
http://www.google.com/url?sa=U&start=3&q=http://encyclopedia.thefreedictionary.com/List%2520of%2520official%2520languages%2520by%2520institution&e=8092 If OPEC has an official language, it would warrant mention. However, I was only able to find the one source (see above), and it didn't really look very convincing. Does OPEC carry out all of their meetings, etc in English, despite having 6 of the 11 members as Arabic speaking countries? ----- Removed generally regarded as a cartel and just called it a cartel. I don't know of anyone who thinks OPEC isn't a cartel. Also removed statement about Saudi price of oil. The breakeven price of Saudi oil is very, very low. ---- It is now well known that the International Crude Oil prices depend largely on the USA's stand on Iraq. Every time the US plans to attack Iraq, the oil prices increase. : No. Venezula is a much higher impact on the current oil prices. In fact, if I am not wrong, this has been happening in almost every year since the Gulf War. Given the situation, I seriously doubt if the US is trying to manipulate International Oil prices through its War on Iraq. But, interestingly, there is yet another side to the story. Though the USA has large oil reserves, it has to import crude oil to meet its domestic demand. Now, this is puzzling, for any country which has to import a commodity, would not normally like to see the prices of the commodity rise. : The reason is that U.S. oil costs $10/barrel to produce while Saudi oil costs $2/barrel. It's just more efficient for the United States to import Saudi oil. But, if US oil companies have some kind of an arrangement with major oil producing countries in the Gulf (For example an oil field taken on lease for a long period of time), through which they are able to get oil at prices that existed before the Gulf War began (or at least at prices below international parity), then things could be quite different. : The cost of producing oil at a well is determined by geology. These companies would then surely find soaring oil prices to their liking, as they can then make huge profits. : Oil company profits are remarkably independent of the price of oil. Suppose oil prices rise, oil companies increase the price to the consumer. Suppose oil prices fall, oil companies decrease the price to the consumer. The net result is that oil companies make more or less the same about of money regardless of the price of oil. :: That makes no sense. Higher price - constant production cost = bigger profits. - Tbannist : What oil companies *hate* is unpredictability. Oil companies can live with high prices. They can live with low prices. What oil companies *hate* is not knowing what the price of oil is going to be, because this means that they can't make long term investments. All this could be with the help of politicians in the US and elsewhere, who do this even after knowing that it could be against their country's interests. In fact, besides these companies, oil-producing countries in the Gulf such as Kuwait, Saudi Arabia and even Iraq may be benefiting from the so-called dethroning of Saddam Hussein, as they have been getting better prices for their oil. However, the common man in every country including the US has been shelling out higher prices for oil and other commodities as well—indirectly contributed by the increase in oil prices, for no fault of his. All the ideas expressed in this article are solely based on my assumptions. Nevertheless, I believe in what I have written, and call for a serious debate on the topic. ------------- " is a rare example of a successful cartel" What does this mean exactly? :Most cartels do not last for long due to the incentive for members to covertly increase their production and thereby increase revenues and profits(called chiseling). User:Mydogategodshat 01:02, 6 Apr 2004 (UTC) ---------------- This articles has a permanent link from http://opec.com --User:Imran 23:51, 25 Mar 2004 (UTC) ---- Some one explain this sentence :However gold had experienced similar price increases in the intermediate years since the gold standard was ended in 1971 without the existence of any gold cartel. Many maintain that it was US inflation that allowed such pricing power to global commodity producers. User:Roadrunner 00:13, 6 Apr 2004 (UTC) :I can give you an explanation, but do not interpret the explanation as support for the statement. There is an ongoing controversy between monetarist economists and Keynesian economists of the relative importance of the real economy (ie., the supply and demand for goods and services) and the monetary economy (ie., the supply and demand for money). Monetarists claim that the monetary economy drives most economic processes. To them, a constricted supply of crude oil (a real variable) will have little effect in the long run. They see the long run increase in oil prices, not as a result of OPEC's output restrictions, but as a result of monetary policy which since the early 1970s has abandoned the discipline of the gold standard, which allowed the growth of M1, which has lead to inflation, which increases the price of commodities. User:Mydogategodshat 01:02, 6 Apr 2004 (UTC) Added founding date and members from http://www.historychannel.com/tdih/tdih.jsp?month=10272961&day=10272979&cat=10272940 - Tbannist ---- What's the link with Ehrlich-Simon bet ??