MOSCOW, 30 Nov /PRIME/. The official OPEC meeting, where the organization can finally resolve the issue of restrictions on its level of oil production, will take place in Vienna (Austria) on Wednesday.
the following is background information about OPEC.
the Organization of countries-exporters of oil, OPEC (The Organization of Petroleum Exporting Countries, OPEC) – an international organization created to coordinate the sales and pricing of crude oil.
By the time of the founding of OPEC in the market there was a significant excess of the proposed oil, the appearance of which was caused by the early development of giant oil fields – primarily in the middle East. In addition, the market left the Soviet Union, where from 1955 to 1960, doubled the volume of oil production. This abundance has caused serious competition in the market, leading to a constant decline in prices. The situation was the reason for combining several of the countries-exporters of oil in OPEC to work together to confront transnational oil corporations and to maintain the necessary price level.
OPEC as a permanent organization was established at a conference in Baghdad (Iraq) 10-14 September 1960. Initially, the organization includes Iran, Iraq, Kuwait, Saudi Arabia and Venezuela – the initiator of creation. The countries that founded the organization that would later be joined by nine more: Qatar (1961), Indonesia (1962-2009, 2016), Libya (1962), United Arab Emirates (1967) Algeria (1969), Nigeria (1971), Ecuador (1973-1992, 2007), Gabon (1975-1995, 2016), Angola (2007).
currently, OPEC consists of 14 members, with some of the new member of organization Angola and the returning of Ecuador in 2007, and returns from 1 January 2016 Indonesia, released from the organization in 2009, and from July 2016 Gabon terminated its membership in January 1995.
the Purpose of OPEC is to coordinate and unify the petroleum policies of member countries to ensure fair and stable prices for oil producers, the efficient, economic and regular supply of petroleum to consuming Nations and a fair return on capital for investors.
the Bodies of OPEC is the Conference, the governing Council and the Secretariat.
the Highest organ is the Conference of OPEC member States, convened two times a year. It defines the main directions of the activities of OPEC, decides on the admission of new members, approves the composition of the governing Council shall consider the reports and recommendations of the governing Council approves the budget and the financial report, adopts amendments to the Charter of OPEC.
the Executive organ of the OPEC Board of governors, formed of managers who are appointed by the States and approved by the conference. This body is responsible for the management of the activities of OPEC and the implementation of decisions of the Conference. Meeting of the governing Board are held at least twice a year.
the Secretariat is headed by a Secretary General appointed by the conference for three years. The authority shall function under the guidance of the governing Council. It provides the work of the Conference and of the governing Council, prepares communications and strategic data, and distributes information about OPEC.
the senior administrative official of OPEC is the Secretary General.
from 1 August 2016 the Secretary-General of OPEC is the former head of the state oil company of Nigeria (Nigerian National Petroleum Corporation, NNPC) Mohammed’s Sanusi Barkindo (Mohammed Sanusi Barkindo).
the Headquarters of OPEC is situated in Vienna (Austria).
According to current estimates, more than 80% of the world’s proven oil reserves are in the countries-members of OPEC, with 65% of the total reserves of OPEC countries are concentrated in the middle East.
the Proven oil reserves of OPEC countries are estimated at 1,213 trillion barrels.
At the end of September 2016, OPEC’s informal meeting in Algeria agreed on a restriction of output in the range of 32.5-33 million barrels of oil per day, but specific limits for each of the countries of the organization while there is no agreement. The organization relies on adherence to the measures to stabilize the market and several other oil-producing countries – primarily Russia.
At the end of October 2016, oil production by OPEC countries made up of 33.64 million barrels per day, which is almost 240 thousand barrels per day more compared with September. Thus, OPEC has continued to exceed its own production quotas, which formally amounts to 30 million barrels per day. The share of OPEC in world production in October amounted to 34.9%.
the Average price of a barrel of OPEC in November 2016 is 42,83 dollar in 2016 is at the level of 39.69 USD. The price oil “baskets” the OPEC is defined as the average of the prices of the grades of oil extracted by the countries of cartel.
In 2015 the average price oil “baskets” the OPEC made up of 49.49 per barrel, in 2014 – 96.29 USD. Below $ 100 it dropped in September 2014, representing then 95,98 dollars per barrel.
In 2013 “shopping cart” the average cost 105.87 dollars per barrel, in 2012 – 109.45 dollar, in 2011 – 107,46 dollar, in 2010 – 77,45 dollar. Record price basket was set July 3, 2008 – 140.73 dollars per barrel.
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