Brief history the organization of the petroleum exporting countries opec is a permanent, intergovernmental organization, created at the baghdad conference on september 1014, 1960, by iran, iraq, kuwait, saudi arabia and venezuela. Organization of petroleum exporting countries opec. Widely regarded as an aggressive producers organisation, a cartel forcing up the price of oil and successful because of the. The organization of the petroleum exporting countries opec was formed at the baghdad conference in 1960 by iran, iraq, kuwait, saudi arabia and venezuela to serve as a platform for oil producers to achieve their economic objectives. Organization of the petroleum exporting countries opec is an intergovernmental organization of 14 nations, founded in 1960 in baghdad by the first five members, and headquartered since 1965 in vienna. Jun 16, 20 opec was formed at a meeting held onopec was formed at a meeting held onseptember 14, 1960 in baghdad, iraq, by fiveseptember 14, 1960 in baghdad, iraq, by fivefounder members. This interactive quiz and printable worksheet will help check your understanding of opec, its. Opec members hold 82% of the worlds proven oil reserves. Opec powerpoint, guided notes, completed notes, and articles. Opec has also tried to use its economic clout for political purposes, most notably during the yom kippur war of 1973 also known as the october war. Opec archives page 2 of 2 free powerpoint templates.
With more substitutes, the demand for oil will be more elastic. This 27slide powerpoint presentation introduces the history and purposes of opec. History of nonopec production the nonopec share of global oil production hits a low of 48% in 1973 high oil prices during the 1970s encourage new investment in nonopec production 1985. The organization of the petroleum exporting countries opec is a permanent, intergovernmental organization, created at the baghdad.
Opec has since expanded to include seven more countries algeria, angola, indonesia, libya, nigeria, qatar, and united arab emirates making a total membership of 12. The organization of the petroleum exporting countries opec is a permanent, intergovernmental organization, created at the baghdad conference on september 1014, 1960, by iran, iraq, kuwait, saudi arabia and venezuela. What is opec organization of petroleum exporting coutries regulates. This power point presentation is all about opec, the cartel which controls the. The following is a timeline showing landmarks in its history. Jul 10, 2019 the organization of petroleum exporting countries is an organization of 14 oilproducing countries. Major events relating to topic many things such as hurricane katrina and the poor economic situation in nigeria affect opec and the oil prices it ultimately controls opec is an important part of everyday life every time we go to the pump opec is playing a part in our lives now the us is putting forth some effort to rid. History of opec history of opec the rise of opec the organization of the petroleum exporting countries opec was created at the baghdad conference in iraq in september 1960. They were soon joined by several other countries and the membership. Opec, the organization of the petroleum exporting countries, id an international organization uniting most of the worlds petroleum exporting countries to improve the performance of our website, show the most relevant news products and targeted advertising, we collect technical impersonal information about you, including through the tools of. The organisation of the petroleum exporting countries opec is a permanent organization of 12 countries, based in vienna, austria, which are considered as world leaders in oil production. Download as pptx, pdf, txt or read online from scribd.
Choose from 500 different sets of opec us history flashcards on quizlet. About the opec recognition system is a tool for parenting educators to 1 build and maintain a professional portfolio that documents education, training, and work experience and 2 apply for recognition as a parenting educator. Generally, an ebook can be downloaded in five minutes or less. For the past 55 years, the organization of the petroleum exporting countries has tried with varying degrees of success to influence the worlds oil markets. Learn opec us history with free interactive flashcards. The free opec powerpoint template has a white and blue background with an image of the opec logo that makes it look stunning. Brief history on opec 1960s five founding members seek to. Opecs decisions have a significant impact on future oil prices. The organization of petroleum exporting countries opec the organization of petroleum exporting countries opec maria lorusso march 25. Opec is a 12memberstate intergovernmental organization of petroleum oil producing states that is currently headquartered in vienna, austria.
