Search results
Results from the WOW.Com Content Network
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 ...
According to the Algerian Energy and Mines Minister Chakib Khelil, this mean that in the long term the GECF will move toward becoming a gas OPEC. [12] On 11 December 2009, Russia's Energy Minister Sergey Shmatko stated: "Today we can speak about gas OPEC as a fully fledged international organization. By a unanimous decision a Russian national ...
On 9 January 1968, three of the then–most conservative Arab oil states – Kuwait, Libya, and Saudi Arabia – agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War.
Download as PDF; Printable version; ... Pages in category "Petroleum economics" The following 65 pages are in this category, out of 65 total. ... OPEC; Operation ...
"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 ...
The Organization of the Petroleum Exporting Countries (OPEC) is a key example of an organization that uses production quotas. The 14 member states set a production quota for crude oil . This "maintains" the cost of crude oil per barrel in world markets.
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:
The impact of the 1973 oil crisis and the emergence of the OPEC cartel was a particular milestone that prompted some countries to increase their energy security. Japan, almost totally dependent on imported oil, steadily introduced the use of natural gas, nuclear power, high-speed mass transit systems, and implemented energy conservation measures. [16]