--User:Chealer 11:36, 2004 Nov 26 (UTC) ---- == Consumers === Is there any petroleum consumer countries organization ??. == Inconsistency == The author says that Iraq switching to the Euro for oil imports may have caused the Gulf War. The Euro did not enter circulation until 2002, the Gulf War was in 1990. Perhaps he/she meant the Second Gulf war? No he/she didn't. The author only maintains that economics would be damaged in the US if other countries had followed Iraq's decision. The author did not mention that it caused the Gulf War, the second OR first. == Trinidad & Tobago == Shouldn't contries like the one above that produce oil be included in the non-members? ==Article name== Why isn't doesn't this article appear under the full name of the organization? This would make it consistent with the Wikipedia:Naming_conventions#Prefer_spelled-out_phrases_to_acronyms and with other international organizations, which are all spelled out? User:Kevintoronto
The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. The organization's purpose is to negotiate with List of petroleum companies on matters of petroleum production, prices, and future concession rights. ==Role and history== [[Image:OPEC.jpg|thumb|200px|OPEC building in Vienna]] Founded September 14, 1960 at a Baghdad conference, OPEC originally consisted of only five countries. The members of OPEC constitute a cartel whose purpose is to agree on the quantity and price of the oil their countries export. Through coordinated effort OPEC seeks to regulate oil production and thereby manage oil prices, primarily by setting quotas for its members. Member countries hold about 2/3 of the world's oil reserves. They supply 40% of the world's oil production and half of the exports. Thanks to OPEC, member nations receive considerably more for the oil they export. "Last year, OPEC's 11 members . . . received $338 billion in revenue from oil exports, a 42 percent increase from 2003, according to figures compiled by the federal Energy Information Administration" (''New York Times'', Jan. 28, 2005). Compare these figures to those from 1972, when oil exporters received $23 billion from oil exports, or 1977, when, in the aftermath of the 1973 energy crisis, they received $140 billion (Daniel Yergin, ''The Prize: The Epic Quest for Oil, Money, and Power'' [Simon & Schuster, 1991], p. 634). Since worldwide oil sales are denominated in U.S. dollars, changes in the value of the dollar against other world currencies affect OPEC's decisions on how much oil to produce. For example, when the dollar falls relative to the other currencies, OPEC-member states receive smaller revenues in other currencies for their oil, causing substantial cuts in their purchasing power, because they continue to sell oil in the U.S. dollar. After the introduction of the Euro#The euro and oil, Iraq unilaterally decided it wanted to be paid for its oil in euros instead of US dollars. Some argue that this decision could have severely damaged the US economy, had it been followed by other OPEC members. OPEC decisions have considerable influence on international oil prices. For example, in the 1973 energy crisis OPEC refused to ship oil to western countries that had supported Israel in the Yom Kippur War or October War with Egypt and Syria. This refusal caused a fourfold increase in the price of oil, which lasted five months, starting on October 17, 1973, and ending on March 18, 1974. OPEC nations then agreed, on January 7, 1975, to raise crude oil prices by 10%. Unlike many other cartels, OPEC has been successful at increasing the price of oil for extended periods. Much of OPEC's success can be attributed to Saudi Arabia's flexibility. It has tolerated cheating on the part of other cartel members, and cut its own production to compensate for other members having exceeded their production quotas. This actually gives them good leverage, because with most members at full production, Saudi Arabia is the only member with spare capacity, and the ability to increase supply, if needed. The policy has been successful, causing the price of crude oil to rise to levels that had, at one time, been reached only by refined products. However, OPEC's ability to raise prices does have some limits. An increase in oil price decreases consumption, and could cause a net decrease in revenue. Furthermore, an extended rise in price could encourage systematic behavior change, such as alternative energy utilization, or increased conservation. Leading up to the 1990-91 Gulf War, Iraqi President Saddam Hussein advocated that OPEC push world oil prices up, thereby helping Iraq, and other member states, service debts. As of August 2004, OPEC has been communicating that its members have little excess pumping capacity, indicating that the cartel is losing influence over crude oil prices. Indonesia is reconsidering its membership having become a net importer and being unable to meet its production quota. == Members == The 11 