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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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The Mahalo Top 7
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Official Site: OPEC
opec.org -
Wikipedia: OPEC
en.wikipedia.org -
Energy Information Agency: OPEC Brief
eia.doe.gov -
Reuters: "Energy Secretary "hopeful" OPEC will raise output" (Nov. 5, 2007)
reuters.com -
Resource Investor: "Declaration of Principles to Be Issued at the Third OPEC Summit" (Nov. 4, 2007)
resourceinvestor.com -
Google News: OPEC
news.google.com -
The Economist: OPEC Backgrounder
economist.com
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Official Site: OPEC
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OPEC on Twitter Powered by Twitter
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Waiting for the OPEC day in Singapore..How is it going on?? lol
@rina_savista | November 08, 2009 07:08 AM -
Raising output not on OPEC agenda now: UAE: DUBAI - United Arab Emirates Oil Minister Mohammed al-Hamli said ra.. http://bit.ly/2RUyUa
@CommoditiesNews | November 08, 2009 06:25 AM -
Opec will not increase oil production: The UAEs oil minister Mohammad Al-Hamli has said that Opec is not curren.. http://bit.ly/3Pl0L3
@CommoditiesNews | November 08, 2009 06:25 AM -
Middle East (UAE and GCC) Finance and Investment News: Nov 8, 2009: http://bit.ly/2HjHlR via @addthis #gcc #kuwait #uae #oman #opec
@rupertbu | November 08, 2009 05:01 AM -
Canada is the largest foreign supplier of oil to the US, topping OPEC suppliers as Saudi Arabia and Venezuela >> http://cli.gs/m5LHAQ
@FrankEves | November 08, 2009 04:38 AM
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OPEC on Amazon | View All
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OPEC: Twenty-Five Years of Prices and Politics (Cambridge Energy and Environment Series) - $18.95
Looks at the history of OPEC, and the political and economic events that have shaped the organization and the world economy since its creation in 1960. It covers the background to its establishment, the years in which it struggled to find a...
Amazon -
Carbonomics: How to Fix the Climate and Charge It to OPEC - $15.00
Carbonomics is the only book about The Energy/Climate Polices Soon to Become Law. Obama has called for a cap on carbon that would collect "$50 to $300 billion per year." (Caps are unpredictable in their cost.) Congress is busy...
Amazon -
Americans Put OPEC on Trial - $49.95
Readers of Americans Put OPEC on Trial will be shocked to learn who the judge thought should get the Clarence Darrow award as outstanding lawyer in the case and the identity of the participating lawyer who went on to become a Unite...
Amazon -
60 Minutes - The Oil Kingdom (December 7, 2008) - $17.95
Airdate 12/07/08 Despite the pledge of Barack Obama and other politicians to break America’s addiction to foreign oil, Saudi Arabia – the world’s largest oil supplier – isn’t worried about losing its biggest customer, the United States. Sa...
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Questions and Answers About OPEC | View All | Ask a Question
View All OPEC Questions (1) | Ask a QuestionYour thoughts on why gas prices have increased in the last 6 weeks but oil has gone down. (5 Answers)This 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 on what the price ... read more
Ask a Question about OPEC 140 characters
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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)
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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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