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The Organization of the Petroleum Exporting Countries, often referred to as OPEC, is a multinational organization of countries that together produce a significant percentage of the world's oil supply. The group collectively adjusts oil prices in order to to regulate the international oil market. OPEC's member nations control two-thirds of the world's oil supply and more than a third of its total oil production.
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Key Dates
- 1949: Venezuela approaches Iran, Iraq, Kuwait, and Saudi Arabia to form a multinational coalition
- September, 1960: Representatives from the five countries meet in Baghdad to discuss oil prices
- 1960: OPEC is founded in response to American legislation that favored North American oil suppliers
- 1960-1975: OPEC expands membership by eight countries
- 1973: OPEC threatens, then employs an oil embargo as a part of Arab-Israeli conflict and causes international 1973 Oil Crisis
- November 19, 2007: OPEC leaders speak openly of converting from the U.S. dollar to the Euro
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OPEC Questions
Your thoughts on why gas prices have increased in the last 6 weeks but oil has gone down. 5 AnswersThis happens because oil trades in futures. February 2009 contracts for oil prices closed Dec. 23rd, 2008. February 2009 price is $39/barrel and has no baring o... read more -
OPEC Recent News
- Yahoo! News: OPEC
- WN Network: OPEC News
- CNN.com: Bush pushes Saudis for help with rising oil prices (January 15, 2008)
- "I would hope, as OPEC considers different production levels, that they understand that if ... one of their biggest consumers' economy suffers, it will mean less purchases, less gas and oil sold," George W. Bush
- The Associated Press: "Oil Prices Resume Rise" (November 8, 2007)
- Star-Telegram.com: "Oil prices drop below $96 in Asia" (November 8, 2007)
- Earthtimes.org: "OPEC crudes peak above 89 dollars for first time" (November 7, 2007)
- Forbes.com: "The Empty Threat Of $100 Oil" (November 7, 2007)
- CNNMoney.com: "Venezuela Oil Min:OPEC Oil Currency Basket Is Working Proposal" (November 1, 2007)
- Financial Times: Opec rejects US call to increase production (November 14, 2007)
- Reuters: Oil up $3 on forecasts for U.S. inventory drop, OPEC | Reuters.co.uk (November 14, 2007)
OPEC Criticism
- Energy Information Agency: Non-OPEC Fact Sheet
- Guardian Unlimited: "Why Are Oil Prices So High?" (October 29, 2007)
- The Economist: "Sheikh up" (September 13, 2007)
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OPEC head calls for Copenhagen compensation http://ff.im/-bPGhY
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PressTV - OPEC head calls for Copenhagen compensation http://bit.ly/085NbYx
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OPEC Secretary-General Abdallah al-Badri told a UK newspaper – The Times – that the Kyoto Protocol, the ... - http://tinyurl.com/ya47jmd
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OPEC chief calls for climate talks compensation: Poorer oil-producers should get financial aid if Copenhagen ta.. http://bit.ly/8IRdAq
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OPEC chief calls for climate talks compensation: Poorer oil-producers should get financial aid if Copenhagen talks ... http://bit.ly/4NDYMj
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