OPEC member nations: ;Africa: * * * * (has left OPEC) ;Middle East: * (Founding Member) * (Founding Member) * (Founding Member) * * (Founding Member) * ;South America: * (Founding Member) * (has left OPEC) ;Southeast Asia: * == Oil-producing non-members == Some non-OPEC oil-producing nations are: * In Europe: Azerbaijan, Denmark, Norway, Russia and the UK. * In North America: Canada, Mexico and the United States. * In the Middle East: Oman and Yemen. * In Africa: Angola and Equatorial Guinea * In Asia: Malaysia, Brunei and East Timor == See also == * Energy crisis * 1973 energy crisis * 1979 energy crisis * Ehrlich-Simon bet * Hubbert peak * Petrol * Power outage * Renewable energy * Strategic Petroleum Reserve * Petrocurrency * Secretary-General of the Organization of Petroleum Exporting Countries * Organization of Arab Petroleum Exporting Countries（OAPEC） === Petroleum industry writers/commentators === *Colin Campbell (geologist) *Kenneth S. Deffeyes *Daniel Yergin === Books covering aspects of the subject === *''The Coming Oil Crisis'' (2004) *''Out of Gas: The End of the Age of Oil'' (2004) *''The Prize: The Epic Quest for Oil, Money, and Power'' (1993) == External links == * [http://www.opec.org/ OPEC] website * http://www.eia.doe.gov/emeu/cabs/opec.html History of the petroleum industry International organizations International trade Peak oil Petroleum Cartels ga:Eagraíocht Tíortha Onnmhairithe an Pheitriliam vi:OPEC
{| align="center" class="toccolours" style="margin: 0 2em 0 2em;" |- bgcolor="#ccccff" | align="center" style="background:#ccccff" | OPEC (OPEC) |- | align="center" style="font-size: 90%;" | Economy of Algeria | Economy of Indonesia | Economy of Iran | Economy of Iraq | Economy of Kuwait | Economy of Libya | Economy of Nigeria | Economy of Qatar | Economy of Saudi Arabia | Economy of the United Arab Emirates | Economy of Venezuela |}OPEC
#redirect Template:OPEC
I've put this on Economy of X pages, rather than plain country pages. Too much series box clutter. --User:Twinxor 17:19, 7 Oct 2004 (UTC)
The Organization of the Petroleum Exporting Countries (OPEC) comprises countries that have organized for the purpose of negotiating with oil companies on matters of petroleum production, prices, and future concession rights. International organizations
#REDIRECT OPEC
See other meanings of words starting from letter:
Words begining with OPEC:
OPEC
OPEC
OPEC
OPEC
OPEC
OPEC
Opec
Opechancanough
OPEC_Secretary-General
OPEC_Secretary-Generals
OPEC
http://www.google.com/url?sa=U&start=3&q=http://encyclopedia.thefreedictionary.com/List%2520of%2520official%2520languages%2520by%2520institution&e=8092 If OPEC has an official language, it would warrant mention. However, I was only able to find the one source (see above), and it didn't really look very convincing. Does OPEC carry out all of their meetings, etc in English, despite having 6 of the 11 members as Arabic speaking countries? ----- Removed generally regarded as a cartel and just called it a cartel. I don't know of anyone who thinks OPEC isn't a cartel. Also removed statement about Saudi price of oil. The breakeven price of Saudi oil is very, very low. ---- It is now well known that the International Crude Oil prices depend largely on the USA's stand on Iraq. Every time the US plans to attack Iraq, the oil prices increase. : No. Venezula is a much higher impact on the current oil prices. In fact, if I am not wrong, this has been happening in almost every year since the Gulf War. Given the situation, I seriously doubt if the US is trying to manipulate International Oil prices through its War on Iraq. But, interestingly, there is yet another side to the story. Though the USA has large oil reserves, it has to import crude oil to meet its domestic demand. Now, this is puzzling, for any country which has to import a commodity, would not normally like to see the prices of the commodity rise. : The reason is that U.S. oil costs $10/barrel to produce while Saudi oil costs $2/barrel. It's just more efficient for the United States to import Saudi oil. But, if US oil companies have some kind of an arrangement with major oil producing countries in the Gulf (For example an oil field taken on lease for a long period of time), through which they are able to get oil at prices that existed before the Gulf War began (or at least at prices below international parity), then things could be quite different. : The cost of producing oil at a well is determined by geology. These companies would then surely find soaring oil prices to their liking, as they can then make huge profits. : Oil company profits are remarkably independent of the price of oil. Suppose oil prices rise, oil companies increase the price to the consumer. Suppose oil prices fall, oil companies decrease the price to the consumer. The net result is that oil companies make more or less the same about of money regardless of the price of oil. :: That makes no sense. Higher price - constant production cost = bigger profits. - Tbannist : What oil companies *hate* is unpredictability. Oil companies can live with high prices. They can live with low prices. What oil companies *hate* is not