Organization of the Petroleum Exporting Countries

OPEC, Organization of the Petroleum Exporting Countries (2011) World Oil Outlook, http // www.opec.org/opec web/static files project/media/downloads/publications/WOO 2011.pdf... 

The period of cheap petroleum ended in the 1970s, at which time an organization known as Organization of the Petroleum Exporting Countries (OPEC) was... 

Sponsored by the Kuwait Institute for Scientific Research, the Kuwait Foundation for the Advancement of Science, the Kuwait National Petroleum Company, the Kuwait Petroleum Corporation, Kuwait University, the Gulf Cooperation Council, the Public Authority for Applied Education and Training, the Petrochemical Industries Company, and the Organization of Arab Petroleum Exporting Countries. 

Geopolitics can definitely affect the supply of oil as demonstrated by the 1973 oil crisis where OAPEC (Organization of Arab Petroleum Exporting Countries) restricted shipments of crude oil to the United States and European countries as a result of the Yom Kippur War. While the political environment today is certainly different from 1973, there are no guarantees that another restriction in oil supply could not happen in the future. With the world economy, oil supply often barely meets demand. Even a relatively small political crisis in a small oil-producing country can result in major global dislocations. 

The Organization of Petroleum Exporting Countries (OPEC) oil embargo in 1973 resulted in... 

Suddenly there was a significant change in the import/export dynamics of the world. From 1970 to 1973 the United States increased its proportion of imported oil from 10 percent to 23 percent of domestic demand, a substantial 2 mbd increase in imports. At the same time, Saudi Arabia increased its exports by 120 percent, or about 4 mbd, to become the world s most important oil exporter. This change in the balance of exports on the international market gave Saudi Arabia and the rest of the Organization of Petroleum Exporting Countries (OPEC) tremendous market power. It was only a matter of time before they would use it. 

OGJ OLADE OECD OPEC OSPAR Oil Gas Journal Latin American Energy Organization Organisation for Economic Cooperation and Development Organization of Petroleum Exporting Countries Oslo Paris Commission for the Protection of the Marine Environment of the North East Atlantic... 

In 1973, the Organization of Petroleum Exporting Countries stopped exporting oil for a time. What effect do you suppose this embargo had on the nuclear power industry ... 

Recent comments by others indicate that this forecast does not single out Canada as unique. For instance, Frank C. Osment, President of the Standard Oil Co. of Indiana, made these points during a recent speech before the Organization of Petroleum Exporting Countries (1). His comments relate to the next 20 years rather than 30 years ... 

Reserves of crude oil, the raw material used to make petroleum products, are not evenly distributed around the world. The production levels of the major oil-producing nations in the world, shown in Figure 2, are based on data collected by the US Department of Energy s (DOEs) Energy Information Administration (El A). Nations in the Organization of Petroleum Exporting Countries (OPEC) produce —43% of the world s total of nearly 68 million bbl per day... 

In the two chapters (chapters 3 and 4) in part II of this book, the reader will be taken on a trip from the west to the east involving some crude oil producing countries. The influence of the crude oil industry and petroleum organizations such as the Organization of Petroleum Exporting Countries (OPEC) is shown in these chapters. 

Up till now, petroleum policy was defined by two cartels - west and east. The first unites the six largest petroleum companies that extracts 40 percent of oil (by volume) from countries that are not OPEC members. The cumulative volume of sales for these companies in 1991 was almost 400 billion dollars. The eastern cartel (OPEC) includes thirteen countries, which makes up 38 percent of world oil production and 61 percent of world petroleum export. The oil production in Russia makes up 10% of world petroleum production. Therefore, it is possible to say with confidence that Russia occupies a strong position in the international petroleum market. For example, OPEC declared before the crisis that the member states of this organization could not fill any shortage of petroleum, should the world market lose Russia. 

The State Organization for Oil Marketing (SOMO) is engaged in the trade of petroleum and is responsible for connections with organization of the countries to which they export Iraqi oil. 

We face three major problems as a consequence of our dependence on fossil fuels for energy. First, fossil fuels are a nonrenewable resource and the world s supply is continually decreasing. Second, a group of Middle Eastern and South American countries controls a large portion of the world s supply of petroleum. These countries have formed a cartel known as the Organization of Petroleum Exporting Countries OPEC), which controls both the supply and the price of crude oil. Political instability in any OPEC country can seriously affect the world oil supply. Third, burning fossil fuels increases the concentrations of CO2 and SO2 in the atmosphere. Scientists have established experimentally that... 

OECD). Two-thirds of the world s remaining oil reserves are located within member nations of the Organization of Petroleum Exporting Countries (OPEC) (ElA 2003b). Natural gas reserves follow a similar distribution pattern. Only 10% of the world reserves are located in OECD nations. The rest is located mainly in OPEC countries (just under one-half) and Russia (one-third) (ElA 2003b). Coal reserves, however, are more plentiful, and distributed in other parts of the world. Approximately three-quarters of the world s coal reserves are found in North America, Asia, Oceania, Eastern Europe, and the former Soviet Union (EIA 2003b). 

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