barrel, spurring gas rationing. U.S. stations put a limit both on the amount of gas that could be dispensed, closed on Sundays, and limited the days it could be purchased based on license plates. For example if the last digit on a car's license plate was even gas could only be purchased on even days. Prices continued to rise after the Embargo ended. The Oil Embargo of 1973 had a lasting effect on the United States. U.S. citizens began purchasing smaller cars that were more fuel efficient. One of the most lasting effects of the Oil Embar

Tags:Algeria, Arab, Arabia, Baghdad, Ecuador, Emirates, Gabon, Indonesia, Iran, Iraq, Iraqi, Israel, Kuwait, Libya, Nigeria, Norway, OPEC, Qatar, Russia, Saudi, Saudi Arabia, Secretary General, Sudan, United Arab Emirates, United States, Venezuela, Vienna




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