knowing what the price of oil is going to be, because this means that they can't make long term investments. All this could be with the help of politicians in the US and elsewhere, who do this even after knowing that it could be against their country's interests. In fact, besides these companies, oil-producing countries in the Gulf such as Kuwait, Saudi Arabia and even Iraq may be benefiting from the so-called dethroning of Saddam Hussein, as they have been getting better prices for their oil. However, the common man in every country including the US has been shelling out higher prices for oil and other commodities as well—indirectly contributed by the increase in oil prices, for no fault of his. All the ideas expressed in this article are solely based on my assumptions. Nevertheless, I believe in what I have written, and call for a serious debate on the topic. ------------- " is a rare example of a successful cartel" What does this mean exactly? :Most cartels do not last for long due to the incentive for members to covertly increase their production and thereby increase revenues and profits(called chiseling). User:Mydogategodshat 01:02, 6 Apr 2004 (UTC) ---------------- This articles has a permanent link from http://opec.com --User:Imran 23:51, 25 Mar 2004 (UTC) ---- Some one explain this sentence :However gold had experienced similar price increases in the intermediate years since the gold standard was ended in 1971 without the existence of any gold cartel. Many maintain that it was US inflation that allowed such pricing power to global commodity producers. User:Roadrunner 00:13, 6 Apr 2004 (UTC) :I can give you an explanation, but do not interpret the explanation as support for the statement. There is an ongoing controversy between monetarist economists and Keynesian economists of the relative importance of the real economy (ie., the supply and demand for goods and services) and the monetary economy (ie., the supply and demand for money). Monetarists claim that the monetary economy drives most economic processes. To them, a constricted supply of crude oil (a real variable) will have little effect in the long run. They see the long run increase in oil prices, not as a result of OPEC's output restrictions, but as a result of monetary policy which since the early 1970s has abandoned the discipline of the gold standard, which allowed the growth of M1, which has lead to inflation, which increases the price of commodities. User:Mydogategodshat 01:02, 6 Apr 2004 (UTC) Added founding date and members from http://www.historychannel.com/tdih/tdih.jsp?month=10272961&day=10272979&cat=10272940 - Tbannist ---- What's the link with Ehrlich-Simon bet ??--User:Chealer 11:36, 2004 Nov 26 (UTC) ---- == Consumers === Is there any petroleum consumer countries organization ??. == Inconsistency == The author says that Iraq switching to the Euro for oil imports may have caused the Gulf War. The Euro did not enter circulation until 2002, the Gulf War was in 1990. Perhaps he/she meant the Second Gulf war? No he/she didn't. The author only maintains that economics would be damaged in the US if other countries had followed Iraq's decision. The author did not mention that it caused the Gulf War, the second OR first. == Trinidad & Tobago == Shouldn't contries like the one above that produce oil be included in the non-members? ==Article name== Why isn't doesn't this article appear under the full name of the organization? This would make it consistent with the Wikipedia:Naming_conventions#Prefer_spelled-out_phrases_to_acronyms and with other international organizations, which are all spelled out? User:Kevintoronto
OPEC
The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. The organization's purpose is to negotiate with List of petroleum companies on matters of petroleum production, prices, and future concession rights. ==Role and history== [[Image:OPEC.jpg|thumb|200px|OPEC building in Vienna]] Founded September 14, 1960 at a Baghdad conference, OPEC originally consisted of only five countries. The members of OPEC constitute a cartel whose purpose is to agree on the quantity and price of the oil their countries export. Through coordinated effort OPEC seeks to regulate oil production and thereby manage oil prices, primarily by setting quotas for its members. Member countries hold about 2/3 of the world's oil reserves. They supply 40% of the world's oil production and half of the exports. Thanks to OPEC, member nations receive considerably more for the oil they export. "Last year, OPEC's 11 members . . . received $338 billion in revenue from oil exports, a 42 percent increase from 2003, according to figures compiled by the federal Energy Information Administration" (''New York Times'', Jan. 28, 2005). Compare these figures to those from 1972, when oil exporters received $23 billion from oil exports, or 1977, when, in the aftermath of the 1973 energy crisis, they received $140 billion (Daniel Yergin, ''The Prize: The Epic Quest for Oil, Money, and Power'' [Simon & Schuster, 1991], p. 634). Since worldwide oil sales are denominated in U.S. dollars, changes in the value of the dollar against other world currencies