Opec powerpoint, guided notes, completed notes, and. By accessing this site, you accept that we process certain information you send e. What is the organisation of the petroleum exporting countries. The primary aim of opec is to unify petroleum policies between its member countries and to. Opec, the organization of petroleum exporting countries, is a cartel of countries that produce 41% of the worlds oil. Scribd is the worlds largest social reading and publishing site. Opecs objectives are spelled out in the opec statute, which dates from the earliest days of the organization. At times, opec has proven itself to be a fearsome cartel. The following pages on the english wikipedia use this file pages on. The organization of petroleum exporting countries opec is a group consisting of 12 of the worlds major oilexporting nations. The organization of petroleum exporting countries opec is the property of its rightful owner.
Heres a look back at some of the landmark events in opecs history. September 1014, 1960 baghdad conference creates the organization of. Nov 27, 2014 at times, opec has proven itself to be a fearsome cartel. Brief history 1960 opec managed to prevent price reductions. Download free history powerpoint templates and themes. A brief, wondrous history of opec landmark events marketwatch.
Opec opec s objective is to coordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petroleum producers. The opec recognition system is a tool for parenting educators to 1 build and maintain a professional portfolio that documents education, training, and work experience and 2 apply for recognition as a parenting educator. The template is suitable for presentations about the organization of the petroleum exporting countries, its members, history and impact, oil production, oil price, etc. The 10th extraordinary opec and non opec ministerial meeting concludes.
The 10th extraordinary opec and non opec ministerial meeting was held via videoconference, on sunday, 12 april 2020, under the chairmanship of hrh prince abdul aziz bin salman, saudi arabias minister of energy, and cochair he alexander novak, minister of energy of the russian federation. Opec is losing the ability to control market prices as there are more substitutes. Subject manegarial economics topic opec cartels by keyur tejani 2. Free opec powerpoint template prezentr ppt templates. Opec, in full organization of the petroleum exporting countries, multinational organization that was established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. Opec was formed at a meeting held onopec was formed at a meeting held onseptember 14, 1960 in baghdad, iraq, by fiveseptember 14, 1960 in baghdad, iraq, by fivefounder members. The founding members which include iran, iraq, kuwait, saudi arabia and venezuela agreed to create an organization that could bring some degree of stability to the world oil market.
Alternative energy and changes in lifestyle can change the market power of the cartel. Opec s decisions have a significant impact on future oil prices. One view which prevails is that although opec has survived for more than 50 years, it has had little effect on. Evolution of opec the organization of the petroleum exporting. The following was copied from the concise encyclopedia of economics. Ppt the organization of petroleum exporting countries opec. The path taken by the commando inside opec headquarters. The primary aim of opec is to unify petroleum policies between its member countries and to ensure fair or stable oil prices globally. A great deal of european history has been written at the magnifi cent hofburg. Opec opecs objective is to coordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petroleum producers. However, the eleven members are united by their common status as oilproducing developing countries. The 10th extraordinary opec and nonopec ministerial meeting concludes. In 1949, venezuela and iran took the earliest steps in the direction of opec, by inviting iraq, kuwait and saudi arabia to improve communication among petroleumexporting nations as the world recovered from world war ii.
So put a candle to the oil lamp, son, sit back, and listen up as i tell you the history of opec what it is, how it came to be, and how an oil embargo made opec famous. The organization of petroleum exporting countries is an organization of 14 oilproducing countries. Sep 10, 2010 reuters opec on september 14 marks 50 years of existence. These 5 countries are referred to as the founder members of opec. One view which prevails is that although opec has survived for more than 50 years, it has had little effect on either the oil price or oil market dynamics. Heres what oil did the last time opec cut production. A history of oil april 12, 2016 the history of oil has mainly been written from the point of view of international oil companies or from that of oilconsuming countries. Opec used oil to pressure the united states not to aid israels war effort. Ecuador announces to leave opec by 2020 due to fiscal problems how opec and nonopec production affects oil prices what would happen if there was no more oil ppt video online. Included, you will find the followingrise and fall of isis pp, guided notes, and completed notesoil and opec pp, guided notes, and completed noteszionism and balfour declaration pp, guided notes, and completed notesisrael and palestine pp and completed n. Ppt opec powerpoint presentation free to download id. Opec organization of petroleum exporting countries.
