OPEC stands for Organization of the Petroleum Exporting Countries. [116] Another remarked that the Saudis can produce oil at as low a price as $3 per barrel, whereas Russia needs $30 per barrel to cover production costs. Gas, Transportation, Energy. [152], OPEC often has difficulty agreeing on policy decisions because its member countries differ widely in their oil export capacities, production costs, reserves, geological features, population, economic development, budgetary situations, and political circumstances. These countries were: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan. [22], In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab majority of OPEC plus Egypt and Syria) declared significant production cuts and an oil embargo against the United States and other industrialized nations that supported Israel in the Yom Kippur War. As of January 2020, OPEC has 13 member countries: five in the Middle East (Western Asia), seven in Africa, and one in South America. [119] Another analyst claims that "it’s about assaulting the Western economy, especially America’s. Note: We have … OPEC and the oil men", "Exportador de petróleo, Brazil is invited to join OPEC, says Bolsonaro", "Joining Opep is not an option for Brazil, says Petrobras", "How OPEC Won the Battle and Lost the War", "Angola, Sudan to ask for OPEC membership", "OPEC: Fifty Years Regulating Oil Market Roller Coaster", "British Economics and Trade Union politics 1973–1974", "Europe car ban becoming a real traffic stopper", "Cables Released by WikiLeaks Reveal Saudis' Checkbook Diplomacy", "The Agreement Establishing the OPEC Fund for International Development", "Oil Prices Pass Record Set in '80s, but Then Recede", "It's Saudi Arabia's World. OPEC Abbreviation. [30][31], The 1973–1974, oil embargo had lasting effects on the United States and other industrialized nations, which established the International Energy Agency in response, as well as national emergency stockpiles designed to withstand months of future supply disruptions. OPEC. The Organization of the Petroleum Exporting Countries (OPEC) is a cartel consisting of 14 of the world’s major oil-exporting nations. Russia's chances look good", "Russia and Saudi Arabia wait for the other side to blink first in the oil price war", "This crude war is about a lot more than oil prices and market share", "Trump's Ultimate Weapon To End The Oil War", "From The Economist Espresso: Minneapolis to disband its police force; New Zealand eliminates covid-19", "Production of Crude Oil including Lease Condensate 2016", "Sudan awaiting decision on its OPEC membership application: minister", "Qatar is pulling out of OPEC to focus on gas", "Qatar quit OPEC because of politics, not oil", "Ecuador to Leave OPEC in January Amid Efforts to Boost Income", United Nations Department of Economic and Social Affairs, "Congo Republic becomes OPEC oil cartel's newest member", "Is Bremer a Price Fixer? On 1 September 1965, OPEC moved to Vienna, Austria, after Switzerland declined to extend diplomatic privileges. ", "Report to Congress: United States Gulf Environmental Technical Assistance", "Europe Brent Crude Oil Spot Price FOB (DOE)", "Iraq Threatens Emirates and Kuwait on Oil Glut", U.S. Senate Committee on Homeland Security and Governmental Affairs, "Opening address to the 159th Meeting of the OPEC Conference", "Saudi oil policy: stability with strength", "Saudi Arabia's Plan to Extend the Age of Oil", "Saudis Vow to Ignore OPEC Decision to Cut Production", "OPEC Won't Cut Production to Stop Oil's Slump", "Inside OPEC room, Naimi declares price war on US shale oil", "Interview With Saudi Oil Minister Ali Naimi", "OPEC discord fuels further oil price drop", "Despite Climate Concerns, OPEC Plans to Keep Pumping Oil While It Can", "Iran Says Post-Sanctions Crude Output Boost Won't Hurt Prices", "OPEC is very much alive as Saudis learn to tread softly", "OPEC Has Its Way as China Oil Output Cut by Most in 15 Years", "Net oil importer Indonesia leaves producer club OPEC, again", "OPEC Agrees to Cut Production in Drive to End Record Glut", "The World's Biggest Oil Kingdom Reverses Course", "Russian Energy Minister Says Oil Cuts to Start in January", "OPEC Said to Break Bread With Shale in Rare Show of Detente", "Where OPEC+ Oil Production Stands Now – Bloomberg", "Russia backs gradual, managed exit from oil cuts with OPEC", "OPEC to extend production cuts throughout 2018", "Qatar to withdraw from OPEC in January 2019", "Russia agrees with Saudi Arabia to extend OPEC+ oil output deal", "Ecuador to leave OPEC in 2020 due to fiscal problems – ministry", "OPEC, allies agree to deepen oil output cuts", "How a Saudi-Russian Standoff Sent Oil Markets Into a Frenzy", "Oil price war threatens widespread collateral damage", "Who will win the Saudi-Russia game of chicken in the new oil war? 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