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Transcript of OPEC Presentation
-Currently consisting of 12 oil producing and exporting countries
- Oil is the key to development for these countries on economic, social and political levels.
- OPEC's members control about two-thirds of the world's oil reserves and supply 40% of the world's oil production - To co-ordinate and unify the oil policies of the Member Countries
- To coordinate and unify their oil policies in order to promote stability and harmony in the oil market
- To provide economic and regular supply of oil to consuming nations and a fair return on capital to those investing in the oil industry What is the purpose of OPEC? - OPEC officially decided to raise the oil output. For the first time in three years OPEC nations agreed to increase the oil output.The new output level is estimated to be 30 million barrels a day but it would have little impact on the worlds oil prices
- The Conference also agreed that Member Countries would, if necessary, take steps to ensure market balance and reasonable price levels
- OPEC's oil output fell in December to its lowest and Iranian exports also dropped. Top exporter, Saudi Arabia cut outputs and supplies to Iraq. Recent Events OPEC Criticisms - OPEC is good because it supplies nations with oil while letting the exporting countries have a good return in capital
- It prevents members from being taken advantage of by industrialized countries
THE END... What is the purpose of OPEC? History - OPEC was formed at a meeting held on September 14, 1960 in Baghdad, Iraq, by five Founder Members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
- OPEC had its headquarters in Geneva, Switzerland, in the first five years, then was later moved to Vienna, Austria, on September 1, 1965.
- The five Founding Members were later joined by nine other members. Including Qatar, Angola, Nigeria, and etc - OPEC has been accused of being greedy when it cut production to raise the cost of oil
- OPEC was also accused of causing "economic terrorism"