The opec recognition system was developed to support parenting educators and offer a road map for ongoing professional development. Opec the organization of petroleum exporting countries was founded in 1960 by iran, iraq, saudi arabia, kuwait and venezuela. The role of opec in the 21st century ourenergypolicy. The opec momr provides a detailed analysis of oil market developments, including oil supply and demand levels, and trends in the world economy.
Though this time, opec proved to be more unified, as on december 18, 2008 they announced the largest production cut in history, which helped them weather the storm. The organization of petroleum exporting countries opec maria lorusso march 25, 2002 petroleum market in america prior to opec the standard oil monopoly first major. In 2018, it exported 25 million barrels of crude oil a day. If so, share your ppt presentation slides online with. Its benchmark for crude oil prices is the socalled opec reference basket orb. At the time, some of the worlds largest oil fields were just entering production in the middle east.
A free powerpoint ppt presentation displayed as a flash slide show on id. Few people are aware of it today, but opec the organization of petroleum exporting countries was formed in response to the u. Ppt the organization of petroleum exporting countries. Ebooks, fantasy, fiction, graphic novels, historical fiction, history. Click on a datetime to view the file as it appeared at that time.
Organization of the petroleum exporting countries opec. Opec member countries historical production data, directly communicated or based on secondary sources, are available in opec s monthly oil market reports. Saudi production is down to 10 mbd and opec offered an addition 1 mbd. The founding members of the organization were iran, iraq, kuwait, saudi arabia and venezuela. Opec also has an eminent impact on the global oil price development. Learn more about the history, membership, and functions of opec in this article. What is the organisation of the petroleum exporting. The 10th extraordinary opec and nonopec ministerial meeting was held via videoconference, on sunday, 12 april 2020, under the chairmanship of hrh prince abdul aziz bin salman, saudi arabias minister of energy, and cochair he alexander novak, minister of energy of the russian federation. Its members consist of states in africa, the middle.
Opec organization of the petroleum exporting countries al gardner, braden spear, john rawlings, kyoko kimura, nathan faldmo development 1949 venezuela approaches. The organization of petroleum exporting countries or opec an organization that was created at a conference in baghdad, iraq on september 10th14th, 1960. Opecs importance in the world oil industry edith penrose he role of the organisation of petroleum exporting countries opec in the recent history of the international oil industry has been greatly misunderstood. Premodern oil use substance known for thousands of years found in oil pits, sands, seeps, springs. The five founding members were later joined by qatar, indonesia, libya, united arab emirates, algeria, and nigeria ecuador and gabon both had their membership. Ecuador announces to leave opec by 2020 due to fiscal problems how opec and non opec production affects oil prices what would happen if there was no more oil ppt video online. Read cnns fast facts for a look at the organization of the petroleum exporting countries, headquartered in vienna, austria. Opec crude oil prices the opec crude oil price is defined by the price of the socalled opec reference basket.
You can use these history ppt in your projects and presentations. Opec and its allies meet on june 2223 in vienna and will discuss whether to ease the supply cut. Recognition system oregon parenting education collaborative. Opec organization of petroleum exporting countries slideshare. Only two days into the war opec members led by iran and saudi arabia demanded a 100 percent increase in posted prices. A cartel is defined as a group of firms that gets together to make output and price decisions. At others, its struggled with adverse unforeseen consequences.
The opec recognition system was developed to support parenting educators and offer a road map for ongoing professional. Group no 23 opec price of oil free 30day trial scribd. Nov 26, 2019 opec also has an eminent impact on the global oil price development. For the first time since 2008, the organization of petroleum exporting countries opec agreed to a crude oil production cut last week, renewing hope among producers and.
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