affect OPEC's decisions on how much oil to produce. For example, when the dollar falls relative to the other currencies, OPEC-member states receive smaller revenues in other currencies for their oil, causing substantial cuts in their purchasing power, because they continue to sell oil in the U.S. dollar. After the introduction of the Euro#The euro and oil, Iraq unilaterally decided it wanted to be paid for its oil in euros instead of US dollars. Some argue that this decision could have severely damaged the US economy, had it been followed by other OPEC members. OPEC decisions have considerable influence on international oil prices. For example, in the 1973 energy crisis OPEC refused to ship oil to western countries that had supported Israel in the Yom Kippur War or October War with Egypt and Syria. This refusal caused a fourfold increase in the price of oil, which lasted five months, starting on October 17, 1973, and ending on March 18, 1974. OPEC nations then agreed, on January 7, 1975, to raise crude oil prices by 10%. Unlike many other cartels, OPEC has been successful at increasing the price of oil for extended periods. Much of OPEC's success can be attributed to Saudi Arabia's flexibility. It has tolerated cheating on the part of other cartel members, and cut its own production to compensate for other members having exceeded their production quotas. This actually gives them good leverage, because with most members at full production, Saudi Arabia is the only member with spare capacity, and the ability to increase supply, if needed. The policy has been successful, causing the price of crude oil to rise to levels that had, at one time, been reached only by refined products. However, OPEC's ability to raise prices does have some limits. An increase in oil price decreases consumption, and could cause a net decrease in revenue. Furthermore, an extended rise in price could encourage systematic behavior change, such as alternative energy utilization, or increased conservation. Leading up to the 1990-91 Gulf War, Iraqi President Saddam Hussein advocated that OPEC push world oil prices up, thereby helping Iraq, and other member states, service debts. As of August 2004, OPEC has been communicating that its members have little excess pumping capacity, indicating that the cartel is losing influence over crude oil prices. Indonesia is reconsidering its membership having become a net importer and being unable to meet its production quota. == Members == The 11 OPEC member nations: ;Africa: * * * * (has left OPEC) ;Middle East: * (Founding Member) * (Founding Member) * (Founding Member) * * (Founding Member) * ;South America: * (Founding Member) * (has left OPEC) ;Southeast Asia: * == Oil-producing non-members == Some non-OPEC oil-producing nations are: * In Europe: Azerbaijan, Denmark, Norway, Russia and the UK. * In North America: Canada, Mexico and the United States. * In the Middle East: Oman and Yemen. * In Africa: Angola and Equatorial Guinea * In Asia: Malaysia, Brunei and East Timor == See also == * Energy crisis * 1973 energy crisis * 1979 energy crisis * Ehrlich-Simon bet * Hubbert peak * Petrol * Power outage * Renewable energy * Strategic Petroleum Reserve * Petrocurrency * Secretary-General of the Organization of Petroleum Exporting Countries * Organization of Arab Petroleum Exporting Countries（OAPEC） === Petroleum industry writers/commentators === *Colin Campbell (geologist) *Kenneth S. Deffeyes *Daniel Yergin === Books covering aspects of the subject === *''The Coming Oil Crisis'' (2004) *''Out of Gas: The End of the Age of Oil'' (2004) *''The Prize: The Epic Quest for Oil, Money, and Power'' (1993) == External links == * [http://www.opec.org/ OPEC] website * http://www.eia.doe.gov/emeu/cabs/opec.html History of the petroleum industry International organizations International trade Peak oil Petroleum Cartels ga:Eagraíocht Tíortha Onnmhairithe an Pheitriliam vi:OPEC
OPEC
{| align="center" class="toccolours" style="margin: 0 2em 0 2em;" |- bgcolor="#ccccff" | align="center" style="background:#ccccff" | OPEC (OPEC) |- | align="center" style="font-size: 90%;" | Economy of Algeria | Economy of Indonesia | Economy of Iran | Economy of Iraq | Economy of Kuwait | Economy of Libya | Economy of Nigeria | Economy of Qatar | Economy of Saudi Arabia | Economy of the United Arab Emirates | Economy of Venezuela |}
OPEC
#redirect Template:OPEC
OPEC
I've put this on Economy of X pages, rather than plain country pages. Too much series box clutter. --User:Twinxor 17:19, 7 Oct 2004 (UTC)
OPEC
The Organization of the Petroleum Exporting Countries (OPEC) comprises countries that have organized for the purpose of negotiating with oil companies on matters of petroleum production, prices, and future concession rights. International organizations
Opec
#REDIRECT OPEC
See other meanings of words starting from letter:
O
OA | OB | OC | OD | OE | OF | OG | OH | OI | OJ | OK | OL | OM | ON | OP | OR | OS | OT | OU | OW | OX | OY | OZ |Words begining with OPEC:
OPEC
OPEC
OPEC
OPEC
OPEC
OPEC
Opec
Opechancanough
OPEC_Secretary-General
OPEC_Secretary-Generals
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