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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.
In November 2014, the International Energy Agency (IEA) estimated that OPEC's "effective" spare capacity, adjusted for ongoing disruptions in countries like Libya and Nigeria, was 3.5 million barrels per day (560,000 m 3 /d) and that this number would increase to a peak in 2017 of 4.6 million barrels per day (730,000 m 3 /d). [214]
"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 ...
In 1980, globally averaged prices "spiked" to US$107.27, [3] and reached its all-time peak of US$147 in July 2008. The 1980s oil glut was caused by non-OPEC countries—such as the United States and Britain—increasing their oil production, which resulted in a decrease in the price of oil in the early 1980s, according to The Economist. [52]
Map of countries with proven oil reserves - according to US EIA (start of 2017) Trends in proven oil reserves in top five countries, 1980–2013 (data from US Energy Information Administration) A map of world oil reserves according to OPEC, January 2014
States. 3. National security—United States. 4. United States—Politics and government—2001– I. Title. JC599.U5W63 2007 323.4'90973—dc22 2007024640 Chelsea Green Publishing Company Post Office Box 428 White River Junction, VT 05001 (802) 295-6300 www.chelseagreen.com EOA2 Final Pages 7/27/07 12:05 PM Page ii
Economist Dambisa Moyo wrote: "It is beyond question that if OPEC member nations were private companies, they would have been fined heavily and/or had their executives put in jail in the United States or the United Kingdom." Beyond energy alone, Moyo then cited the Bush veto of NOPEC, "for reasons of public policy" and in order to support ...
The proposed “Chip 4 Alliance” wants to internalize all parts of the semiconductor business—research and development, design, manufacturing, packaging, sales and consumption—in-house. This ...