Opec Organization Of The Petroleum Exporting Countries Essay

Josh Howard Stewart Devaney Principles of Economics 11/23/16 OPEC The OPEC (Organization of the Petroleum Exporting Countries) created in 1960 is a permanent intergovernmental Organization. Was formed at the conference held in Baghdad. The five founders Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Later down the road they were joined by nine other countries. Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola, and Gabon. They joined between the years 1961-1975. There were some countries that had some issues being in the OPEC. Indonesia suspended its bid in January of 09’ , then reactivate it in 2016 only to suspend it again a few months later. Ecuador also suspended it s bid in December of 92’ only to reactivate it in 2007. Gabon terminated their bid in January of 95’ but decided to rejoin in the summer of 2016. OPEC started its headquarters in Geneva, Switzerland for the first five years only to move to Vienna, Austria, in September of 65’. The whole reason for the OPEC’S f orming was to co-ordinate and unify petroleum policies among the Members countries of involvement. It was used to secure fair and stable prices for the petroleum producers. Also the economic of the regular supply of petroleum to the consuming nations. With the fair return of capital going back to those investing nations in the industry. In 1960 the five founders of OPEC (Organization of the Petroleum Exporting Countries) Islamic Republic of Iran, Iraq,Show MoreRelatedOpec Organization Of The Petroleum Exporting Countries977 Words   |  4 Pagesregion I chose is OPEC, which is the Organization of the Petroleum Exporting Countries. OPEC was established in 1961 with 5 countries. Since then, it has expanded to 12 countries: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. As technology improves and the production of oil and natural gas fluctuates, changes in the economy will occur and create tensions and conflicts, as well as opportunities. Because of OPEC s impact on theRead MoreOpec Is Used For The Organization Of Petroleum Exporting Countries Essay2522 Words   |  11 PagesOPEC is abbreviation used for the Organization of Petroleum Exporting Countries. It is an intergovernmental and permanent organization which came into force in Baghdad in Se ptember 1960. Initially formed by the Five Founding members – Iran, Iraq, Kuwait, Saudi Arabia and, Venezuela, it was later joined by 9 other countries which are Qatar, Libya, UAE, Algeria, Nigeria, Angola, Gabon, Indonesia and Ecuador. The organization’s headquarters were first located in Geneva, Switzerland for the first fiveRead MoreOpec Stands For Organization Of The Petroleum Exporting Countries Essay1112 Words   |  5 Pages OPEC reaches deal to cut production, sending prices Soaring. OPEC stands for Organization of the petroleum Exporting countries. It is an intergovernmental organization of fourteen nation. It coordinates petroleum policies and stabilize the oil market. This will help them secure regular supply of petroleum in order to keep a study income and growth. Petroleum have become one of the most powerful asset or natural resource that any nation could have. AndRead MoreOpec1276 Words   |  6 PagesIntroduction to OPEC OPEC, The Organisation of the Petroleum Exporting Countries, is a name that has become synonymous with the worldwide petroleum market. But what does it do, who is involved and how important is OPEC to our day-to-day lives? This article aims to answer these basic questions in a clear and concise fashion. OPEC is a permanent organisation of 12 countries which are world-leaders in oil production. The primary aim of OPEC is to unify petroleum policies between its member countries, to ensureRead MoreOpec Case Study1516 Words   |  7 Pages– Group Assignment Group No – 15 Centre – Thane OPEC Case Study Course - IIFT EPGDIB ( Vsat) 2009 Participants :1) Dinesh Jhamnani 3) Neelesh Naik 5) Koshy John 2) Anup Nair 4) Prashant Lohade 6) Smita Meshram What is OPEC? The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. It was founded at a meeting held on 10–14 SeptemberRead MoreEssay on Understanding OPEC: An Economic Analysis1353 Words   |  6 PagesUnderstanding OPEC: An Economic Analysis In the last few months, much has been said of Iraq’s invasion of Kuwait in 1990. Interestingly enough, one of Iraq’s motivating factors was economics. Kuwait provided Iraq with a pretext for war as it violated the economic policies of the Organization of Oil-Exporting Countries by exporting oil above its quotas. This is but one chapter in the complicated history of OPEC. OPEC is an international assembly of nations which co-ordinates and unifies the petroleumRead MoreOpec – Formation and Influence on the World Economy1793 Words   |  8 PagesOPEC – Formation and influence on the world economy Ahlam Colorado Heights University Abstract The Organization of Petroleum Exporting Countries (OPEC) , is a permanent intergovernmental Organization, created at the Baghdad Conference on September 14 th, 1960, consisting of the worlds major oil-exporting nations. It was founded to coordinate and unify the petroleum policies of its members, to serve as a platform for oil producers to achieve their economic objectives by limiting supplies in theRead MoreOpec And The Price Of Oil873 Words   |  4 PagesOPEC and the price of oil The organization of the petroleum exporting countries or OPEC was created at Baghdad Conference in Iraq in September 1960. The founding members of organization were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. These five states were later joined by nine other countries: Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), and Angola (2007). Ecuador and Gabon withdrew from the organizationRead MoreOpec And Oil And Exporting Countries1566 Words   |  7 Pagesof oil and exporting countries Organization of the Petroleum Exporting Countries (OPEC) is one of the intergovernmental organization. Three continents over which the organization is spread is Asia, America, and Africa.12 oil producing countries in the organization are as follows: America, Asia and Africa. These12 countries are: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. The present headquarters of the organization is locatedRead MoreThe Role Of Opec In The Future Of Energy. Throughout History,1167 Words   |  5 PagesThe Role of OPEC in the Future of Energy Throughout history, the lifestyles within every culture was molded by the ability of its people to perform work or labor on the earth. Furthermore, cultural lifestyles were also shaped by the availability of resources and the types of resources available. The lifestyle that exists within Western civilization today was made possible by the extraction and usefulness of one particular resource: oil. Along with the rapid emergence of the fossil fuel industry in