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OPEC

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by

Theresa De Mille

on 15 October 2012

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Transcript of OPEC

How and Why Major Reason for Existence Importance Principles/Rules Criticism Goals Recent Actions How:
Founded by five countries; Iran, Iraq, Saudi Arabia, and Venezuela.
Created at the Baghdad Conference on September 10-14, 1960.
For the first five years of it's existence, it's headquarters were in Geneva, Switzerland.
Moved to Vienna, Austria on September 1, 1965.
Why:
Created to co-ordinate and unify petroleum policies among Member countries.
Also created to secure fair and stable prices for petroleum producers
An efficient, economic and regular supply to consuming countries
Fair return on capital to the people who are investing in the industry. OPEC Kim M., Cori M.,
and Theresa D. OPEC's goals are to coordinate and unify petroleum policies of it's Member Countries. It also wants to ensure that the oil markets are stable. OPEC has to make sure that they continually supplying nations with oil and that they make sure that suppliers are keeping the price right and not changing it more than twice in twenty-four hours. OPEC has caused many oil crisis's in the world. they are blamed for oil shortages and for rising prices. Many say that OPEC is like a oil cartel. They have worked to try and keep prices down(gas). They also have been trying to increase the amount of oil production so there is more available to us(growth of need). They attend many seminars and mostly look at the price of things not just for us but for other parts of the world and use that to get an idea on what the current demand is and then they fulfill that demand to the best of their ability. Bibliography: "About Us." OPEC :. N.p., n.d. Web. 11 Oct. 2012. <http://www.opec.org/opec_web/en/17.htm>. The major reason OPEC started was so there would be petroleum supplied to nations without fighting over it. Without OPEC, there would be a lot of fighting over petroleum. Nations would be fighting over who gets what and from where. http://theenergylibrary.com/files/images/Opec%20flows.screen.jpg http://www.rationalrevolution.net/images/opec.jpg http://www.wtrg.com/opec/OPEC1.gif
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