Organization of the Petroleum Exporting Countries in several other languages is an intergovernmental organization of 14 nations, established in 1960 in Baghdad by the first five members, and headquartered since 1965 in Vienna. As of 2015, the 14 countries accounted for an approximated 43 percent of global oil production and 73 percent of the world's "proven" oil reserves, generous OPEC a main impact on including oil prices.
OPEC's stated mission is "to coordinate and merge the petroleum policies of its member countries and confirm the stabilization of oil markets, in order to secure an effective, economic and regular quantity of petroleum to consumers, a steady income to producers, and a fair return on capital for those capitalising in the petroleum industry. As of July 2016, OPEC's members are Algeria, Gabon ,Angola, Ecuador, Indonesia, Iran, Iraq, libya, Nigeria, Qatar, Kuwait, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela. Two-thirds of OPEC's oil production and assets are in its six Middle Eastern countries that surround the oil-rich Persian Gulf.
The formation of OPEC obvious a turning point toward national sovereignty over natural resources, and OPEC conclusions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when conflicts or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production directed to a dramatic rise in oil prices and OPEC revenue and wealth, with long-lasting and far-reaching significances for the global economy. In the 1980s, OPEC started setting production targets for its member nations; and mostly when the production targets are reduced, oil prices increase. In December 2014, "OPEC and the oil men" graded as #3 on Lloyd's list of "the top 100 most influential people in the shipping industry– although their influence on international trade is occasionally challenged by the expansion of non-OPEC energy sources, and by the recurring temptation for specific OPEC members to exceed production ceilings.
As of July 2016, OPEC has 14 member countries: six in the Western Asia, one in Southeast Asia, five in Africa, and two in South America. According to the US Energy Information Organization, their combined rate of oil production represented 43 percent of the world's total in 2015, and they resolved for 73 percent of the world's "proven" oil reserves, including 48 percent from just the six Middle Eastern members.Read More»