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OPEC Conference delegates at Swissotel, Quito, Ecuador, December 2010. 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 OPEC secretary general. The conference ordinarily meets at the Vienna ...
The New International Economic Order (NIEO) is a set of proposals advocated by developing countries to end economic colonialism and dependency through a new interdependent economy. [ 1 ] [ 2 ] The main NIEO document recognized that the current international economic order "was established at a time when most of the developing countries did not ...
"Petrocurrency" or (more commonly) "petrodollars" are popular shorthand for revenues from petroleum exports, mainly from the OPEC members plus Russia and Norway.Especially during periods of historically expensive oil, the associated financial flows can reach a scale of hundreds of billions of US dollar-equivalents per year – including a wide range of transactions in a variety of currencies ...
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:
Especially during the years 1974–1981 and 2005–2014, oil exporters amassed large surpluses of "petrodollars" from the sale of oil at historically high prices. [1] [2] [8] (The word has been credited alternately to Egyptian-American economist Ibrahim Oweiss and to former U.S. Secretary of Commerce Peter G. Peterson, both in 1973.) [9] [10] [11] These petrodollar surpluses could be described ...
The OPEC Fund's Trade Finance Facility (TFF) [12] was established in 2006 to broaden the means available to the OPEC Fund to alleviate poverty and promote economic development. It is a distinct, additional window for supporting eligible developing countries in their efforts to achieve growth and prosperity.
2004 U.S. government predictions for oil production other than in OPEC and the former Soviet Union. The July 2007 IEA Medium-Term Oil Market Report projected a 2% non-OPEC liquids supply growth in 2007-2009, reaching 51.0 kbbl/d (8,110 m 3 /d) in 2008, receding thereafter as the slate of verifiable investment projects diminishes. They refer to ...
The Organization of the Petroleum Exporting Countries (OPEC) comprises countries that have organized to coordinate their petroleum policies for the stabilization of oil markets. Subcategories This category has the following 2 subcategories, out of 2 total.