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Toggle Organization and structure subsection. ... (OPEC / ˈ oʊ p ɛ k / OH-pek) is ... [73] [74] He was finally captured in 1994 and is serving life sentences for ...
Concurrently, the Organization of the Petroleum Exporting Countries (OPEC), which has a history of adjusting production to influence prices, decided to maintain high production levels. This strategy, diverging from OPEC's usual approach of production cuts to stabilize prices, contributed further to the oversupply .
OPEC – Organization of Petroleum Exporting Countries; OPL – operations log; OPRES – overpressure log; OPS – operations report; ORICO – oriented core data report; ORM – operability reliability maintainability; ORRI – overriding royalty interest; ORF – onshore receiving facility; OS&D – over, short, and damage report; OS ...
The Organization of Oil Exporting Countries -- better known as OPEC -- has been a dominant player in the oil market since it was formed in 1960. The 12 member countries have provided over 40% of ...
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List of OPEC secretaries general No. Name Country Tenure 1: Fuad Rouhani [A] Iran [B] 21 Jan 1961 – 30 Apr 1964 2: Abdul Rahman al-Bazzaz [A] Iraq [B] 1 May 1964 – 30 Apr 1965 3: Ashraf T. Lutfi Kuwait [B] 1 May 1965 – 31 Dec 1966 4: Mohammad Saleh Joukhdar Saudi Arabia [B] 1 Jan 1967 – 31 Dec 1967 5: Francisco R. Parra Venezuela [B]
From 2004 to 2014, OPEC was setting the global price of oil. [66] OPEC started setting a target price range of $100–110/bbl before the 2008 financial crisis [30]: 10 —by July 2008 the price of oil had reached its all-time peak of US$147 before it plunged to US$34 in December 2008, during the financial crisis of 2007–2008.
As these new markets developed, price control became more difficult for OPEC. In addition, oil was transformed from a strategic product to a commodity. [1] Changes in the spot market favored competition and made it more difficult for oligopolistic agreements. The development of many free markets impacted OPEC in two different ways: