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OPEC

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Siberia, Alaska, the North Sea, and the Gulf of Mexico. By 1986, daily worldwide demand for oil dropped by 5 million barrels, non-OPEC production rose by an even-larger amount, and OPEC's market share sank from approximately 50 percent in 1979 to less than 30 percent in 1985. Illustrating the volatile multi-year timeframes of typical market cycles for natural resources, the result was a six-year decline in the price of oil, which culminated by plunging more than half in 1986 alone. As one oil analyst summarized succinctly: "When the price of something as essential as oil spikes, humanity does two things: finds more of it and finds ways to use less of it."
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long-term strategy of being a partner with the world's economic powers to ensure a steady flow of oil that would support economic expansion. Part of the basis for this policy is the Saudi concern that overly expensive oil or unreliable supply will drive industrial nations to conserve energy and develop alternative fuels, curtailing the worldwide demand for oil and eventually leaving unneeded barrels in the ground. To this point, Saudi Oil Minister Yamani famously remarked in 1973: "The Stone Age didn't end because we ran out of stones." To elucidate Saudi Arabia's contemporary approach, in 2024, Saudi Energy Minister Prince
1656: 1334: 1150: 1862: 2170: 972:, in March 1975, and was formally established the following January. "A Solemn Declaration 'reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment,' and called for measures to strengthen cooperation between these countries... resources are additional to those already made available by OPEC states through a number of bilateral and multilateral channels." The Fund became an official international development agency in May 1980 and was renamed the 681: 1895: 1123:" oil exporters that had previously failed to comply with OPEC agreements finally began to limit production to shore up prices, based on painstakingly negotiated national quotas that sought to balance oil-related and economic criteria since 1986. (Within their sovereign-controlled territories, the national governments of OPEC members are able to impose production limits on both government-owned and private oil companies.) Generally when OPEC production targets are reduced, oil prices increase. 1379: 70: 1138: 2782: 1387: 2137: 11712: 10146: 2657: 5874: 2203: 1468:, and surging late-2016 OPEC production before the cuts took effect. Indonesia announced another "temporary suspension" of its OPEC membership rather than accepting the organization's requested 5-percent production-cut. Prices fluctuated around US$ 50/bbl, and in May 2017 OPEC decided to extend the new quotas through March 2018, with the world waiting to see if and how the oil-inventory glut might be fully siphoned-off by then. Longtime oil analyst 10182: 10170: 10158: 1539:. This also resulted in 'OPEC plus' failing to extend the agreement cutting 2.1 million barrels per day that was set to expire at the end of March. Saudi Arabia, which has absorbed a disproportionate amount of the cuts to convince Russia to stay in the agreement, notified its buyers on 7 March that they would raise output and discount their oil in April. This prompted a Brent crude price crash of more than 30% before a slight recovery and 415:. The conference ordinarily meets at the Vienna headquarters, at least twice a year and in additional extraordinary sessions when necessary. It generally operates on the principles of unanimity and "one member, one vote", with each country paying an equal membership fee into the annual budget. However, since Saudi Arabia is by far the largest and most-profitable oil exporter in the world, with enough capacity to function as the traditional 2104: 1829: 8283: 2860: 43: 1350: 1037:, who informed Carlos that the oil ministers' deaths would result in an attack on the plane. Boumédienne must also have offered Carlos asylum at this time and possibly financial compensation for failing to complete his assignment. Carlos expressed his regret at not being able to murder Yamani and Amuzegar, then he and his comrades left the plane. All the hostages and terrorists walked away from the situation, two days after it began. 2038: 1928: 2071: 1267: 2005: 1970: 5870: 1768:) represented 44% of the world's total in 2016, and OPEC accounted for 81.5% of the world's "proven" oil reserves. Subsequent reports from 2022 indicate that OPEC member countries were then responsible for about 38% of total world crude oil production. It is also estimated that these countries hold 79.5% of the globe's proven oil reserves, with the Middle East alone accounting for 67.2% of OPEC's reserves. 1076: 831:. Seven European nations banned non-essential Sunday driving. US gas stations limited the amount of petrol that could be dispensed, closed on Sundays, and restricted the days when petrol could be purchased, based on number plate numbers. Even after the embargo ended in March 1974, following intense diplomatic activity, prices continued to rise. The world experienced a 360:
nationalize oil production and structure oil prices in their favor without incurring punishment by Western governments and firms. Prior to the creation of OPEC, individual oil-producing states were punished for taking steps to alter the governing arrangements of oil production within their borders. States were coerced militarily (e.g. in 1953, the US-UK-sponsored a
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commitments reflect what they would do even in the absence of OPEC. However, since 2020, OPEC countries along with non-OPEC participants had helped in stabilising oil markets after the COVID-19 pandemic resulted in a collapse in oil demand. This has allowed oil markets to remain stable relative to other energy markets that experienced unprecedented volatility.
672:" of the MOCs, which at the time controlled all oil operations within the exporting countries and wielded enormous political influence. In August 1960, ignoring the warnings, and with the US favoring Canadian and Mexican oil for strategic reasons, the MOCs again unilaterally announced significant cuts in their posted prices for Middle Eastern crude oil. 8102: 1181:
in October 2007. Similar concerns prompted Gabon to suspend membership in January 1995; it rejoined in July 2016. Iraq has remained a member of OPEC since the organization's founding, but Iraqi production was not a part of OPEC quota agreements from 1998 to 2016, due to the country's daunting political difficulties.
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the question whether OPEC's activities, those of its member states and those of the state-owned enterprises are protected by the principle of State Immunity is to be answered in accordance with the preconditions set by the UN Convention as an expression of common principles of International law. The
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In an OPEC meeting in November 2023, Nigeria and Angola, the biggest oil producers in Sub-Saharan Africa, expressed their discontent over OPEC's quotas which, according to them, blocked their efforts to ramp up oil production and boost their foreign reserves. In December 2023, Angola announced it was
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announced that it would leave OPEC when its membership expired at the end of that year, having become a net importer of oil and being unable to meet its production quota. It rejoined the organization in January 2016, but announced another "temporary suspension" of its membership at year-end when OPEC
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withdrew from OPEC in December 1992, because it was unwilling to pay the annual US$ 2 million membership fee and felt that it needed to produce more oil than it was allowed under its OPEC quota at the time. Ecuador then rejoined in October 2007 before leaving again in January 2020. Ecuador's Ministry
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Saudi Arabia's foreign ministry stated that the OPEC+ decision was "purely economic" and taken unanimously by all members of the conglomerate, pushing back on pressure to change its stance on the Russo-Ukrainian War at the UN. In response, the White House accused Saudi Arabia of pressuring other OPEC
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of the Saudis was 25%, while the Russian ratio was 15%. 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. "To Russia, this price war is more than just about regaining market share for oil," one analyst
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As 2016 continued, the oil glut was partially trimmed with significant production offline in the United States, Canada, Libya, Nigeria and China, and the basket price gradually rose back into the $ 40s. OPEC regained a modest percentage of market share, saw the cancellation of many competing drilling
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and Klein claimed that Carlos received and kept a ransom between 20 million and US$ 50 million from "an Arab president". Carlos claimed that Saudi Arabia paid ransom on behalf of Iran, but that the money was "diverted en route and lost by the Revolution". He was finally captured in 1994 and
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to discuss ways to increase the price of crude oil produced by their countries, and ways to respond to unilateral actions by the MOCs. Despite strong US opposition: "Together with Arab and non-Arab producers, Saudi Arabia formed the Organization of Petroleum Export Countries (OPEC) to secure the best
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Iraq, a founding member of OPEC, has not had a production quota since 1998, when it was pegged at 1.3 million bpd to allow Saddam Hussein's regime to sell oil for food during U.N. sanctions imposed in 1990... Despite the success of the 2009 auctions, problems remain – mounting violence in the run-up
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In April 2020, OPEC and a group of other oil producers, including Russia, agreed to extend production cuts until the end of July. The cartel and its allies agreed to cut oil production in May and June by 9.7 million barrels a day, equal to around 10% of global output, in an effort to prop up prices,
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quoted one such delegate as saying: "Saudi Arabia will meet the market's demand. We will see what the market requires and we will not leave a customer without oil. The policy has not changed." Over the next few months, oil prices plummeted into the $ 30s, and did not return to $ 100 until the Libyan
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saw the price of oil fall back to 1986 levels. After oil slumped to around US$ 10/bbl, joint diplomacy achieved a gradual slowing of oil production by OPEC, Mexico and Norway. After prices slumped again in Nov. 2001, OPEC, Norway, Mexico, Russia, Oman and Angola agreed to cut production on 1 January
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in an attempt to limit output and boost prices. When other OPEC nations failed to comply, Saudi Arabia first slashed its own production from 10 million barrels daily in 1979–1981 to just one-third of that level in 1985. When even this proved ineffective, Saudi Arabia reversed course and flooded
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The OPEC action is really the first illustration and at the same time the most concrete and most spectacular illustration of the importance of raw material prices for our countries, the vital need for the producing countries to operate the levers of price control, and lastly, the great possibilities
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The oil market was tight in the early 1970s, which reduced the risks for OPEC members in nationalising their oil production. One of the major fears for OPEC members was that nationalisation would cause a steep decline in the price of oil. This prompted a wave of nationalisations in countries such as
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In June 2020, all countries participating in the OPEC+ framework collectively agreed to the introduction of a Compensation Mechanism aimed at ensuring full conformity with and adherence to the agreed-upon oil production cuts. This initiative aligns with one of OPEC's stated objectives: to maintain a
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In the 1990s, OPEC lost its two newest members, who had joined in the mid-1970s. Ecuador withdrew in December 1992, because it was unwilling to pay the annual US$ 2 million membership fee and felt that it needed to produce more oil than it was allowed under the OPEC quota, although it rejoined
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disrupted regional stability and oil supplies. Electric utilities worldwide switched from oil to coal, natural gas, or nuclear power; national governments initiated multibillion-dollar research programs to develop alternatives to oil; and commercial exploration developed major non-OPEC oilfields in
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Political scientist Jeff Colgan has argued that OPEC has since the 1980s largely failed to achieve its goals (limits on world oil supply, stabilized prices, and raising of long-term average revenues). He finds that members have cheated on 96% of their commitments. The analysis spans over the period
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The organisational logic that underpins OPEC is that it is in the collective interest of its members to limit the world oil supply in order to reap higher prices. However, the main problem within OPEC is that it is individually rational for members to cheat on commitments and produce as much oil as
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Libya has asked oil companies to slash production by 270,000 barrels per day. Abu Dhabi National Oil Co. told customers in letters dated Dec. 25 that it was cutting ... 10 to 15 percent of all types of ADNOC crude in February. Ecuadorean President Rafael Correa said the South American nation would
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and shrinking financial reserves, the organization finally attempted its first production cut since 2008. Despite many political obstacles, a September 2016 decision to trim approximately 1 million barrels per day was codified by a new quota-agreement at the November 2016 OPEC conference. The
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Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency continues to produce? That is crooked logic. If I reduce, what happens to my market share? The price will go up and the Russians, the Brazilians, US shale oil producers will take my share... We
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On 10 September 2008, with oil prices still near US$ 100/bbl, a production dispute occurred when the Saudis reportedly walked out of a negotiating session where rival members voted to reduce OPEC output. Although Saudi delegates officially endorsed the new quotas, they stated anonymously that they
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Since 2007, OPEC has published the "World Oil Outlook" (WOO) annually, in which it presents a comprehensive analysis of the global oil industry including medium- and long-term projections for supply and demand. OPEC also produces an "Annual Statistical Bulletin" (ASB), and publishes more-frequent
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Under the terms of the agreement, Russia would increase its production from 11 million barrels to 11.5 million by May 2022 as well. All members would increase output by 400,000 barrels per day each month starting in August to gradually offset the previous cuts made due to the COVID pandemic. This
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During the early years of OPEC, the oil-producing countries had a 50/50 profit agreement with the oil companies. OPEC bargained with the dominant oil companies (the Seven Sisters), but OPEC faced coordination problems among its members. If one OPEC member demanded too much from the oil companies,
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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. Indeed, over the course of market
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The collaboration among OPEC+ member countries has led to the establishment of the Declaration of Cooperation (DoC) in 2017, which has been subsequently extended multiple times due to its remarkable success. The DoC serves as a framework for cooperation and coordination between OPEC and non-OPEC
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These strategic measures by Saudi Arabia to regulate oil prices had profound economic repercussions. As the swing producer in that period, the Kingdom faced significant economic strain. Its revenues dramatically decreased from $ 119 billion in 1981 to $ 26 billion by 1985, leading to substantial
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The deal represents the latest successful policy effort by the 24 member supercartel, informally referred to as the 'Vienna Group' or 'OPEC+,' to put their thumb on the scale of global oil markets. And it's a huge thumb indeed. OPEC's 14 members control 35 percent of global oil supplies and 82
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In November 2014, the International Energy Agency (IEA) estimated that OPEC's "effective" spare capacity, adjusted for ongoing disruptions in countries like Libya and Nigeria, was 3.5 million barrels per day (560,000 m/d) and that this number would increase to a peak in 2017 of 4.6 million
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thanked Saudi Arabia and Russia for facilitating dialogue leading to an agreement. He stated, "The UAE is committed to this group and will always work with it." On the Saudi side, Energy Minister Prince Abdulaziz bin Salman emphasized consensus building and stated that the agreement strengthens
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bill. Meanwhile, Saudi Arabia, represented by Energy Minister Prince Abdulaziz bin Salman, maintains a conciliatory stance towards the U.S. shale industry. He clarified that harming this sector was never their intention, stating, "I made it clear that it was not on our radar or our intention to
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In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favor of oil-producing states and away from an oligopoly of dominant Anglo-American oil firms (the Seven Sisters). Coordination among oil-producing states within OPEC made it easier for them to
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As one area in which OPEC members have been able to cooperate productively over the decades, the organisation has significantly improved the quality and quantity of information available about the international oil market. This is especially helpful for a natural-resource industry whose smooth
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In May 2008, Indonesia announced that it would leave OPEC when its membership expired at the end of that year, having become a net importer of oil and being unable to meet its production quota. A statement released by OPEC on 10 September 2008 confirmed Indonesia's withdrawal, noting that OPEC
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blocked appeals from poorer OPEC members for production cuts to support prices. Naimi argued that the oil market should be left to rebalance itself competitively at lower price levels, strategically rebuilding OPEC's long-term market share by ending the profitability of high-cost US shale oil
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The differing economic needs of OPEC member states often affect the internal debates behind OPEC production quotas. Poorer members have pushed for production cuts from fellow members, to increase the price of oil and thus their own revenues. These proposals conflict with Saudi Arabia's stated
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led to a dramatic rise in oil prices with long-lasting and far-reaching consequences for the global economy. Since the 1980s, OPEC has had a limited impact on world oil-supply and oil-price stability, as there is frequent cheating by members on their commitments to one another, and as member
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and lower oil consumption. The previous year, OPEC+ cut the equivalent of about 10% of demand at the time. The UAE asked for the maximum amount of oil the group would recognize the country of producing to be raised to 3.8 million barrels a day compared to its previous 3.2 million barrels. A
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were becoming steadily more competitive and prevalent. In light of all these market pressures, OPEC decided to set aside its ineffective production ceiling until the next ministerial conference in June 2016. By 20 January 2016, the OPEC Reference Basket was down to US$ 22.48/bbl – less than
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A year later, when OPEC met in Vienna on 4 December 2015, the organization had exceeded its production ceiling for 18 consecutive months, US oil production had declined only slightly from its peak, world markets appeared to be oversupplied by at least 2 million barrels per day despite
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predicted that demand for fossil fuels such as oil, natural gas and coal would reach an all-time high by 2030. OPEC rejected the IEA's forecast, saying "what makes such predictions so dangerous, is that they are often accompanied by calls to stop investing in new oil and gas projects."
1234:. This combination of forces prompted a sharp rise in oil prices to levels far higher than those previously targeted by OPEC. Price volatility reached an extreme in 2008, as WTI crude oil surged to a record US$ 147/bbl in July and then plunged back to US$ 32/bbl in December, during the 1433:
pumping 1 million barrels below capacity, oil producers were making major adjustments to withstand prices as low as $ 40, Indonesia was rejoining the export organization, Iraqi production had surged after years of disorder, Iranian output was poised to rebound with the lifting of
709:. At the time, Switzerland was attempting to reduce their foreign population and the OPEC was the first intergovernmental body to leave the country because of restrictions on foreigners. Austria was keen to attract international organizations and offered attractive terms to the OPEC. 8095: 373:
1982–2009. To the extent that when member states comply with their commitments, it is because the commitments reflect what they would do even if OPEC did not exist. One large reason for the frequent cheating is that OPEC does not punish members for non-compliance with commitments.
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in February 2022 has altered the global oil trade. EU leaders tried to ban the majority of Russian crude imports, but even prior to the official action imports to Northwest Europe were down. More Russian oil is now sold outside of Europe, more specifically to India and China.
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Current OPEC members are Algeria, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela. Meanwhile, Angola, Ecuador, Indonesia, and Qatar are former OPEC members. A larger group called
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percent of proven reserves. With the addition of the 10 Non-OPEC nations, notable among them Russia, Mexico and Kazakhstan, those shares increase to 55 percent and 90 percent respectively. This affords OPEC+ a level of influence over the world economy never seen before.
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initiated the move towards the establishment of what would become OPEC, by inviting Iran, Iraq, Kuwait and Saudi Arabia to exchange views and explore avenues for more regular and closer communication among petroleum-exporting nations as the world recovered from
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after he nationalized Iran's oil production) or economically (e.g. the Seven Sisters slowed down oil production in one non-compliant state and ramped up oil production elsewhere) when acted contrary to the interests of the Seven Sisters and their governments.
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barrels per day (730,000 m/d). By November 2015, the IEA changed its assessment "with OPEC's spare production buffer stretched thin, as Saudi Arabia – which holds the lion's share of excess capacity – and its Gulf neighbours pump at near-record rates."
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A number of non-OPEC member countries also participate in the organisation's initiatives such as voluntary supply cuts in order to further bind policy objectives between OPEC and non-OPEC members. This loose grouping of countries, known as OPEC+, includes
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concerns, stating, "Energy security in the 70s, 80s, and 90s was more dependent on oil. Now, you get what happened last year... It was gas. The future problem on energy security will not be oil. It will be renewables. And the materials, and the mines."
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Uganda and Somaliland with exploration of crude oil may join OPEC in the future , with likely new production dates of 2024-2025, expansion of OPEC with OPEC+ and new country's in exploration, where criteria of OPEC Charter is production of crude oil.
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nations into agreeing with the production cut, some of which felt coerced, saying the United States had presented the Saudi government with an analysis showing there was no market basis for the cut. United States National Security Council spokesman
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Oil production in Saudi Arabia increased fourfold, while oil prices collapsed by approximately the same amount in real terms. As a result, the Soviet Union lost approximately $ 20 billion per year, money without which the country simply could not
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countries. Additionally, OPEC+ members engage in further cooperative efforts through the Charter of Cooperation (CoC), which provides a platform for long-term collaboration. The CoC facilitates dialogue and the exchange of views on global oil and
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create any type of damage to their industry... they will rise again from the ashes and thrive and prosper." He also noted that Saudi Arabia is looking forward to a time when U.S. producers thrive once again in a market with higher oil demand."
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agreement (which exempted disruption-ridden members Libya and Nigeria) covered the first half of 2017 – alongside promised reductions from Russia and ten other non-members, offset by expected increases in the US shale-sector, Libya, Nigeria,
1472:"described the relationship between OPEC and shale as 'mutual coexistence', with both sides learning to live with prices that are lower than they would like." These production cut deals with non-OPEC countries are generally referred to as 2414:
Since the 1980s, representatives from Canada, Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers. This arrangement serves as an informal mechanism for coordinating policies.
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OPEC members strongly prefer to describe their organisation as a modest force for market stabilisation, rather than a powerful anti-competitive cartel. In its defense, the organisation was founded as a counterweight against the previous
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claims. "It’s about assaulting the Western economy, especially America’s." In order to ward of from the oil exporters price war which can make shale oil production uneconomical, US may protect its crude oil market share by passing the
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want to tell the world that high-efficiency producing countries are the ones that deserve market share. That is the operative principle in all capitalist countries... One thing is for sure: Current prices do not support all producers.
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During 2014–2015, OPEC members consistently exceeded their production ceiling, and China experienced a slowdown in economic growth. At the same time, US oil production nearly doubled from 2008 levels and approached the world-leading
7748: 664:, representing the two then-largest oil-producing nations outside the United States and the Soviet Union. Both oil ministers were angered by the price cuts, and the two led their fellow delegates to establish the Maadi Pact or 494:. Political scientist Jeff Colgan has challenged that OPEC is a cartel, pointing to endemic cheating in the organization: "A cartel needs to set tough goals and meet them; OPEC sets easy goals and fails to meet even those." 1451:
projects, maintained the status quo at its June conference, and endorsed "prices at levels that are suitable for both producers and consumers", although many producers were still experiencing serious economic difficulties.
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in 2017. Since the 1980s, representatives from Canada, Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers, as an informal mechanism for coordinating policies.
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said the Saudi government knew the decision will "increase Russian revenues and blunt the effectiveness of sanctions" against Moscow, rejecting the Saudi claim that the move was "purely economic". According to a report in
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Libya, Algeria, Iraq, Nigeria, Saudi Arabia and Venezuela. With greater control over oil production decisions and amid high oil prices, OPEC members unilaterally raised oil prices in 1973, prompting the 1973 oil crisis.
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price available from the major oil corporations." The Middle Eastern members originally called for OPEC headquarters to be in Baghdad or Beirut, but Venezuela argued for a neutral location, and so the organization chose
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behavior through the organisation's agreements about oil production and price levels. Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, as in this definition from
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In February 1959, as new supplies were becoming available, the multinational oil companies (MOCs) unilaterally reduced their posted prices for Venezuelan and Middle Eastern crude oil by 10 percent. Weeks later, the
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then the oil companies could slow down production in that country and ramp up production elsewhere. The 50/50 agreements were still in place until 1970 when Libya negotiated a 58/42 agreement with the oil company
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An organization set up in 1960 to coordinate petroleum policies among its member countries, initially with the aim of securing a regular supply to consuming countries at a price that gave a fair return on capital
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The record-high energy prices were driven by a global surge in demand as the world quit the economic recession caused by COVID-19, particularly due to strong energy demand in Asia. In August 2021, U.S. President
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to March 7 parliamentary elections, uncertainty over their outcome, and, probably more importantly, the absence of a long-delayed oil law that will define revenue-sharing and regulation of the industry.
6272: 490:" that encourages each member nation individually to discount its price and exceed its production quota, widespread cheating within OPEC often erodes its ability to influence global oil prices through 6982: 6663: 1279:
articulated a stance that reflects how the kingdom has adapted to the evolving economic needs within OPEC and the broader international community. Emphasizing the need for a balanced and fair global
581:(2012–2016). Although events such as these can temporarily disrupt oil supplies and elevate prices, the frequent disputes and instabilities tend to limit OPEC's long-term cohesion and effectiveness. 411:
The OPEC Conference is the supreme authority of the organisation, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organisation is the
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rose 150 percent. But in the 1970s, OPEC nations demonstrated convincingly that their oil could be used as both a political and economic weapon against other nations, at least in the short term.
351:, consisting of OPEC members plus other oil-producing countries, formed in late 2016 to exert more control on the global crude-oil market. Canada, Egypt, Norway, and Oman are observer states. 486:" cartel of multinational oil companies, and non-OPEC energy suppliers have maintained enough market share for a substantial degree of worldwide competition. Moreover, because of an economic " 7256: 1554:
which cause the "other side to blink first". Saudi Arabia had in March 2020 $ 500 billion of foreign exchange reserves, while at that time Russia's reserves were $ 580 billion. The
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and the high prices of the 1970s, industrial nations took steps to reduce their dependence on OPEC oil, especially after prices reached new peaks approaching US$ 40/bbl in 1979–1980 when the
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one-fourth of its high from June 2014 ($ 110.48), less than one-sixth of its record from July 2008 ($ 140.73), and back below the April 2003 starting point ($ 23.27) of its historic run-up.
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In October 2022, key OPEC+ ministers agreed to oil production cuts of 2 million barrels per day, the first production cut since 2020. This led to renewed interest in the passage of NOPEC.
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While OPEC is at times cited as a textbook example of a cartel, various authoritative and academic sources provide a broader perspective on the organization's role. For instance, the
8031:"The International Energy Agency thinks peak oil use is in sight this decade as the world switches to renewables. What is driving this shift – and what is still standing in the way?" 8619: 6781: 6633: 2748:(Algeria), Girassol (Angola), Djeno (Republic of the Congo) Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), 791: 764:(1975–1994, rejoined 2016). By the early 1970s, OPEC's membership accounted for more than half of worldwide oil production. Indicating that OPEC is not averse to further expansion, 8443: 2733:
since 1983. Benchmarks are used because oil prices differ (usually by a few dollars per barrel) based on variety, grade, delivery date and location, and other legal requirements.
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typically holds 2,000,000 barrels (320,000 m), and the world's current production rate would take approximately 56 years to exhaust the world's current proven reserves.
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High oil prices in the 1970s propped up the regime so well, that had it not been for Soviet oil sales, it's quite possible the regime would have collapsed a decade earlier.
3631: 1238:. OPEC's annual oil export revenue also set a new record in 2008, estimated around US$ 1 trillion, and reached similar annual rates in 2011–2014 (along with extensive 448:
International commodity agreements covering products such as coffee, sugar, tin and more recently oil (OPEC: Organisation of Petroleum Exporting Countries) are examples of
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For countries that export petroleum at relatively low volume, their limited negotiating power as OPEC members would not necessarily justify the burdens imposed by OPEC
7183: 5516: 1018:. Carlos planned to take over the conference by force and hold for ransom all eleven attending oil ministers, except for Yamani and Amuzegar who were to be executed. 10124: 3862: 2612:
of Energy and Non-Renewable Natural Resources released an official statement on 2 January 2020 which confirmed that Ecuador had left OPEC. Similar concerns prompted
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In early March 2020, OPEC officials presented an ultimatum to Russia to cut production by 1.5% of world supply. Russia, which foresaw continuing cuts as American
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In December 2019, OPEC and Russia agreed one of the deepest output cuts so far to prevent oversupply in a deal that will last for the first three months of 2020.
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conditions, with the overarching goal of ensuring a secure energy supply and fostering lasting stability that benefits producers, consumers, investors, and the
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was pushing OPEC to end overproduction and to send oil prices higher, in order to help OPEC members financially and to accelerate rebuilding from the 1980–1988
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Organization of the Petroleum Exporting Countries. (2023). OPEC Annual Statistical Bulletin (58th ed.). Retrieved April 17, 2024, from https://www.opec.org
5212: 5140: 1723:, not political motivations. They state that the cuts were a response to the global economic situation and low inventories, which could trigger a rally in 8236: 7929: 7525: 5455: 5184: 5078: 11678: 10089: 7851: 6419: 5341: 4986: 4184: 8346: 2302:) is approximately 42 U.S. gallons, or 159 liters, or 0.159 m, varying slightly with temperature. To put the production numbers in context, a 823:
in 1967. However, in 1973, the result was a sharp rise in oil prices and OPEC revenues, from US$ 3/bbl to US$ 12/bbl, and an emergency period of energy
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Approval of a new member country requires agreement by three-quarters of OPEC's existing members, including all five of the founders. In October 2015,
1407:" technology in response to the years of record oil prices. These developments led in turn to a plunge in US oil import requirements (moving closer to 804: 688:
The following month, during 10–14 September 1960, the Baghdad Conference was held at the initiative of Tariki, Pérez Alfonzo, and Iraqi prime minister
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are recurring features of the geopolitical landscape for this oil-rich region. Internationally important conflicts in OPEC's history have included the
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governing "commercial" acts. Despite popular sentiment against OPEC, legislative proposals to limit the organisation's sovereign immunity, such as the
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in limiting overproduction. The US was simultaneously the world's largest producer and consumer of oil; the world market was dominated by a group of
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In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favor of oil-producing states and away from an
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Joelson, Mark R.; Griffin, Joseph P. (1975). "The Legal Status of Nation-State Cartels Under United States Antitrust and Public International Law".
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Owen, Nick A.; Inderwildi, Oliver R.; King, David A. (August 2010). "The status of conventional world oil reserves: Hype or cause for concern?".
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A woman uses wood in a fireplace for heat. A newspaper headline in the foreground shows a story regarding a lack of heating oil in the community.
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In October 2022, OPEC+ led by Saudi Arabia announced a large cut to its oil output target in order to aid Russia . In response, US President
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In July 2021, OPEC+ member United Arab Emirates rejected a Saudi proposed eight-month extension to oil output curbs which was in place due to
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had even milder short-term impacts on oil prices, as Saudi Arabia and other exporters again cooperated to keep the world adequately supplied.
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for Atlantic basin crude oils and is used to price approximately two-thirds of the world's traded crude oil. Other well-known benchmarks are
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of a union of raw material producing countries. This action should be viewed by the developing countries as an example and a source of hope.
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production increased, rejected the demand, ending the three-year partnership between OPEC and major non-OPEC providers. Another factor was
8609: 3766: 11756: 10828: 10823: 10808: 10803: 10351: 9792: 7719: 7507: 5756: 5257: 2974: 5555: 4922: 4357: 1727:. Saudi Arabia affirms its actions by emphasizing its strategic partnership with the U.S., focusing on peace, security, and prosperity. 1621:
to "offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022." On 28 September 2021, Sullivan met in
11781: 11746: 10773: 10109: 10045: 9595: 8526: 7947: 7909: 7145: 1569: 1547: 1522: 8579: 7784: 5811: 5306: 3791:
Farah, Paolo Davide; Cima, Elena (September 2013). "Energy Trade and the WTO: Implications for Renewable Energy and the OPEC Cartel".
54: 7471: 6242: 958: 692:, whose country had skipped the 1959 congress. Government representatives from Iran, Iraq, Kuwait, Saudi Arabia and Venezuela met in 8954: 8030: 7105: 5397: 4029: 10397: 10366: 10361: 9674: 7049: 6043: 3677: 3576: 2729:
product that serves as a convenient reference price for buyers and sellers of crude oil, including standardized contracts in major
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monopoly. Oil-exporting countries were eventually motivated to form OPEC as a counterweight to this concentration of political and
8735: 8705: 8420: 7889: 7615: 7561: 6448: 5922: 3395: 2695:) to improve the availability and reliability of oil data. They launched the Joint Oil Data Exercise, which in 2005 was joined by 522:
cycles, oil reserves can themselves become a source of serious conflict, instability and imbalances, in what economists call the "
11140: 9401: 8870: 8045:"'Dire Consequences' For Billions: OPEC Blasts IEA's Fossil Fuel Demand Forecast, Warns Of 'Energy Chaos' On Unprecedented Scale" 7597: 6871: 6750: 6302: 6099: 5618: 4871:
Corporate Law and Economic Stagnation: How Shareholder Value and Short-Termism Contribute to the Decline of the Western Economies
4567: 3616: 3218:(1 December 2009). "Applying European Competition Law to International Organizations: The Case of OPEC". In Herrmann, Christoph; 2893: 973: 948: 464:
An intergovernmental organization whose stated objective is to 'coordinate and unify the petroleum policies of member countries'.
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Varied forms of a NOPEC bill have been introduced some 16 times since 1999, only to be vehemently resisted by the oil industry.
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In October 2019, Ecuador announced it would withdraw from OPEC on 1 January 2020 due to financial problems facing the country.
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sources. These long-term efforts became effective enough that US oil consumption rose only 11 percent during 1980–2014, while
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Van de Graaf, Thijs. (2020) "Is OPEC dead? Oil exporters, the Paris agreement and the transition to a post-carbon world." in
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On 29 June 2019, Russia again agreed with Saudi Arabia to extend by six to nine months the original production cuts of 2018.
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Ansari, Dawud. (2017) "OPEC, Saudi Arabia, and the shale revolution: Insights from equilibrium modelling and oil politics."
8795: 8505: 7172: 5512: 11145: 10813: 10387: 9915: 9368: 5025: 3854: 1633:. The price of oil was about US$ 80 by October 2021, the highest since 2014. President Joe Biden and U.S. Energy Secretary 1589:
compromise, achieved where Saudi Arabia met the United Arab Emirates halfway, underscored OPEC+ unity. UAE Energy Minister
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The 1973–1974 oil embargo had lasting effects on the United States and other industrialized nations, which established the
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2002 for 6 months. OPEC contributed 1.5 million barrels a day (mbpd) to the approximately 2 mbpd of cuts announced.
867: 412: 386: 297: 132: 8468: 5480: 4955: 4589: 11526: 11205: 10921: 10072: 9939: 9638: 8044: 7320: 3996: 2692: 807:(OAPEC, consisting of the Arab majority of OPEC plus Egypt and Syria) declared significant production cuts and an oil 391: 11673: 10977: 10730: 9879: 9867: 9512: 9226:
Woolfson, Charles, and Matthias Beck. (2019) "Corporate social responsibility in the international oil industry." in
9083:"The Power of Oil: The Arab Oil Weapon and the Netherlands, the United Kingdom, Canada, Japan, and the United States" 6361: 4448: 3158: 2837: 2669: 1761: 1719:. In contrast, Saudi officials maintain that their decision to reduce oil production was driven by concerns over the 1104:
the market with cheap oil, causing prices to fall below US$ 10/bbl and higher-cost producers to become unprofitable.
976:, with Permanent Observer status at the United Nations. In 2020, the institution ceased using the abbreviation OFID. 608: 260: 20: 8765: 11786: 11766: 11562: 11215: 10710: 10407: 10402: 10213: 9954: 9766: 7004: 4839: 1708: 1002:. The attack, which killed three non-ministers, was orchestrated by a six-person team led by Venezuelan terrorist " 502: 8818: 3292: 2707:
joined as an eighth partner in 2014, enabling JODI also to cover nearly 90% of the global market for natural gas.
11220: 10778: 10663: 10589: 10016: 9123: 9090: 4220: 562: 324: 5176: 5151: 3459: 1699:, sources and experts said that Saudi Arabia had sought even deeper cuts than Russia, saying Saudi Crown Prince 11688: 11459: 11125: 10678: 10596: 10523: 9588: 9307: 9179:
Ratti, Ronald A., and Joaquin L. Vespignani. (2015) "OPEC and non-OPEC oil production and the global economy."
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Foreign Relations of the United States, 1964–1968, Vol. XXXIV: Energy Diplomacy and Global Issues, Document 266
5337: 4978: 3855:"NOPEC ('No Oil Producing and Exporting Cartels Act'): A Presidential Issue and a Test of Political Integrity" 1411:), a record volume of worldwide oil inventories, and a collapse in oil prices that continued into early 2016. 361: 10896: 10793: 10783: 10705: 10077: 9721: 9684: 9480: 6433: 5957: 5714: 5320: 5226: 3504: 2704: 725:. The agreement, signed on 2 April 1971, raised oil prices and increased producing countries' profit shares. 620: 483: 312: 296:). The organization, which currently comprises 12 member countries, accounted for an estimated 30 percent of 6803: 5996: 5829:
suspend crude production by Italy's Agip and reduce quotas for other companies to comply with new OPEC cuts.
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In December 2017, Russia and OPEC agreed to extend the production cut of 1.8 mbpd until the end of 2018.
1227: 1193: 863: 566: 6172: 3955: 661: 11270: 10871: 10856: 10818: 10579: 10456: 10094: 9886: 9728: 9669: 9664: 7368:"From The Economist Espresso: Minneapolis to disband its police force; New Zealand eliminates covid-19" 3922: 2696: 595: 9184: 9174: 9048:
OPEC, the Gulf, and the World Petroleum Market: A Study in Government Policy and Downstream Operations
7302:"'Game of chicken': Saudis, Russians can wage an oil war for a long time – but at huge political cost" 6693: 5309:. US Energy Information Administration. 10 January 2006. Archived from the original on 7 January 2008. 3988: 3248:
crucial question in terms of International law is: 'Is OPEC engaged in commercial activities or not?'
69: 11642: 11175: 10916: 10720: 10150: 10129: 10082: 9581: 8216: 5707: 2888: 768:, OPEC's acting secretary general in 2006, urged his African neighbors Angola and Sudan to join, and 612: 491: 6590: 4714: 4686: 3481: 3219: 3215: 1362: 1283:, he highlighted the importance of diversifying energy sources and noted significant investments in 1021:
Carlos arranged bus and plane travel for his team and 42 of the original 63 hostages, with stops in
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Economou, Andreas, and Bassam Fattouh. (2021) "OPEC at 60: the world with and without OPEC." OPEC
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Colgan, Jeff D. (2014) "The emperor has no clothes: The limits of OPEC in the global oil market."
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stable oil market, which, notably, has been relatively more stable than other energy commodities.
11693: 11567: 10624: 10616: 10567: 10518: 10438: 10323: 10318: 10186: 9934: 9862: 9691: 9373: 5513:"Renewable Energy: World Invests $ 244 billion in 2012, Geographic Shift to Developing Countries" 3960: 2841: 2790: 2763: 1489: 1439: 1399:" volumes of Saudi Arabia and Russia, due to the substantial long-term improvement and spread of 1099:
To combat falling revenue from oil sales, in 1982 Saudi Arabia pressed OPEC for audited national
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LeClair, Mark S. (8 July 2016) . "The History and Evlauation of Significant commodity Cartels".
1048:. They also claimed that the idea and funding came from an Arab president, widely thought to be 11170: 10911: 10601: 10451: 10288: 10263: 9701: 9696: 9544: 9211: 9169:
Pickl, Matthias J. (2019) "The renewable energy strategies of oil majors–From oil to energy?."
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OPEC, the most notorious of the modern cartels, functioned effectively for only thirteen years.
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compromise deal allowed UAE to increase its maximum oil output to 3.65 million barrels a day.
1435: 1185: 930: 7242:"Who will win the Saudi-Russia game of chicken in the new oil war? Russia's chances look good" 6920: 5748: 5241: 4784: 4774: 4316: 3812: 1014:. The self-named "Arm of the Arab Revolution" group declared its goal to be the liberation of 11547: 10989: 10972: 10906: 10668: 10535: 10488: 10461: 10303: 10255: 9733: 9679: 9406: 9025: 5539: 4915: 4650:
The Age of Oil: The Mythology, History, and Future of the World's Most Controversial Resource
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Faced with increasing economic hardship (which ultimately contributed to the collapse of the
1040:
Sometime after the attack, Carlos's accomplices revealed that the operation was commanded by
844: 706: 487: 9248: 8522: 7135: 4443:(2009). Historical Dictionary of the Petroleum Industry. Lanham, Maryland: Scarecrow Press. 4304: 4250: 3734:"Is OPEC dead? Oil exporters, the Paris agreement and the transition to a post-carbon world" 3657: 1034: 11444: 11114: 10876: 10758: 10584: 10557: 10540: 10466: 10298: 9738: 9536: 9464: 9383: 6392: 5439: 4307:
From Arab Nationalism to OPEC: Eisenhower, King Sa'ud, and the Making of US-Saudi Relations
3586: 2986: 2334: 2175: 1691: 1659: 1493: 1276: 1170: 1132: 942: 926: 922: 879: 875: 745: 741: 714: 578: 558: 7472:"Covid is at the center of world's energy crunch, but a cascade of problems is fueling it" 6229: 4010: 8: 11592: 11537: 11464: 11353: 11165: 11083: 10763: 10629: 8946: 7753: 7215: 4888: 3705: 3490: 3134: 2945: 1700: 1655: 1626: 1540: 1460: 1205: 1174: 1084: 998:, and the other OPEC oil ministers were taken hostage at their semi-annual conference in 965: 887: 871: 624: 316: 6396: 5443: 3661: 2639:
leaving the OPEC because it disagreed with the organization's production quotas scheme.
811:
against the United States and other industrialized nations that supported Israel in the
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were just entering production in the Middle East. The United States had established the
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The new era of petroleum trading: spot-oil, spot-related contracts, and futures markets
8727: 8697: 8412: 8309: 8141: 7948:"The White House accuses Saudi Arabia of aiding Russia and coercing OPEC oil producers" 7178: 7054: 6628: 6035: 6001: 5962: 5927: 5623: 5585:
The End of Oil: The Decline of the Petroleum Economy and the Rise of a New Energy Order
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Qatar left OPEC on 1 January 2019, after joining the organization in 1961, to focus on
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Qatar announced it would withdraw from OPEC effective 1 January 2019. According to the
1314: 1158: 1120: 1088: 1015: 1011: 911: 689: 604: 546: 523: 328: 269: 10886: 6863: 6742: 6294: 5844: 4563: 1333: 1254:, blaming financial speculators for increasing volatility beyond market fundamentals. 11587: 10715: 10690: 10493: 10478: 10181: 10169: 10157: 9989: 9633: 9623: 9353: 9241: 9201: 9194: 9119: 9051: 9036: 8929: 8862: 8827: 8373: 7257:"Russia and Saudi Arabia wait for the other side to blink first in the oil price war" 6427: 6154: 6108: 5683: 5658: 5597: 5545: 5314: 5247: 5220: 4849: 4788: 4654: 4444: 4347: 4320: 4305: 4283: 4256: 4194: 4106: 3808: 3667: 3590: 3229: 3185: 3138: 2990: 1900: 1678:
vowed "consequences" and said the US government would "re-evaluate" the longstanding
1634: 1590: 1555: 1536: 1280: 1250:, OPEC started issuing explicit statements to counter "excessive speculation" in oil 1166: 1142: 1092: 1053: 1003: 991: 954: 773: 765: 718: 669: 550: 9560: 8155: 3518: 2726: 327:. OPEC decisions have come to play a prominent role in the global oil-market and in 42: 11741: 11414: 11135: 10738: 10656: 10574: 10412: 10293: 9891: 9847: 9604: 9520: 9358: 9338: 9099: 8667: 8081: 6560: 6400: 5967: 5447: 4440: 4229: 4190: 4005: 3800: 3756: 3748: 3582: 3486: 3260: 3130: 2982: 2883: 2741: 2604: 1443: 1292: 1223: 1109: 1100: 995: 969: 816: 497:
OPEC has not been involved in any disputes related to the competition rules of the
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Oil Money: Middle East Petrodollars and the Transformation of US Empire, 1967-1988
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Gately, Dermot. (1984) "A ten-year retrospective: OPEC and the world oil market."
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expressed this hope in a speech at the UN's sixth Special Session, in April 1974:
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Handbook of OPEC and the Global Energy Order: Past, Present and Future Challenges
8787: 8494: 7874: 7695:"These charts show how Russia's invasion of Ukraine has changed global oil flows" 7445:
Blas, Javier; El Wardany, Salma; Smith, Grant; Khrennikova, Dina (18 July 2021).
5752: 4648: 3223: 3179: 2749: 2740:
has been an important benchmark for oil prices since 2000. It is calculated as a
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In spite of global oversupply, on 27 November 2014 in Vienna, Saudi oil minister
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activities date from well before the 1973–1974 oil price surge. For example, the
786: 657: 653: 506: 7580:"Oil analysts predict a prolonged rally as OPEC resists calls to ramp up supply" 6404: 5451: 5021: 4424: 4422: 4420: 4418: 1378: 11484: 11404: 11394: 11384: 11325: 11300: 11009: 10950: 10881: 10768: 10753: 10562: 10500: 10245: 9659: 9134: 7914: 7758: 6925: 6006: 5047: 3752: 3091: 3089: 2923: 2324:
The five founding members attended the first OPEC conference in September 1960.
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Widespread insurgency and sabotage occurred during the 2003–2008 height of the
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which have publicly entailed agreements between different national governments.
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In April 2001, OPEC collaborated with five other international organizations (
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The UAE was founded in December 1971. Its OPEC membership originated with the
11736: 11730: 11552: 11509: 11474: 11103: 10984: 10957: 10891: 10283: 10174: 10162: 9908: 9903: 9711: 9448: 9293: 8614: 8441: 4947: 4608: 4415: 4180: 4094: 3368:"OPEC+ panel agrees on easing oil cuts, compensation plan, says OPEC+ source" 3016: 2865: 2462: 2403: 2399: 2299: 1817: 1720: 1614: 1469: 1288: 907: 840: 574: 527: 9315: 8063:"OPEC says IEA estimate of peak fossil fuel demand by 2030 not 'fact-based'" 7910:"Saudi Arabia: OPEC+ oil production cut 'purely economic' – DW – 10/13/2022" 7526:"Turning to foreign leaders to fix our energy crisis is a shameful solution" 7428:"OPEC+ Reaches Agreement On Oil Output Increase; Russia To Boost Production" 4234: 4215: 3159:"OPEC and allies agree to historic 10 million barrel per day production cut" 3086: 11612: 11542: 11434: 11424: 11419: 11409: 11399: 11285: 11265: 11210: 10994: 10962: 10901: 10798: 10700: 10606: 10483: 10417: 10031: 9496: 9143: 7894: 7206: 6531:"Saudi energy minister pins Aramco's oil capacity halt on green transition" 5871:"Report to Congress: United States Gulf Environmental Technical Assistance" 5703: 4025: 3761: 2752:(Nigeria), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela). 2745: 2142: 1724: 1716: 1630: 1622: 1415: 1041: 903: 891: 795:
An undersupplied US gasoline station, closed during the oil embargo in 1973
680: 628: 600: 289: 6353: 3804: 11582: 11504: 11454: 11275: 11245: 11190: 11180: 10866: 10545: 10528: 10446: 10308: 10278: 10273: 9822: 9528: 8757: 7930:"Saudi Arabia pushed other OPEC nations into oil cut, White House claims" 5007:
Tony Smith, Configurations of Power in North-South Relations since 1945.
4780: 3288: 3038:"Where our oil comes from - U.S. Energy Information Administration (EIA)" 2818: 2799: 2767: 2755: 2628: 2387: 1980: 1749: 1284: 1247: 1116: 1112:
and a doubling of its debt, reaching 100% of the Gross Domestic Product.
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Jackal: The Complete Story of the Legendary Terrorist, Carlos the Jackal
5141:"The Agreement Establishing the OPEC Fund for International Development" 3839: 3340:
OPEC, Organization of the Petroleum Exporting Countries (15 July 2020).
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Shale "fracking" in the US: important new challenge to OPEC market share
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1975–1980: Special Fund, now the OPEC Fund for International Development
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At various times, OPEC members have displayed apparent anti-competitive
11632: 11499: 11489: 11255: 11093: 10999: 9111: 4770: 4105:. Vol. 3 (2nd ed.). Detroit: Gale / Macmillan Reference USA. 2711:
updates in its "Monthly Oil Market Report" (MOMR) and "OPEC Bulletin".
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production, of which it is the world's largest exporter in the form of
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formally submitted an application to join, but it is not yet a member.
1137: 985: 623:", five of which were headquartered in the US following the breakup of 542: 9255:
The quest : energy, security and the remaking of the modern world
8156:"Sudan awaiting decision on its OPEC membership application: minister" 4279:
France and Iraq: Oil, Arms and French Policy Making in the Middle East
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Graphs are unavailable due to technical issues. There is more info on
11627: 11358: 11305: 11250: 11240: 11150: 11098: 11034: 11029: 11024: 11004: 10685: 10313: 10240: 10198: 9837: 9832: 7870:"Democrats issue fresh ultimatum to Saudi Arabia over oil production" 7275:"This crude war is about a lot more than oil prices and market share" 5515:(Press release). United Nations Environment Programme. 12 June 2013. 2898: 2808: 2775: 2620: 2543: 2208: 1753: 1675: 1610: 1528: 1400: 824: 733: 396: 308: 293: 9103: 7979:
Farchy, Jack; Hordern, Annmarie; Bartenstein, Ben (6 October 2022).
11622: 11602: 11597: 11577: 11572: 11348: 11338: 11260: 11195: 10967: 10695: 10651: 10646: 10510: 9573: 9221: 9160:"Oil and geopolitics: The oil crises of the 1970s and the cold war" 7966:"Saudis Sought Oil Production Cut So Deep It Surprised Even Russia" 7676:"OPEC+ warns of response as Biden readies to tap strategic reserve" 7109: 6596:. US Energy Information Administration. 25 May 2017. Figure 11.1a. 6238:
U.S. Senate Committee on Homeland Security and Governmental Affairs
5899: 3519:"Glossary of Industrial Organization Economics and Competition Law" 3460:"Is OPEC a Cartel? Evidence from Cointegration and Causality Tests" 2918: 2913: 2908: 2673: 2656: 2371: 1581: 1404: 1382:
Gusher well in Saudi Arabia: conventional source of OPEC production
1231: 915: 554: 216: 7890:"Saudi Arabia defends OPEC+ oil cut decision as 'purely economic'" 7396:"The Saudi-UAE Bust-Up Is A Return To The Persian Gulf Status Quo" 7343:"Saudi Arabia Claims The U.S. Was Not Their Target In The Oil War" 3228:. Heidelberg: Springer Science & Business Media. p. 195. 874:
efforts included lower speed limits on highways, smaller and more
339:) but one whose consultations may be protected by the doctrine of 11290: 11280: 11160: 11155: 11070: 10008: 9965: 9817: 9812: 9807: 9797: 8342: 7724: 7635:"US energy secretary blames Opec 'cartel' for high petrol prices" 7616:"U.S. crude oil price tops $ 80 a barrel, the highest since 2014" 7508:"Oil prices could hit an 'off the charts spike,' says strategist" 7140: 7106:"Ecuador to leave OPEC in 2020 due to fiscal problems – ministry" 7078: 7074:"Russia agrees with Saudi Arabia to extend OPEC+ oil output deal" 6919:
Wingfield, Brian; Dodge, Samuel; Pogkas, Demetrios; Sam, Cedric.
6658:
Smith, Grant; Rascouet, Angelina; Mahdi, Wael (4 December 2015).
5079:"Cables Released by WikiLeaks Reveal Saudis' Checkbook Diplomacy" 2878: 2859: 2616:
to suspend membership in January 1995; it rejoined in July 2016.
2608: 2509: 2355: 2109: 1834: 1497: 1442:
were committing to limit carbon emissions from fossil fuels, and
1126: 1030: 1022: 808: 757: 753: 749: 693: 442:
Glossary of Industrial Organisation Economics and Competition Law
404: 273: 152: 8517: 8515: 7598:"OPEC-Plus in Driver's Seat As Global Energy Crisis Intensifies" 1373:
Top oil-producing countries, thousand barrels per day, 1973–2016
331:. Economists have characterized OPEC as a textbook example of a 11607: 11494: 11479: 11469: 11429: 11343: 9926: 9802: 8580:"Ecuador to Leave OPEC in January Amid Efforts to Boost Income" 8395:"Opec Plus The cartel and its allies that keep oil on the boil" 7852:"Biden vows consequences for Saudi Arabia after OPEC+ decision" 6952: 6717:"Iran Says Post-Sanctions Crude Output Boost Won't Hurt Prices" 5845:"Energy & Financial Markets: What Drives Crude Oil Prices?" 5110: 4977:
Aven, Petr; Nazarov, Vladimir; Lazaryan, Samvel (17 May 2016).
3297: 2744:
of prices for petroleum blends from the OPEC member countries:
2478: 2383: 2375: 2363: 2359: 2043: 1757: 1459:
As OPEC members grew weary of a multi-year supply-contest with
1222:, coinciding with rapidly increasing oil demand from China and 870:
designed to withstand months of future supply disruptions. Oil
769: 702: 698: 432: 332: 285: 83: 9228:
Corporate social responsibility failures in the oil industry.
9139:"Shell is not a green saviour. It's a planetary death machine" 8284:"International - U.S. Energy Information Administration (EIA)" 8188: 7827:"Saudi Arabia and Russia plan deep oil cuts in defiance of US" 7444: 1748:
As of January 2024, OPEC has 12 member countries: five in the
1266: 11389: 11363: 11333: 11295: 11235: 11230: 11225: 8642:"Angola to quit OPEC over oil production quotas disagreement" 8512: 7981:"Saudi Arabia Snubs Biden and Aids Putin With Oil Output Cut" 7544:"Top White House aide discussed oil prices with Saudi Arabia" 7173:"How a Saudi-Russian Standoff Sent Oil Markets into a Frenzy" 6894:"OPEC Said to Break Bread With Shale in Rare Show of Detente" 6834:"Net oil importer Indonesia leaves producer club OPEC, again" 6422:. Saudi Embassy. Archived from the original on 26 April 2009. 6295:"Opening address to the 159th Meeting of the OPEC Conference" 3342:"JMMC sees improving market conditions and conformity levels" 2613: 2577: 2391: 2076: 1933: 1772: 1560: 1501: 761: 737: 729: 510: 400: 9281:
The OPEC Fund for International Development official website
9208:
Beyond market assumptions: Oil price as a global institution
7785:"Putin hosts United Arab Emirates leader for economic talks" 7447:"OPEC+ Makes Deal to Boost Output as Gulf Allies Call Truce" 6975:"Russia backs gradual, managed exit from oil cuts with OPEC" 6686:"Inside OPEC room, Naimi declares price war on US shale oil" 638: 304:
alone accounting for 67.2 percent of OPEC's total reserves.
11617: 11557: 11310: 9280: 8123:
Organization of the Petroleum Exporting Countries. (2023).
5657:. Great Britain: Portfolio Penguin. pp. 201–210, 239. 5281:"'Carlos the Jackal' jailed over 1974 Paris grenade attack" 4434: 3525: 3163: 3061:
Organization of the Petroleum Exporting Countries. (2023).
2648:
functioning requires months and years of careful planning.
2379: 2010: 1975: 1060: 895: 883: 839:, steep declines in stock and bond prices, major shifts in 728:
During 1961–1975, the five founding nations were joined by
652:
convened in Cairo, Egypt, where the influential journalist
437: 281: 277: 249: 243: 7720:"OPEC+ JMMC agrees oil output cuts of 2 mln bpd – sources" 1075: 11449: 11315: 11088: 8499: 8442:
Organization of the Petroleum Exporting Countries, OPEC.
8308:
OPEC, Organization of the Petroleum Exporting Countries.
8096:"Production of Crude Oil including Lease Condensate 2016" 8080:
OPEC, Organization of the Petroleum Exporting Countries.
7414:"OPEC Reaches Compromise With U.A.E. Over Oil Production" 7382:"OPEC+ abandons oil policy meeting after Saudi-UAE clash" 6774:"OPEC is very much alive as Saudis learn to tread softly" 3321: 2703:(JODI), covering more than 90% of the global oil market. 1764:(EIA), OPEC's combined rate of oil production (including 1057:
is serving life sentences for at least 16 other murders.
9447: 9074:
22.3 (1984): 1100–1114. summary of scholarly literature
8469:"OPEC: Fifty Years Regulating Oil Market Roller Coaster" 8335:"Congo Republic becomes OPEC oil cartel's newest member" 8128: 7978: 7562:"Global energy crunch, US burnout, and OPEC's no 1 call" 5873:. US Environmental Protection Agency. 1991. p. 14. 5541:
American Power and the Prospects for International Order
4590:"OPEC: Fifty Years Regulating Oil Market Roller Coaster" 3066: 32:
Organization of the Petroleum Exporting Countries (OPEC)
11078: 5481:"Renewables in Global Energy Supply: An IEA Fact Sheet" 4103:
Encyclopedia of the Modern Middle East and North Africa
3658:"The Prisoner's Dilemma and Cheating by Cartel Members" 3554: 3181:
International Commodity Markets and the Role of Cartels
3017:"Opec: What is it and what is happening to oil prices?" 1079:
Fluctuations of OPEC net oil export revenues since 1972
10100:
International sanctions during the Russo-Ukrainian War
9273: 9164:
Historical Social Research/Historische Sozialforschung
7211:"Oil price war threatens widespread collateral damage" 6715:
Kalantari, Hashem; Sergie, Mohammed (2 January 2016).
5682:. Great Britain: Portfolio Penguin. pp. 136–137. 5215:. truTV. Archived from the original on 7 January 2012. 4715:"British Economics and Trade Union politics 1973–1974" 4099:"Organisation of Petroleum Exporting Countries (OPEC)" 3923:"Saudis Vow to Ignore OPEC Decision to Cut Production" 3127:
Partial Hegemony: Oil Politics and International Order
1670:, days after OPEC+ cut oil production, 11 October 2022 1454: 8989:
Claes, Dag Harald, and Giuliano Garavini eds. (2019)
8919:"'Effective' OPEC Spare Capacity: Reality-Based Data" 7259:. Telegraph Media Group Limited. The Daily Telegraph. 5423:
Toth, Ferenc L.; Rogner, Hans-Holger (January 2006).
5398:"It's Saudi Arabia's World. Big Oil Just Lives in It" 5365:"Oil Prices Pass Record Set in '80s, but Then Recede" 5340:. US Energy Information Administration. 15 May 2017. 4346:. Cambridge: Cambridge University Press. p. 24. 3366:
El Gamal, Rania (15 July 2020). Edmund, Blair (ed.).
3184:(reprint ed.). Abingdon: Routledge. p. 81. 964:
In the years after 1973, as an example of so-called "
261: 252: 11679:
International Association of Oil & Gas Producers
8668:"History of the Joint Organisations Data Initiative" 8392: 7749:"Why 'NOPEC' Keeps Arising as a U.S. Answer to OPEC" 3225:
European Yearbook of International Economic Law 2010
2855: 1597: 1242:
activity) before plunging again. By the time of the
1230:, and dwindling spare capacity as a cushion against 675: 323:
The formation of OPEC marked a turning point toward
246: 9238:
The Prize: The Epic Quest for Oil, Money, and Power
9033:
OPEC, Its Member States and the World Energy Market
8495:"Angola leaves Opec oil cartel in output quota row" 6921:"Where OPEC+ Oil Production Stands Now – Bloomberg" 6918: 6832:Jensen, Fergus; Asmarini, Wilda (1 December 2016). 4976: 4186:
The Prize: The Epic Quest for Oil, Money, and Power
419:to balance the global market, it serves as "OPEC's 240: 10038:Remember about the Gas – Do not buy Russian goods! 9064:The Rise and Fall of OPEC in the Twentieth Century 7834: 7810: 7633: 7171: 7165: 7163: 6657: 6382: 5749:"The Economics Behind the Fall of the Berlin Wall" 5425:"Oil and nuclear power: Past, present, and future" 4873:. Eleven International Publishing. pp. 60–62. 3493:. Archived from the original on 16 September 2000. 3434: 2874:Organization of Arab Petroleum Exporting Countries 1760:, and one in South America. According to the U.S. 1052:of Libya, itself an OPEC member. Fellow militants 805:Organisation of Arab Petroleum Exporting Countries 701:, Switzerland. On 1 September 1965, OPEC moved to 9317:Organization of the Petroleum Exporting Countries 5056:The Economic Dimensions of Middle Eastern History 1810: 1801: 837:unemployment and inflation surging simultaneously 505:, and are therefore beyond the legal reach of US 380: 228:Organization of the Petroleum Exporting Countries 11728: 7658:"Biden blames higher oil and gas prices on OPEC" 7490:"Don't Expect OPEC to Keep You Warm This Winter" 7005:"OPEC to extend production cuts throughout 2018" 6827: 6825: 6107:. Energy Charter Secretariat. 2007. p. 90. 5923:"Iraq Threatens Emirates and Kuwait on Oil Glut" 4741:"Europe car ban becoming a real traffic stopper" 4653:. Greenwood Publishing Group. pp. 112–116. 4627:Kumins, Lawrence (1975). "Oil and the Economy". 4558: 4556: 4554: 4030:"The Middle East's Conflicts Are About Religion" 3989:"What Have We Learned about the Resource Curse?" 1637:blamed the OPEC+ for rising oil and gas prices. 1516: 1295:. These efforts support economic development in 1214:OPEC members' net oil export revenues, 2000–2020 1153:Fluctuations of Brent crude oil price, 1988–2015 705:, Austria, after Switzerland declined to extend 8088: 7160: 7048:Ulrichsen, Kristian Coates (10 December 2018). 6714: 6660:"OPEC Won't Cut Production to Stop Oil's Slump" 6555: 6553: 6551: 5054:. In Esfandiari, Haleh; Udovitch, A.L. (eds.). 4252:Historical Dictionary of the Petroleum Industry 1617:released a statement calling on OPEC+ to boost 543:hostage siege directed by Palestinian militants 9191:OPEC: Twenty-five Years of Prices and Politics 8610:"Qatar quit OPEC because of politics, not oil" 8553:"Qatar is pulling out of OPEC to focus on gas" 7136:"OPEC, allies agree to deepen oil output cuts" 6831: 6449:"Saudi Arabia's Plan to Extend the Age of Oil" 5847:. US Energy Information Administration. 2014. 4642: 4640: 4638: 4500: 4498: 4496: 4465: 4463: 4461: 4459: 4457: 4343:OPEC: Twenty-Five Years of Prices and Politics 3825: 3555:"U.S. Energy Information Administration (EIA)" 1575: 1127:1990–2003: ample supply and modest disruptions 10214: 9589: 9433: 9301: 9028:, a historical perspective from 1990 to 2018. 8243:. Central Intelligence Agency. Archived from 7031:"Qatar to withdraw from OPEC in January 2019" 6822: 6322: 6320: 5900:"Europe Brent Crude Oil Spot Price FOB (DOE)" 5774: 5486:. International Energy Agency. January 2007. 4551: 4398:"OPEC: Thank you Austria – thank you Vienna!" 3916: 3914: 3891:"Interview With Saudi Oil Minister Ali Naimi" 3655: 1419:production. As he explained in an interview: 1046:Popular Front for the Liberation of Palestine 921:The embargo also meant that a section of the 354: 8893:"Brent crude and other oil price benchmarks" 8546: 8544: 8368:Hayler, William B.; Keever, John M. (2003). 8367: 8231: 8229: 7803:"The new oil war: Opec moves against the US" 7321:"Trump's Ultimate Weapon To End The Oil War" 6548: 4717:. The National Archives (UK). January 2005. 4380:"Switzerland Reduces Her Foreign Population" 3731: 3129:. Oxford University Press. pp. 94–118. 2651: 1492:which Qatar was involved with Saudi Arabia, 10090:2022–2023 Russia–European Union gas dispute 8461: 6420:"Saudi oil policy: stability with strength" 6376: 6266: 5839: 5837: 5617:Hershey, Robert D. Jr. (30 December 1989). 4635: 4493: 4454: 4189:. New York: Simon & Schuster. pp.  3920: 3656:Browning, Edgar K.; Zupan, Mark A. (2004). 3436:"OPEC discord fuels further oil price drop" 2320: 2318: 2316: 2314: 2312: 1743: 1650: 1261: 819:was largely ineffective in response to the 684:OPEC headquarters in Vienna (2009 building) 603:. At the time, some of the world's largest 335:(a group whose members cooperate to reduce 325:national sovereignty over natural resources 311:of dominant Anglo-American oil firms (the " 10221: 10207: 10046:Natural gas transmission system of Ukraine 9596: 9582: 9440: 9426: 9308: 9294: 8471:. Inter Press Service. 14 September 2010. 7746: 7272: 6317: 6267:Tuttle, Robert; Galal, Ola (10 May 2010). 5952: 5950: 5422: 5332: 5330: 4592:. Inter Press Service. 14 September 2010. 4533:"Angola, Sudan to ask for OPEC membership" 4507:"How OPEC Won the Battle and Lost the War" 4063:"'Defending the Faith' in the Middle East" 3911: 3390: 3388: 2725:A "crude oil benchmark" is a standardized 1228:violence against the Nigerian oil industry 68: 11752:Intergovernmental commodity organizations 9009:Dudley, Bob. (2019) "BP energy outlook." 8571: 8550: 8541: 8226: 7340: 7204: 7047: 6735: 6678: 5577: 5575: 5573: 5206: 5204: 5202: 4837: 4582: 4248: 4233: 4009: 3903:(51/52). 22 December 2014. Archived from 3790: 3760: 3666:(8th ed.). Wiley. pp. 394–396. 3663:Microeconomics: Theory & Applications 3480: 3429: 3427: 3214: 1594:OPEC+'s ties and ensures its continuity. 1236:worst global recession since World War II 959:Kuwait Fund for Arab Economic Development 780: 639:1959–1960: anger from exporting countries 272:. It was founded on 14 September 1960 in 8372:. Cornell Maritime Press. p. 14.3. 8310:"OPEC Share of World Crude Oil Reserves" 8142:"OPEC Share of World Crude Oil Reserves" 8131:. ISSN: 0475-0608. (See pages 7 and 22). 8101:. US Energy Information Administration. 7268: 7266: 7235: 7233: 6771: 6653: 6651: 6624:"US Oil Prices Fall Below $ 80 a Barrel" 6621: 6528: 6417: 5991: 5989: 5894: 5892: 5834: 5677: 5652: 5278: 4868: 4175: 4173: 3853:Learsy, Raymond J. (10 September 2012). 3365: 3080:"OPEC Share of World Crude Oil Reserves" 3069:. ISSN: 0475-0608. (See pages 7 and 22). 2780: 2655: 2309: 1713:2024 United States presidential election 1654: 1385: 1377: 1332: 1265: 1209: 1199: 1184:Lower demand triggered by the 1997–1998 1148: 1136: 1074: 1061:1979–1980: oil crisis and 1980s oil glut 925:saw power as a source of hope for their 853: 790: 679: 390: 11141:China National Offshore Oil Corporation 9402:OPEC Fund for International Development 9210:(Springer, Cham, 2020) pp. 63–77. 8855: 8577: 8278: 8276: 7849: 7692: 7318: 6529:Iordache, Ruxandra (12 February 2024). 6524: 6522: 6446: 6227: 6170: 5947: 5920: 5746: 5616: 5537: 5395: 5362: 5327: 5239: 5076: 4646: 4504: 4213: 4136: 4134: 4060: 4024: 3885: 3883: 3385: 3283: 3281: 3177: 2894:List of intergovernmental organizations 2714: 2294: 2292: 1541:widespread turmoil in financial markets 1488:, this was a strategic response to the 974:OPEC Fund for International Development 949:OPEC Fund for International Development 426: 11729: 11015:Unconventional (oil and gas) reservoir 10774:2020 Russia–Saudi Arabia oil price war 10228: 9772:Russian floating nuclear power station 8928:(7): 13. 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A further complication is that 16:Intergovernmental oil organization 14: 11798: 11782:Organizations established in 1960 11747:History of the petroleum industry 11674:Intercontinental Exchange Futures 11563:Chicago Bridge & Iron Company 11216:Oil & Gas Development Company 9998:2006 Russia–Georgia energy crisis 9265: 9230:(Routledge, 2019) pp. 1–14. 9220:(Cornell University Press, 20210 8370:American Merchant Seaman's Manual 7186:from the original on 9 March 2020 6900:from the original on 7 March 2017 6810:from the original on 2 March 2017 6476:"Washington diary: Oil addiction" 6418:Al-Naimi, Ali (20 October 1999). 6328:"Indonesia to withdraw from OPEC" 6269:"Oil Ministers See Demand Rising" 6171:Simmons, Greg (7 December 2005). 5935:from the original on 30 June 2017 5759:from the original on 6 March 2016 5747:McMaken, Ryan (7 November 2014). 5724:from the original on 4 March 2016 5631:from the original on 12 June 2017 5558:from the original on 17 June 2016 5519:from the original on 4 March 2016 5493:from the original on 3 March 2016 5377:from the original on 7 March 2017 5177:"Intergovernmental Organizations" 4928:from the original on 11 July 2012 4895:from the original on 24 June 2016 4360:from the original on 17 June 2016 4119:from the original on 9 April 2016 3921:Jad Mouawad (11 September 2008). 3535:from the original on 4 March 2016 3287: 3101: 3072: 3055: 3027: 2963: 2935: 2831: 2427: 1762:Energy Information Administration 1604:2021–present global energy crisis 1598:2021–present global energy crisis 866:in response, as well as national 736:(1962–2008, rejoined 2014–2016), 676:1960–1975: founding and expansion 609:Interstate Oil Compact Commission 21:Asia-Pacific Economic Cooperation 11711: 11710: 10180: 10168: 10156: 10145: 10144: 9955:Territorial claims in the Arctic 8939: 8911: 8885: 8810: 8780: 8750: 8720: 8690: 8660: 8634: 8602: 8487: 8435: 8405: 8386: 8361: 8327: 8307: 8301: 8148: 8125:OPEC Annual Statistical Bulletin 8079: 8073: 8055: 8037: 8023: 7998: 7972: 7958: 7940: 7922: 7902: 7882: 7862: 7843: 7833:. 5 October 2022. Archived from 7819: 7809:. 7 October 2022. Archived from 7795: 7777: 7740: 7712: 7686: 7668: 7650: 7626: 7608: 7590: 7572: 7554: 7536: 7518: 7500: 7482: 7464: 7438: 7420: 7406: 7388: 7374: 7360: 7334: 7319:Watkins, Simon (22 March 2020). 7312: 7198: 7128: 7098: 7086:from the original on 1 July 2019 7066: 7041: 7023: 6997: 6967: 6940: 6912: 6896:. Bloomberg News. 7 March 2017. 6886: 6856: 6796: 6765: 6753:from the original on 5 June 2016 6708: 6615: 6583: 6494: 6467: 6447:Waldman, Peter (12 April 2015). 6440: 6411: 6346: 6287: 6260: 6248:from the original on 28 May 2008 6221: 6191: 6164: 6136: 6092: 6058: 5619:"Worrying Anew Over Oil Imports" 5279:Anderson, Gary (28 March 2017). 5058:. Darwin Press. pp. 179–199 4989:from the original on 22 May 2016 4841:Keynes: The Return of the Master 4721:from the original on 9 June 2007 4695:from the original on 4 June 2016 4691:. US Department of State. 1999. 4570:from the original on 27 May 2017 4539:from the original on 4 June 2011 3968:from the original on 20 May 2016 3865:from the original on 3 June 2017 3575:Jelley, Nick (19 January 2017), 3063:OPEC Annual Statistical Bulletin 2973:Jelley, Nick (19 January 2017), 2858: 2201: 2168: 2135: 2102: 2069: 2036: 2003: 1968: 1926: 1893: 1860: 1827: 1348: 1029:, planning to fly eventually to 878:cars and appliances, year-round 503:Foreign Sovereign Immunities Act 236: 53: 41: 11221:Oil and Natural Gas Corporation 9452: 9091:International Studies Quarterly 8873:from the original on 1 May 2019 6948:"OPEC Is Dead, Long Live OPEC+" 5914: 5863: 5740: 5696: 5610: 5531: 5505: 5473: 5416: 5389: 5356: 5299: 5272: 5260:from the original on 3 May 2016 5233: 5169: 5133: 5103: 5070: 5040: 5014: 5001: 4970: 4940: 4907: 4877: 4862: 4831: 4801: 4763: 4733: 4707: 4679: 4667:from the original on 1 May 2016 4620: 4525: 4390: 4372: 4333: 4296: 4242: 4221:The Journal of American History 4207: 4087: 4054: 4018: 3980: 3947: 3846: 3819: 3784: 3725: 3692: 3649: 3609: 3568: 3547: 3451: 3359: 3333: 3293:"OPEC Is Dead, Long Live OPEC+" 3253: 3208: 3171: 2738:OPEC Reference Basket of Crudes 2624:requested a 5% production cut. 362:coup against Mohammad Mosaddegh 110: 11689:Society of Petroleum Engineers 11460:Port Harcourt Refining Company 11126:Abu Dhabi National Oil Company 10073:2021–2023 global energy crisis 9072:Journal of Economic Literature 8817:Razavi, Hossein (April 1989). 7747:Ari Natter (10 October 2022). 7693:Stevens, Pippa (31 May 2022). 7300:Powell, Naomi (9 March 2020). 7240:Reguly, Eric (10 March 2020). 7170:Reed, Stanley (9 March 2020). 6864:"OPEC 171st Meeting concludes" 6772:Halligan, Liam (4 June 2016). 6749:(Press release). 2 June 2016. 6743:"OPEC 169th Meeting concludes" 6301:(Press release). 8 June 2011. 4914:Horton, Sarah (October 2000). 4617:, The Rise of OPEC, pp. 79–85. 4564:"OPEC 172nd Meeting concludes" 4431:, The Rise of OPEC, pp. 73–78. 4255:. Scarecrow Press. p. 7. 4216:"Oil and the American Century" 4061:Motadel, David (24 May 2015). 3578:A Dictionary of Energy Science 3151: 3098:, The Rise of OPEC, pp. 59–93. 3009: 2979:A Dictionary of Energy Science 2418: 1546:Several pundits saw this as a 1157:Leading up to his August 1990 460:'s glossary explains OPEC as: 381:Leadership and decision-making 317:restrictions in oil production 1: 11777:Organisations based in Vienna 10635:Production sharing agreements 10095:2024 Lukoil transit sanctions 9880:Russia–Saudi Arabia relations 9685:Gas Exporting Countries Forum 6036:"Annual Statistical Bulletin" 5715:American Enterprise Institute 5396:Denning, Liam (18 May 2016). 5363:Mouawad, Jad (3 March 2008). 5150:. 27 May 1980. Archived from 5077:Hubbard, Ben (21 June 2015). 4948:"Oil Shock: The role of OPEC" 4505:Denning, Liam (1 June 2016). 3987:Ross, Michael L. (May 2015). 3699:Colgan, Jeff (16 June 2014). 2929: 2840:, the statistical arm of the 1738: 1613:'s national security adviser 1517:2020: Saudi-Russian price war 1226:-hungry investors, recurring 395:OPEC Conference delegates at 11669:Canadian petroleum companies 11664:American Petroleum Institute 11201:National Iranian Oil Company 11186:Kuwait Petroleum Corporation 9061:Garavini, Giuliano. (2019). 9046:Fesharaki, Fereidun (1983). 8444:"Declaration of Cooperation" 7050:"Why is Qatar leaving OPEC?" 6561:"OPEC Basket Daily Archives" 4979:"Twilight of the Petrostate" 4869:Masouros, Pavlos E. (2013). 3732:Van de Graaf, Thijs (2016). 3630:(5): 24–41. June–July 2012. 2409: 1705:2022 United States elections 1641:Russia's invasion of Ukraine 884:heating and air-conditioning 847:, and a dramatic end to the 760:(1973–1992, 2007–2020), and 531:conflicts in the Middle East 516: 7: 11684:International Energy Agency 10669:Enhanced oil recovery (EOR) 10017:Russia–Ukraine gas disputes 9397:List of secretaries general 8728:"Monthly Oil Market Report" 7255:Rees, Tom (10 March 2020). 6405:10.1016/j.enpol.2010.02.026 5958:"Ecuador Set to Leave OPEC" 5452:10.1016/j.eneco.2005.03.004 5052:"Economics of Petrodollars" 4921:. Pennsylvania Envirothon. 4282:. I.B. Tauris. p. 74. 3896:Middle East Economic Survey 3581:, Oxford University Press, 2981:, Oxford University Press, 2851: 2596: 2593: 2590: 2587: 2571: 2568: 2565: 2562: 2537: 2534: 2531: 2528: 2503: 2500: 2497: 2494: 2229: 2226: 2223: 2220: 2194: 2191: 2188: 2185: 2161: 2158: 2155: 2152: 2128: 2125: 2122: 2119: 2095: 2092: 2089: 2086: 2062: 2059: 2056: 2053: 2029: 2026: 2023: 2020: 1996: 1993: 1990: 1987: 1961: 1958: 1955: 1952: 1919: 1916: 1913: 1910: 1886: 1883: 1880: 1877: 1853: 1850: 1847: 1844: 1664:Mohamed bin Zayed Al Nahyan 1576:2021: Saudi-Emirati dispute 1220:American occupation of Iraq 1194:International Energy Agency 864:International Energy Agency 567:Conflict in the Niger Delta 563:American occupation of Iraq 276:by the first five members ( 10: 11803: 11271:PTT Public Company Limited 10872:East Midlands Oil Province 10857:List of natural gas fields 10457:Integrated asset modelling 9067:. Oxford University Press. 9001:International Organization 8947:"3 billion barrel cushion" 6474:Frei, Matt (3 July 2008). 6173:"Dems Doubt Iraq Progress" 6070:United Press International 5997:"Gabon Plans To Quit OPEC" 5338:"OPEC Revenues Fact Sheet" 5307:"OPEC Revenues Fact Sheet" 4838:Skidelsky, Robert (2009). 4647:Maugeri, Leonardo (2006). 4303:Citino, Nathan J. (2002). 4214:Painter, David S. (2012). 3753:10.1016/j.erss.2016.10.005 3701:"OPEC, the Phantom Menace" 2718: 1601: 1520: 1326: 1203: 1171:Al Qaeda attacks on the US 1130: 1064: 1008:Gabriele Kröcher-Tiedemann 983: 946: 894:, and greater emphasis on 784: 656:introduced Saudi Arabia's 555:Iraqi occupation of Kuwait 384: 355:Organization and structure 18: 11706: 11656: 11643:Weatherford International 11522: 11372: 11324: 11176:Iraq National Oil Company 11112: 11069: 11054: 11045: 10930: 10847: 10729: 10615: 10509: 10437: 10380: 10339: 10332: 10254: 10236: 10140: 10130:Unfriendly countries list 10078:2021–2023 inflation surge 10058: 10006: 9987: 9963: 9924: 9846: 9785: 9747: 9652: 9611: 9459: 9392: 9324: 9158:Painter, David S (2014). 8895:. Reuters. 5 April 2011. 7244:. The Globe and Mail Inc. 6804:"North America Rig Count" 6432:: CS1 maint: unfit URL ( 6101:Putting a Price on Energy 5319:: CS1 maint: unfit URL ( 5225:: CS1 maint: unfit URL ( 4776:How We Got Here: The '70s 3617:"The Global Energy Scene" 3503:: CS1 maint: unfit URL ( 3458:Gülen, S. Gürcan (1996). 2889:List of country groupings 2756:North Sea Brent Crude Oil 2652:Publications and research 2576: 2542: 2508: 2477: 2468: 2455: 2448: 2443: 2440: 2437: 2434: 2268: 2251: 2234: 2199: 2166: 2133: 2100: 2067: 2034: 2001: 1966: 1924: 1891: 1858: 1825: 1794: 1789: 1786: 1783: 1780: 1083:In response to a wave of 961:has operated since 1961. 929:. The Algerian president 833:global economic recession 772:did in 2007, followed by 613:Texas Railroad Commission 343:under international law. 209: 205: 185: 163: 159: 148: 144: 129: 125: 120: 106: 98: 90: 79: 67: 37: 30: 9899:Germany–Russia relations 9639:Greenhouse gas emissions 7602:Natural Gas Intelligence 5590:Houghton Mifflin Company 4313:Indiana University Press 4249:Vassiliou, M.S. (2009). 3828:The International Lawyer 3261:"OPEC: Member Countries" 3123:"The Stagnation of OPEC" 3121:Colgan, Jeff D. (2021). 2344: 1744:Current member countries 1651:2022: oil production cut 1625:with Saudi Crown Prince 1312:would not observe them. 1262:2008: production dispute 817:previous embargo attempt 662:Juan Pablo Pérez Alfonzo 660:to Venezuela's observer 499:World Trade Organization 472:(2017) defines OPEC as: 19:Not to be confused with 11787:20th century in Baghdad 11767:Petroleum organizations 11694:World Petroleum Council 11568:China Oilfield Services 10625:Petroleum fiscal regime 10324:Western Canadian Select 10319:West Texas Intermediate 10187:Renewable energy portal 9935:Arctic policy of Russia 9863:Energy policy of Russia 9850: and disputes 9755:Electric power industry 9539:(Republic of the Congo) 9253:Yergin, Daniel (2011). 9236:Yergin, Daniel (1991). 9171:Energy Strategy Reviews 9081:Licklider, Roy (1988). 8788:"Oil markets explained" 7384:. Reuters. 5 July 2021. 6591:"Monthly Energy Review" 5538:Bromley, Simon (2013). 5011:31:1 (Winter 1977) p. 4 5009:Industrial Organisation 4885:"Energy Crisis (1970s)" 4844:. Allen Lane. pp.  3961:Foreign Service Journal 3220:Terhechte, Jörg Philipp 3216:Terhechte, Jörg Philipp 2842:US Department of Energy 2826: OPEC Basket Price 2791:West Texas Intermediate 2764:West Texas Intermediate 1787:Duration of membership 1666:with Russian president 1548:Saudi-Russian price war 1533:weakening global demand 1490:Qatar diplomatic crisis 1440:Paris Climate Agreement 1436:international sanctions 1141:One of the hundreds of 890:, increased support of 849:post-WWII economic boom 650:Arab Petroleum Congress 617:multinational companies 329:international relations 11171:Indian Oil Corporation 10657:Submersible pump (ESP) 10602:Underbalanced drilling 10423:of gasoline and diesel 9887:China–Russia relations 9777:Thermal power stations 9767:List of power stations 9748:Electricity generation 9555:(United Arab Emirates) 9003:68.3 (2014): 599–632. 8189:"World Bank Open Data" 5678:Al-Naimi, Ali (2016). 5653:Al-Naimi, Ali (2016). 5240:Follain, John (1998). 2828: 2665: 2607:and membership costs. 2298:One petroleum barrel ( 1671: 1426: 1391: 1383: 1338: 1299:and align with global 1271: 1215: 1186:Asian financial crisis 1154: 1146: 1080: 1006:", and which included 940: 859: 796: 781:1973–1974: oil embargo 685: 524:natural resource curse 479: 466: 454: 413:OPEC secretary general 408: 74:OPEC and OPEC+ members 11548:Cameron International 10990:Petrodollar recycling 10973:fossil fuel phase-out 10536:Differential sticking 10489:Reflection seismology 10462:Petroleum engineering 10304:OPEC Reference Basket 10083:2022–2023 food crises 9407:OPEC Reference Basket 9369:Republic of the Congo 8983:111 (2017): 166–178. 8237:"Field Listing: Area" 8129:https://asb.opec.org/ 5970:. 18 September 1992. 5582:Robert, Paul (2004). 4983:The National Interest 4916:"The 1973 Oil Crisis" 4276:Styan, David (2006). 4235:10.1093/jahist/jas073 4142:"General Information" 4035:The National Interest 3067:https://asb.opec.org/ 2784: 2721:Benchmark (crude oil) 2659: 2633:liquified natural gas 1868:Republic of the Congo 1658: 1570:fallen to record lows 1568:which had previously 1421: 1389: 1381: 1336: 1269: 1244:2011 Libyan Civil War 1240:petrodollar recycling 1213: 1200:2003–2011: volatility 1152: 1140: 1078: 935: 857: 803:In October 1973, the 794: 744:(originally just the 707:diplomatic privileges 683: 666:Gentlemen's Agreement 474: 462: 450:international cartels 446: 394: 298:global oil production 11445:Occidental Petroleum 10759:1990 oil price shock 10585:Shale oil extraction 10558:Drilling engineering 10541:Directional drilling 10467:Reservoir simulation 9379:United Arab Emirates 9183:50 (2015): 364–378. 9129:on 18 February 2020. 9031:Evans, John (1986). 8953:. 13 November 2015. 8523:"Comunicado Oficial" 8504:. 22 December 2023. 8193:World Bank Open Data 8069:. 14 September 2023. 8051:. 18 September 2023. 8033:. BBC. 27 July 2023. 8010:www.saudiembassy.net 7839:on 10 December 2022. 7815:on 10 December 2022. 7007:. 30 November 2017. 6981:. 22 December 2017. 6330:. BBC. 28 May 2008. 4954:(51). October 2000. 4819:on 22 September 2010 4747:. 26 November 1973. 4028:(13 February 2016). 3907:on 21 December 2015. 3528:. 1993. p. 19. 2811:(Russian export mix) 2715:Crude oil benchmarks 2335:Emirate of Abu Dhabi 2176:United Arab Emirates 1494:United Arab Emirates 1277:Abdulaziz bin Salman 1133:1990 oil price shock 1085:oil nationalizations 927:developing countries 923:Non-Aligned Movement 880:daylight saving time 868:emergency stockpiles 746:Emirate of Abu Dhabi 742:United Arab Emirates 670:absentee landlordism 579:Embargo against Iran 559:September 11 attacks 427:International cartel 11762:Petroleum economics 11593:Naftiran Intertrade 11538:Amec Foster Wheeler 11465:Reliance Industries 11354:Naftiran Intertrade 11166:Hindustan Petroleum 10764:2000s energy crisis 10105:during the invasion 9483:(Equatorial Guinea) 9189:Skeet, Ian (1988). 9173:26 (2019): 100370. 9024:45.1 (2021): 3-28. 8863:"OPEC Basket Price" 8794:. 18 October 2007. 8698:"World Oil Outlook" 8618:. 6 December 2018. 8162:. 22 October 2015. 7754:The Washington Post 7682:. 22 November 2021. 7642:. 31 October 2021. 7216:The Washington Post 7144:. 5 December 2019. 6696:on 11 February 2016 6397:2010EnPol..38.4743O 6072:. 5 February 2010. 5444:2006EneEc..28....1T 4889:The History Channel 4340:Skeet, Ian (1988). 3805:10.1093/jiel/jgt024 3706:The Washington Post 3443:. 7 December 2015. 3330:, pp. 107–109. 1701:Mohammed bin Salman 1627:Mohammed bin Salman 1535:resulting from the 1461:diminishing returns 1409:energy independence 1323:2014–2017: oil glut 1319:Civil War in 2011. 1232:potential shortages 1206:2000s energy crisis 1175:US invasion of Iraq 1173:and the March 2003 1044:, a founder of the 980:1975: hostage siege 966:checkbook diplomacy 888:building insulation 882:, reduced usage of 721:region, called the 625:John D. Rockefeller 590:Post-WWII situation 193: (63 years ago) 172: (64 years ago) 11772:Petroleum politics 11440:Marathon Petroleum 10862:List of oil fields 10472:Reservoir modeling 10230:Petroleum industry 10115:2023 oil sanctions 10110:2022 oil sanctions 9925:Disputes over the 9760:in Imperial Russia 9717:Barents Sea fields 9707:Petroleum industry 9644:Ministry of Energy 9453:OPEC member states 8648:. 21 December 2023 8247:on 31 January 2014 8241:The World Factbook 8082:"Member Countries" 7968:. 20 October 2022. 7936:. 14 October 2022. 7898:. 13 October 2022. 7878:. 13 October 2022. 7791:. 11 October 2022. 7664:. 2 November 2021. 7496:. 17 October 2021. 7179:The New York Times 7112:. 1 October 2019. 7055:The New York Times 6719:. Bloomberg News. 6662:. Bloomberg News. 6629:The New York Times 6451:. Bloomberg News. 6271:. Bloomberg News. 6009:. 9 January 1995. 6002:The New York Times 5963:The New York Times 5928:The New York Times 5624:The New York Times 5400:. Bloomberg News. 5370:The New York Times 5211:Bellamy, Patrick. 5084:The New York Times 5048:Oweiss, Ibrahim M. 4509:. Bloomberg News. 4471:"Member Countries" 4068:The New York Times 3928:The New York Times 3468:The Energy Journal 2829: 2666: 2643:Market information 2264:1,564,441,000,000 2247:1,240,970,000,000 1703:wants to sway the 1672: 1591:Suhail Al-Mazrouei 1444:solar technologies 1392: 1384: 1339: 1315:The New York Times 1301:climate objectives 1297:emerging countries 1272: 1216: 1192:In June 2003, the 1161:, Iraqi President 1159:Invasion of Kuwait 1155: 1147: 1089:Iranian Revolution 1081: 1012:Hans-Joachim Klein 912:alternative energy 860: 829:three-day workweek 797: 690:Abd al-Karim Qasim 686: 585:History and impact 547:Iranian Revolution 488:prisoner's dilemma 409: 337:market competition 315:"). In the 1970s, 11724: 11723: 11702: 11701: 11588:Nabors Industries 11518: 11517: 10716:Well intervention 10691:Petroleum product 10590:Ljungström method 10494:Seismic inversion 10479:Petroleum geology 10433: 10432: 10196: 10195: 10054: 10053: 9945:Continental shelf 9634:Energy superpower 9624:Economy of Russia 9571: 9570: 9415: 9414: 9334:Equatorial Guinea 9246:978-1-4391-1012-6 9199:978-0-521-40572-0 9056:978-0-367-28193-9 9041:978-0-8103-2148-9 8993:(Routledge 2019) 8951:Oil Market Report 8833:978-0-8213-1199-8 8379:978-0-87033-549-5 8217:"Population 2022" 7985:www.bloomberg.com 7622:. 8 October 2021. 7604:. 6 October 2021. 7586:. 5 October 2021. 7568:. 1 October 2021. 7550:. 1 October 2021. 7532:. 16 August 2021. 7514:. 5 October 2021. 7478:. 8 October 2021. 7451:www.bloomberg.com 6505:www.aetoswire.com 6114:978-90-5948-046-9 5689:978-0-241-27925-0 5680:Out of the Desert 5664:978-0-241-27925-0 5655:Out of the Desert 5603:978-0-618-23977-1 5551:978-0-7456-5841-4 5253:978-1-55970-466-3 4855:978-1-84614-258-1 4794:978-0-465-04195-4 4660:978-0-275-99008-4 4353:978-0-521-40572-0 4326:978-0-253-34095-5 4289:978-1-84511-045-1 4262:978-0-8108-6288-3 4200:978-0-671-50248-5 4112:978-0-02-865769-1 3673:978-0-471-67871-7 3596:978-0-19-182627-6 3235:978-3-540-78883-6 3191:978-1-315-50088-1 3144:978-0-19-754637-6 2996:978-0-19-182627-6 2605:production quotas 2601: 2600: 2441:Membership years 2285: 2284: 1901:Equatorial Guinea 1635:Jennifer Granholm 1556:debt-to-GDP ratio 1537:COVID-19 pandemic 1370: 1369: 1281:energy transition 1143:Kuwaiti oil fires 1101:production quotas 1054:Bassam Abu Sharif 1035:Houari Boumédiène 1004:Carlos the Jackal 992:Ahmed Zaki Yamani 955:international aid 931:Houari Boumédiène 845:petrodollar flows 774:Equatorial Guinea 766:Mohammed Barkindo 723:Tripoli Agreement 719:Mediterranean Sea 601:World War II 492:collective action 224: 223: 187:• In effect 133:Secretary General 115:6 observer states 91:Official language 11794: 11714: 11713: 11415:Hess Corporation 11136:Bharat Petroleum 11067: 11066: 11052: 11051: 10739:1967 Oil Embargo 10575:Lost circulation 10413:Posted oil price 10337: 10336: 10294:Isthmus-34 Light 10223: 10216: 10209: 10200: 10199: 10184: 10172: 10160: 10148: 10147: 10060:Ukraine invasion 9922: 9921: 9892:Power of Siberia 9786:Energy companies 9729:Renewable energy 9605:Energy in Russia 9598: 9591: 9584: 9575: 9574: 9564: 9556: 9548: 9540: 9532: 9524: 9516: 9508: 9500: 9492: 9484: 9476: 9468: 9442: 9435: 9428: 9419: 9418: 9310: 9303: 9296: 9287: 9286: 9277: 9276: 9274:Official website 9216:Wight, David M. 9193:. Cambridge UP. 9181:Energy Economics 9155: 9153: 9151: 9137:(26 June 2019). 9130: 9128: 9122:. Archived from 9087: 8967: 8966: 8964: 8962: 8943: 8937: 8936: 8934: 8923: 8915: 8909: 8908: 8906: 8904: 8889: 8883: 8882: 8880: 8878: 8859: 8853: 8852: 8850: 8848: 8842: 8825: 8814: 8808: 8807: 8805: 8803: 8784: 8778: 8777: 8775: 8773: 8754: 8748: 8747: 8745: 8743: 8724: 8718: 8717: 8715: 8713: 8694: 8688: 8687: 8685: 8683: 8664: 8658: 8657: 8655: 8653: 8638: 8632: 8631: 8629: 8627: 8606: 8600: 8599: 8597: 8595: 8575: 8569: 8568: 8566: 8564: 8548: 8539: 8538: 8536: 8534: 8519: 8510: 8509: 8491: 8485: 8484: 8482: 8480: 8465: 8459: 8458: 8456: 8454: 8439: 8433: 8432: 8430: 8428: 8409: 8403: 8402: 8390: 8384: 8383: 8365: 8359: 8358: 8356: 8354: 8345:. Archived from 8331: 8325: 8324: 8322: 8320: 8305: 8299: 8298: 8296: 8294: 8280: 8271: 8268: 8257: 8256: 8254: 8252: 8233: 8224: 8223: 8221: 8213: 8204: 8203: 8201: 8199: 8185: 8176: 8175: 8173: 8171: 8152: 8146: 8145: 8138: 8132: 8121: 8115: 8114: 8112: 8110: 8100: 8092: 8086: 8085: 8077: 8071: 8070: 8059: 8053: 8052: 8041: 8035: 8034: 8027: 8021: 8020: 8018: 8016: 8002: 7996: 7995: 7993: 7991: 7976: 7970: 7969: 7962: 7956: 7955: 7944: 7938: 7937: 7926: 7920: 7919: 7906: 7900: 7899: 7886: 7880: 7879: 7866: 7860: 7859: 7847: 7841: 7840: 7838: 7823: 7817: 7816: 7814: 7799: 7793: 7792: 7789:Associated Press 7781: 7775: 7774: 7772: 7770: 7761:. Archived from 7744: 7738: 7737: 7735: 7733: 7728:. 5 October 2022 7716: 7710: 7709: 7707: 7705: 7690: 7684: 7683: 7672: 7666: 7665: 7654: 7648: 7647: 7637: 7630: 7624: 7623: 7612: 7606: 7605: 7594: 7588: 7587: 7576: 7570: 7569: 7558: 7552: 7551: 7540: 7534: 7533: 7522: 7516: 7515: 7504: 7498: 7497: 7486: 7480: 7479: 7468: 7462: 7461: 7459: 7457: 7442: 7436: 7435: 7424: 7418: 7417: 7410: 7404: 7403: 7392: 7386: 7385: 7378: 7372: 7371: 7364: 7358: 7357: 7355: 7353: 7338: 7332: 7331: 7329: 7327: 7316: 7310: 7309: 7297: 7291: 7290: 7288: 7286: 7270: 7261: 7260: 7252: 7246: 7245: 7237: 7228: 7227: 7225: 7223: 7205:Mufson, Steven; 7202: 7196: 7195: 7193: 7191: 7175: 7167: 7158: 7157: 7155: 7153: 7132: 7126: 7125: 7123: 7121: 7102: 7096: 7095: 7093: 7091: 7082:. 29 June 2019. 7070: 7064: 7063: 7045: 7039: 7038: 7027: 7021: 7020: 7018: 7016: 7001: 6995: 6994: 6992: 6990: 6971: 6965: 6964: 6962: 6960: 6944: 6938: 6937: 6935: 6933: 6916: 6910: 6909: 6907: 6905: 6890: 6884: 6883: 6881: 6879: 6860: 6854: 6853: 6851: 6849: 6829: 6820: 6819: 6817: 6815: 6806:. Baker Hughes. 6800: 6794: 6793: 6791: 6789: 6769: 6763: 6762: 6760: 6758: 6739: 6733: 6732: 6730: 6728: 6712: 6706: 6705: 6703: 6701: 6682: 6676: 6675: 6673: 6671: 6655: 6646: 6645: 6643: 6641: 6619: 6613: 6612: 6610: 6608: 6602: 6595: 6587: 6581: 6580: 6578: 6576: 6557: 6546: 6545: 6543: 6541: 6526: 6517: 6516: 6514: 6512: 6498: 6492: 6491: 6489: 6487: 6471: 6465: 6464: 6462: 6460: 6444: 6438: 6437: 6431: 6423: 6415: 6409: 6408: 6391:(8): 4743–4749. 6380: 6374: 6373: 6371: 6369: 6350: 6344: 6343: 6341: 6339: 6324: 6315: 6314: 6312: 6310: 6291: 6285: 6284: 6282: 6280: 6264: 6258: 6257: 6255: 6253: 6247: 6234: 6225: 6219: 6218: 6216: 6214: 6195: 6189: 6188: 6186: 6184: 6168: 6162: 6161: 6159: 6148: 6140: 6134: 6133: 6131: 6129: 6123: 6106: 6096: 6090: 6089: 6083: 6081: 6062: 6056: 6055: 6053: 6051: 6032: 6023: 6022: 6020: 6018: 5993: 5984: 5983: 5981: 5979: 5968:Associated Press 5954: 5945: 5944: 5942: 5940: 5918: 5912: 5911: 5909: 5907: 5896: 5887: 5886: 5884: 5882: 5867: 5861: 5860: 5858: 5856: 5841: 5832: 5831: 5825: 5823: 5808: 5802: 5801: 5799: 5797: 5778: 5772: 5771: 5766: 5764: 5744: 5738: 5737: 5731: 5729: 5723: 5712: 5700: 5694: 5693: 5675: 5669: 5668: 5650: 5641: 5640: 5638: 5636: 5614: 5608: 5607: 5579: 5568: 5567: 5565: 5563: 5535: 5529: 5528: 5526: 5524: 5509: 5503: 5502: 5500: 5498: 5492: 5485: 5477: 5471: 5470: 5468: 5466: 5460: 5432:Energy Economics 5429: 5420: 5414: 5413: 5411: 5409: 5393: 5387: 5386: 5384: 5382: 5360: 5354: 5353: 5351: 5349: 5334: 5325: 5324: 5318: 5310: 5303: 5297: 5296: 5294: 5292: 5276: 5270: 5269: 5267: 5265: 5237: 5231: 5230: 5224: 5216: 5208: 5197: 5196: 5194: 5192: 5173: 5167: 5166: 5164: 5162: 5157:on 24 April 2017 5156: 5145: 5137: 5131: 5130: 5128: 5126: 5107: 5101: 5100: 5098: 5096: 5074: 5068: 5067: 5065: 5063: 5044: 5038: 5037: 5035: 5033: 5018: 5012: 5005: 4999: 4998: 4996: 4994: 4974: 4968: 4967: 4965: 4963: 4944: 4938: 4937: 4935: 4933: 4927: 4920: 4911: 4905: 4904: 4902: 4900: 4881: 4875: 4874: 4866: 4860: 4859: 4835: 4829: 4828: 4826: 4824: 4805: 4799: 4798: 4767: 4761: 4760: 4758: 4756: 4737: 4731: 4730: 4728: 4726: 4711: 4705: 4704: 4702: 4700: 4683: 4677: 4676: 4674: 4672: 4644: 4633: 4632: 4624: 4618: 4612: 4606: 4605: 4603: 4601: 4586: 4580: 4579: 4577: 4575: 4560: 4549: 4548: 4546: 4544: 4529: 4523: 4522: 4520: 4518: 4502: 4491: 4490: 4488: 4486: 4467: 4452: 4441:Marius Vassiliou 4438: 4432: 4426: 4413: 4412: 4410: 4408: 4394: 4388: 4387: 4376: 4370: 4369: 4367: 4365: 4337: 4331: 4330: 4310: 4300: 4294: 4293: 4273: 4267: 4266: 4246: 4240: 4239: 4237: 4211: 4205: 4204: 4177: 4168: 4167: 4165: 4163: 4157: 4146: 4138: 4129: 4128: 4126: 4124: 4091: 4085: 4084: 4082: 4080: 4058: 4052: 4051: 4049: 4047: 4022: 4016: 4015: 4013: 3993: 3984: 3978: 3977: 3975: 3973: 3951: 3945: 3944: 3942: 3940: 3918: 3909: 3908: 3887: 3878: 3877: 3872: 3870: 3850: 3844: 3843: 3823: 3817: 3816: 3788: 3782: 3781: 3779: 3777: 3771: 3764: 3738: 3729: 3723: 3722: 3720: 3718: 3696: 3690: 3689: 3687: 3685: 3653: 3647: 3646: 3644: 3642: 3636: 3621: 3613: 3607: 3606: 3605: 3603: 3572: 3566: 3565: 3563: 3561: 3551: 3545: 3544: 3542: 3540: 3534: 3523: 3515: 3509: 3508: 3502: 3494: 3484: 3464: 3455: 3449: 3448: 3438: 3431: 3422: 3421: 3419: 3417: 3411: 3400: 3392: 3383: 3382: 3380: 3378: 3363: 3357: 3356: 3354: 3352: 3337: 3331: 3325: 3319: 3318: 3312: 3310: 3285: 3276: 3275: 3273: 3271: 3257: 3251: 3250: 3244: 3242: 3212: 3206: 3205: 3200: 3198: 3175: 3169: 3168: 3155: 3149: 3148: 3118: 3099: 3093: 3084: 3083: 3076: 3070: 3059: 3053: 3052: 3050: 3048: 3034: 3025: 3024: 3013: 3007: 3006: 3005: 3003: 2970: 2961: 2960: 2958: 2956: 2942: 2884:Energy diplomacy 2868: 2863: 2862: 2825: 2816: 2806: 2797: 2788: 2742:weighted average 2699:and renamed the 2690: 2483:Southern Africa 2466: 2453: 2432: 2431: 2338: 2331: 2325: 2322: 2307: 2296: 2230:303,220,000,000 2215: 2207: 2205: 2204: 2195:113,000,000,000 2174: 2172: 2171: 2162:267,190,000,000 2141: 2139: 2138: 2108: 2106: 2105: 2075: 2073: 2072: 2063:101,500,000,000 2042: 2040: 2039: 2030:145,020,000,000 2009: 2007: 2006: 1997:208,600,000,000 1974: 1972: 1971: 1932: 1930: 1929: 1899: 1897: 1896: 1866: 1864: 1863: 1833: 1831: 1830: 1821: 1807: 1799: 1778: 1777: 1707:in favor of the 1352: 1351: 1344: 996:Jamshid Amuzegar 970:Algiers, Algeria 876:energy-efficient 569:(2004–present), 264: 259: 258: 255: 254: 251: 248: 245: 242: 219: 201: 199: 194: 181: 180: 178: 173: 139:Haitham al-Ghais 113:10 OPEC+ members 72: 57: 45: 28: 27: 11802: 11801: 11797: 11796: 11795: 11793: 11792: 11791: 11727: 11726: 11725: 11720: 11698: 11652: 11648:John Wood Group 11638:Valaris Limited 11531: 11528: 11525: 11514: 11380:APA Corporation 11368: 11320: 11119: 11116: 11108: 11063: 11060: 11057: 11047: 11041: 10942:Classification 10926: 10849: 10843: 10779:Nationalization 10749:1979 oil crisis 10744:1973 oil crisis 10725: 10711:Water injection 10679:Steam injection 10674:Gas reinjection 10642:Artificial lift 10611: 10553:Drill stem test 10505: 10429: 10376: 10328: 10250: 10232: 10227: 10197: 10192: 10136: 10062: 10050: 10002: 9983: 9959: 9920: 9851: 9842: 9828:Sakhalin Energy 9781: 9743: 9648: 9629:Energy security 9607: 9602: 9572: 9567: 9559: 9551: 9543: 9535: 9527: 9519: 9511: 9503: 9495: 9487: 9479: 9471: 9463: 9455: 9446: 9416: 9411: 9388: 9320: 9314: 9272: 9271: 9268: 9263: 9149: 9147: 9135:Monbiot, George 9133: 9126: 9104:10.2307/2600627 9085: 9080: 8975: 8973:Further reading 8970: 8960: 8958: 8945: 8944: 8940: 8932: 8921: 8917: 8916: 8912: 8902: 8900: 8891: 8890: 8886: 8876: 8874: 8861: 8860: 8856: 8846: 8844: 8840: 8834: 8823: 8815: 8811: 8801: 8799: 8786: 8785: 8781: 8771: 8769: 8758:"OPEC Bulletin" 8756: 8755: 8751: 8741: 8739: 8726: 8725: 8721: 8711: 8709: 8696: 8695: 8691: 8681: 8679: 8666: 8665: 8661: 8651: 8649: 8640: 8639: 8635: 8625: 8623: 8608: 8607: 8603: 8593: 8591: 8584:bnnbloomberg.ca 8576: 8572: 8562: 8560: 8549: 8542: 8532: 8530: 8521: 8520: 8513: 8493: 8492: 8488: 8478: 8476: 8467: 8466: 8462: 8452: 8450: 8440: 8436: 8426: 8424: 8411: 8410: 8406: 8391: 8387: 8380: 8366: 8362: 8352: 8350: 8349:on 22 June 2018 8333: 8332: 8328: 8318: 8316: 8306: 8302: 8292: 8290: 8282: 8281: 8274: 8269: 8260: 8250: 8248: 8235: 8234: 8227: 8219: 8215: 8214: 8207: 8197: 8195: 8187: 8186: 8179: 8169: 8167: 8154: 8153: 8149: 8140: 8139: 8135: 8122: 8118: 8108: 8106: 8098: 8094: 8093: 8089: 8078: 8074: 8061: 8060: 8056: 8043: 8042: 8038: 8029: 8028: 8024: 8014: 8012: 8004: 8003: 7999: 7989: 7987: 7977: 7973: 7964: 7963: 7959: 7946: 7945: 7941: 7928: 7927: 7923: 7908: 7907: 7903: 7888: 7887: 7883: 7875:TheGuardian.com 7868: 7867: 7863: 7848: 7844: 7831:Financial Times 7825: 7824: 7820: 7807:Financial Times 7801: 7800: 7796: 7783: 7782: 7778: 7768: 7766: 7765:on 8 April 2023 7745: 7741: 7731: 7729: 7718: 7717: 7713: 7703: 7701: 7691: 7687: 7674: 7673: 7669: 7656: 7655: 7651: 7640:Financial Times 7632: 7631: 7627: 7614: 7613: 7609: 7596: 7595: 7591: 7578: 7577: 7573: 7560: 7559: 7555: 7542: 7541: 7537: 7524: 7523: 7519: 7506: 7505: 7501: 7488: 7487: 7483: 7470: 7469: 7465: 7455: 7453: 7443: 7439: 7434:. 18 July 2021. 7426: 7425: 7421: 7412: 7411: 7407: 7402:. 16 July 2021. 7394: 7393: 7389: 7380: 7379: 7375: 7366: 7365: 7361: 7351: 7349: 7339: 7335: 7325: 7323: 7317: 7313: 7298: 7294: 7284: 7282: 7271: 7264: 7253: 7249: 7238: 7231: 7221: 7219: 7203: 7199: 7189: 7187: 7168: 7161: 7151: 7149: 7134: 7133: 7129: 7119: 7117: 7104: 7103: 7099: 7089: 7087: 7072: 7071: 7067: 7046: 7042: 7029: 7028: 7024: 7014: 7012: 7003: 7002: 6998: 6988: 6986: 6973: 6972: 6968: 6958: 6956: 6946: 6945: 6941: 6931: 6929: 6917: 6913: 6903: 6901: 6892: 6891: 6887: 6877: 6875: 6862: 6861: 6857: 6847: 6845: 6830: 6823: 6813: 6811: 6802: 6801: 6797: 6787: 6785: 6770: 6766: 6756: 6754: 6741: 6740: 6736: 6726: 6724: 6713: 6709: 6699: 6697: 6684: 6683: 6679: 6669: 6667: 6656: 6649: 6639: 6637: 6620: 6616: 6606: 6604: 6600: 6593: 6589: 6588: 6584: 6574: 6572: 6559: 6558: 6549: 6539: 6537: 6527: 6520: 6510: 6508: 6507:. 29 April 2024 6500: 6499: 6495: 6485: 6483: 6472: 6468: 6458: 6456: 6445: 6441: 6425: 6424: 6416: 6412: 6381: 6377: 6367: 6365: 6352: 6351: 6347: 6337: 6335: 6326: 6325: 6318: 6308: 6306: 6293: 6292: 6288: 6278: 6276: 6265: 6261: 6251: 6249: 6245: 6232: 6226: 6222: 6212: 6210: 6197: 6196: 6192: 6182: 6180: 6169: 6165: 6157: 6146: 6142: 6141: 6137: 6127: 6125: 6121: 6115: 6104: 6098: 6097: 6093: 6079: 6077: 6064: 6063: 6059: 6049: 6047: 6034: 6033: 6026: 6016: 6014: 5995: 5994: 5987: 5977: 5975: 5956: 5955: 5948: 5938: 5936: 5919: 5915: 5905: 5903: 5898: 5897: 5890: 5880: 5878: 5869: 5868: 5864: 5854: 5852: 5843: 5842: 5835: 5821: 5819: 5810: 5809: 5805: 5795: 5793: 5782:"Brief History" 5780: 5779: 5775: 5762: 5760: 5753:Mises Institute 5745: 5741: 5727: 5725: 5721: 5710: 5701: 5697: 5690: 5676: 5672: 5665: 5651: 5644: 5634: 5632: 5615: 5611: 5604: 5580: 5571: 5561: 5559: 5552: 5536: 5532: 5522: 5520: 5511: 5510: 5506: 5496: 5494: 5490: 5483: 5479: 5478: 5474: 5464: 5462: 5458: 5427: 5421: 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Kuwait Fund. 5020: 5019: 5015: 5006: 5002: 4992: 4990: 4975: 4971: 4961: 4959: 4952:Socialism Today 4946: 4945: 4941: 4931: 4929: 4925: 4918: 4912: 4908: 4898: 4896: 4883: 4882: 4878: 4867: 4863: 4856: 4836: 4832: 4822: 4820: 4807: 4806: 4802: 4795: 4768: 4764: 4754: 4752: 4745:Chicago Tribune 4739: 4738: 4734: 4724: 4722: 4713: 4712: 4708: 4698: 4696: 4685: 4684: 4680: 4670: 4668: 4661: 4645: 4636: 4625: 4621: 4613: 4609: 4599: 4597: 4588: 4587: 4583: 4573: 4571: 4562: 4561: 4552: 4542: 4540: 4531: 4530: 4526: 4516: 4514: 4503: 4494: 4484: 4482: 4469: 4468: 4455: 4439: 4435: 4427: 4416: 4406: 4404: 4396: 4395: 4391: 4386:. 29 June 1965. 4378: 4377: 4373: 4363: 4361: 4354: 4338: 4334: 4327: 4311:. Bloomington: 4301: 4297: 4290: 4274: 4270: 4263: 4247: 4243: 4212: 4208: 4201: 4178: 4171: 4161: 4159: 4155: 4144: 4140: 4139: 4132: 4122: 4120: 4113: 4092: 4088: 4078: 4076: 4059: 4055: 4045: 4043: 4023: 4019: 3991: 3985: 3981: 3971: 3969: 3952: 3948: 3938: 3936: 3919: 3912: 3889: 3888: 3881: 3868: 3866: 3851: 3847: 3824: 3820: 3789: 3785: 3775: 3773: 3769: 3762:1854/LU-8137111 3736: 3730: 3726: 3716: 3714: 3697: 3693: 3683: 3681: 3674: 3654: 3650: 3640: 3638: 3634: 3619: 3615: 3614: 3610: 3601: 3599: 3597: 3573: 3569: 3559: 3557: 3553: 3552: 3548: 3538: 3536: 3532: 3521: 3517: 3516: 3512: 3496: 3495: 3482:10.1.1.133.9886 3462: 3456: 3452: 3441:Financial Times 3433: 3432: 3425: 3415: 3413: 3409: 3398: 3394: 3393: 3386: 3376: 3374: 3372:www.reuters.com 3364: 3360: 3350: 3348: 3338: 3334: 3326: 3322: 3308: 3306: 3286: 3279: 3269: 3267: 3259: 3258: 3254: 3240: 3238: 3236: 3213: 3209: 3196: 3194: 3192: 3176: 3172: 3167:. 9 April 2020. 3157: 3156: 3152: 3145: 3119: 3102: 3094: 3087: 3078: 3077: 3073: 3060: 3056: 3046: 3044: 3036: 3035: 3028: 3015: 3014: 3010: 3001: 2999: 2997: 2971: 2964: 2954: 2952: 2944: 2943: 2936: 2932: 2864: 2857: 2854: 2834: 2827: 2823: 2821: 2814: 2812: 2804: 2802: 2795: 2793: 2786: 2758:is the leading 2731:futures markets 2723: 2717: 2684: 2654: 2645: 2597:25,244,000,000 2560: 2548:Southeast Asia 2526: 2492: 2472: 2470:Proven reserves 2460: 2459: 2451: 2450: 2445: 2430: 2421: 2412: 2347: 2342: 2341: 2332: 2328: 2323: 2310: 2297: 2290: 2213: 2202: 2200: 2169: 2167: 2136: 2134: 2129:36,970,000,000 2103: 2101: 2096:48,360,000,000 2070: 2068: 2037: 2035: 2004: 2002: 1969: 1967: 1950: 1938:Central Africa 1927: 1925: 1905:Central Africa 1894: 1892: 1872:Central Africa 1861: 1859: 1854:12,200,000,000 1828: 1826: 1815: 1814: 1812:Proven reserves 1808: 1806:(bbl/day, 2023) 1805: 1797: 1796: 1791: 1746: 1741: 1684:Robert Menendez 1653: 1631:high oil prices 1629:to discuss the 1606: 1600: 1578: 1552:game of chicken 1525: 1519: 1457: 1376: 1375: 1374: 1371: 1366: 1353: 1349: 1331: 1325: 1305:energy security 1264: 1252:futures markets 1208: 1202: 1135: 1129: 1119:in 1989), the " 1110:budget deficits 1073: 1067:1979 oil crisis 1065:Main articles: 1063: 1050:Muammar Gaddafi 1000:Vienna, Austria 988: 982: 951: 945: 789: 787:1973 oil crisis 783: 678: 658:Abdullah Tariki 654:Wanda Jablonski 641: 592: 587: 528:religion-linked 519: 507:competition law 429: 407:, December 2010 389: 383: 357: 262: 239: 235: 220: 215: 214: 197: 195: 192: 188: 176: 174: 171: 169: 166: 165:• Statute 135: 114: 112: 111:12 OPEC members 75: 63: 62: 61: 58: 50: 49: 46: 33: 24: 17: 12: 11: 5: 11800: 11790: 11789: 11784: 11779: 11774: 11769: 11764: 11759: 11754: 11749: 11744: 11739: 11722: 11721: 11719: 11718: 11707: 11704: 11703: 11700: 11699: 11697: 11696: 11691: 11686: 11681: 11676: 11671: 11666: 11660: 11658: 11654: 11653: 11651: 11650: 11645: 11640: 11635: 11630: 11625: 11620: 11615: 11610: 11605: 11600: 11595: 11590: 11585: 11580: 11575: 11570: 11565: 11560: 11555: 11550: 11545: 11540: 11534: 11532: 11523: 11520: 11519: 11516: 11515: 11513: 11512: 11507: 11502: 11497: 11492: 11487: 11485:Surgutneftegas 11482: 11477: 11472: 11467: 11462: 11457: 11452: 11447: 11442: 11437: 11432: 11427: 11422: 11417: 11412: 11407: 11405:Eneos Holdings 11402: 11397: 11395:ConocoPhillips 11392: 11387: 11385:Cenovus Energy 11382: 11376: 11374: 11370: 11369: 11367: 11366: 11361: 11356: 11351: 11346: 11341: 11336: 11330: 11328: 11326:Energy trading 11322: 11321: 11319: 11318: 11313: 11308: 11303: 11298: 11293: 11288: 11283: 11278: 11273: 11268: 11263: 11258: 11253: 11248: 11243: 11238: 11233: 11228: 11223: 11218: 11213: 11208: 11203: 11198: 11193: 11188: 11183: 11178: 11173: 11168: 11163: 11158: 11153: 11148: 11143: 11138: 11133: 11128: 11122: 11120: 11113: 11110: 11109: 11107: 11106: 11101: 11096: 11091: 11086: 11081: 11075: 11073: 11064: 11055: 11049: 11043: 11042: 11040: 11039: 11038: 11037: 11032: 11027: 11022: 11012: 11010:Swing producer 11007: 11002: 10997: 10992: 10987: 10982: 10981: 10980: 10975: 10965: 10960: 10955: 10954: 10953: 10948: 10940: 10934: 10932: 10928: 10927: 10925: 10924: 10919: 10914: 10909: 10904: 10899: 10894: 10889: 10884: 10882:Gulf of Mexico 10879: 10874: 10869: 10864: 10859: 10853: 10851: 10845: 10844: 10842: 10841: 10836: 10831: 10826: 10821: 10816: 10811: 10806: 10801: 10796: 10791: 10786: 10781: 10776: 10771: 10769:2010s oil glut 10766: 10761: 10756: 10754:1980s oil glut 10751: 10746: 10741: 10735: 10733: 10727: 10726: 10724: 10723: 10718: 10713: 10708: 10703: 10698: 10693: 10688: 10683: 10682: 10681: 10676: 10666: 10661: 10660: 10659: 10654: 10649: 10639: 10638: 10637: 10632: 10621: 10619: 10613: 10612: 10610: 10609: 10604: 10599: 10594: 10593: 10592: 10582: 10577: 10572: 10571: 10570: 10563:Drilling fluid 10560: 10555: 10550: 10549: 10548: 10538: 10533: 10532: 10531: 10521: 10515: 10513: 10507: 10506: 10504: 10503: 10501:Seismic source 10498: 10497: 10496: 10486: 10481: 10476: 10475: 10474: 10469: 10459: 10454: 10449: 10443: 10441: 10435: 10434: 10431: 10430: 10428: 10427: 10426: 10425: 10415: 10410: 10405: 10400: 10395: 10390: 10384: 10382: 10378: 10377: 10375: 10374: 10369: 10364: 10359: 10354: 10349: 10343: 10341: 10334: 10330: 10329: 10327: 10326: 10321: 10316: 10311: 10306: 10301: 10299:Japan Cocktail 10296: 10291: 10286: 10281: 10276: 10271: 10266: 10260: 10258: 10252: 10251: 10249: 10248: 10246:Primary energy 10243: 10237: 10234: 10233: 10226: 10225: 10218: 10211: 10203: 10194: 10193: 10191: 10190: 10178: 10166: 10154: 10141: 10138: 10137: 10135: 10134: 10133: 10132: 10127: 10122: 10117: 10112: 10107: 10097: 10092: 10087: 10086: 10085: 10080: 10069: 10067: 10056: 10055: 10052: 10051: 10049: 10048: 10043: 10042: 10041: 10034: 10029: 10024: 10013: 10011: 10007:Disputes with 10004: 10003: 10001: 10000: 9994: 9992: 9988:Disputes with 9985: 9984: 9982: 9981: 9976: 9970: 9968: 9964:Disputes with 9961: 9960: 9958: 9957: 9952: 9947: 9942: 9937: 9931: 9929: 9919: 9918: 9913: 9912: 9911: 9906: 9896: 9895: 9894: 9884: 9883: 9882: 9872: 9871: 9870: 9859: 9857: 9844: 9843: 9841: 9840: 9835: 9830: 9825: 9820: 9815: 9810: 9805: 9800: 9795: 9789: 9787: 9783: 9782: 9780: 9779: 9774: 9769: 9764: 9763: 9762: 9751: 9749: 9745: 9744: 9742: 9741: 9736: 9731: 9726: 9725: 9724: 9719: 9714: 9704: 9699: 9694: 9689: 9688: 9687: 9677: 9672: 9667: 9662: 9656: 9654: 9650: 9649: 9647: 9646: 9641: 9636: 9631: 9626: 9621: 9619:Climate change 9615: 9613: 9609: 9608: 9601: 9600: 9593: 9586: 9578: 9569: 9568: 9566: 9565: 9557: 9549: 9547:(Saudi Arabia) 9541: 9537:Sassou Nguesso 9533: 9525: 9517: 9509: 9501: 9493: 9485: 9477: 9469: 9460: 9457: 9456: 9449:Heads of state 9445: 9444: 9437: 9430: 9422: 9413: 9412: 9410: 9409: 9404: 9399: 9393: 9390: 9389: 9387: 9386: 9381: 9376: 9371: 9366: 9361: 9356: 9351: 9346: 9341: 9336: 9331: 9325: 9322: 9321: 9313: 9312: 9305: 9298: 9290: 9284: 9283: 9278: 9267: 9266:External links 9264: 9262: 9261: 9251: 9234: 9224: 9214: 9204: 9187: 9177: 9167: 9156: 9131: 9098:(2): 205–226. 9078: 9068: 9059: 9044: 9029: 9018: 9007: 8997: 8987: 8976: 8974: 8971: 8969: 8968: 8938: 8935:on 2 May 2016. 8910: 8884: 8854: 8832: 8809: 8779: 8749: 8719: 8689: 8659: 8633: 8601: 8570: 8540: 8511: 8486: 8460: 8434: 8404: 8385: 8378: 8360: 8326: 8300: 8272: 8258: 8225: 8205: 8177: 8147: 8133: 8116: 8099:(CVS download) 8087: 8072: 8054: 8036: 8022: 7997: 7971: 7957: 7939: 7921: 7915:Deutsche Welle 7901: 7881: 7861: 7842: 7818: 7794: 7776: 7759:Bloomberg News 7739: 7711: 7685: 7667: 7649: 7625: 7607: 7589: 7571: 7553: 7535: 7517: 7499: 7481: 7463: 7437: 7419: 7405: 7387: 7373: 7359: 7333: 7311: 7306:Financial Post 7292: 7279:Financial Post 7262: 7247: 7229: 7197: 7159: 7127: 7097: 7065: 7040: 7022: 6996: 6966: 6939: 6926:Bloomberg News 6911: 6885: 6855: 6821: 6795: 6764: 6734: 6707: 6677: 6647: 6614: 6582: 6547: 6518: 6493: 6466: 6439: 6410: 6375: 6345: 6316: 6286: 6259: 6220: 6205:. 7 May 2008. 6190: 6163: 6160:on 2 May 2016. 6135: 6113: 6091: 6057: 6024: 6007:Bloomberg News 5985: 5946: 5913: 5888: 5862: 5833: 5803: 5773: 5739: 5706:(April 2007). 5695: 5688: 5670: 5663: 5642: 5609: 5602: 5569: 5550: 5530: 5504: 5472: 5415: 5388: 5355: 5326: 5298: 5271: 5252: 5232: 5198: 5181:United Nations 5168: 5132: 5102: 5069: 5039: 5013: 5000: 4969: 4939: 4906: 4876: 4861: 4854: 4830: 4800: 4793: 4762: 4732: 4706: 4678: 4659: 4634: 4619: 4607: 4581: 4550: 4524: 4492: 4453: 4433: 4414: 4389: 4371: 4352: 4332: 4325: 4295: 4288: 4268: 4261: 4241: 4206: 4199: 4181:Yergin, Daniel 4169: 4130: 4111: 4097:, ed. (2004). 4095:Mattar, Philip 4086: 4053: 4017: 3979: 3946: 3910: 3879: 3845: 3834:(4): 617–645. 3818: 3799:(3): 707–740. 3783: 3724: 3691: 3672: 3648: 3608: 3595: 3567: 3546: 3510: 3450: 3423: 3384: 3358: 3332: 3320: 3277: 3252: 3234: 3207: 3190: 3170: 3150: 3143: 3100: 3085: 3071: 3054: 3026: 3008: 2995: 2962: 2933: 2931: 2928: 2927: 2926: 2924:Arun gas field 2921: 2916: 2911: 2906: 2901: 2896: 2891: 2886: 2881: 2876: 2870: 2869: 2853: 2850: 2833: 2832:Spare capacity 2830: 2822: 2813: 2803: 2794: 2785: 2716: 2713: 2653: 2650: 2644: 2641: 2599: 2598: 2595: 2592: 2589: 2586: 2583: 2580: 2574: 2573: 2572:2,250,000,000 2570: 2567: 2564: 2561: 2559: 2558: 2555: 2551: 2549: 2546: 2540: 2539: 2538:8,273,000,000 2536: 2533: 2530: 2527: 2525: 2524: 2521: 2517: 2515: 2514:South America 2512: 2506: 2505: 2504:2,550,000,000 2502: 2499: 2496: 2493: 2491: 2490: 2486: 2484: 2481: 2475: 2474: 2467: 2457:Oil production 2454: 2447: 2442: 2439: 2436: 2429: 2428:Lapsed members 2426: 2420: 2417: 2411: 2408: 2404:global economy 2346: 2343: 2340: 2339: 2326: 2308: 2287: 2286: 2283: 2282: 2279: 2276: 2273: 2270: 2266: 2265: 2262: 2259: 2256: 2255:7,951,150,000 2253: 2249: 2248: 2245: 2242: 2239: 2236: 2232: 2231: 2228: 2225: 2222: 2219: 2216: 2211: 2197: 2196: 2193: 2190: 2187: 2184: 2181: 2178: 2164: 2163: 2160: 2157: 2154: 2151: 2148: 2145: 2131: 2130: 2127: 2124: 2121: 2118: 2115: 2112: 2098: 2097: 2094: 2091: 2088: 2085: 2082: 2079: 2065: 2064: 2061: 2058: 2055: 2052: 2049: 2046: 2032: 2031: 2028: 2025: 2022: 2019: 2016: 2013: 1999: 1998: 1995: 1992: 1989: 1986: 1983: 1978: 1964: 1963: 1962:2,000,000,000 1960: 1957: 1954: 1951: 1949: 1948: 1945: 1941: 1939: 1936: 1922: 1921: 1920:1,100,000,000 1918: 1915: 1912: 1909: 1906: 1903: 1889: 1888: 1887:1,810,000,000 1885: 1882: 1879: 1876: 1873: 1870: 1856: 1855: 1852: 1849: 1846: 1843: 1840: 1837: 1823: 1822: 1809: 1803:Oil production 1800: 1793: 1788: 1785: 1782: 1766:gas condensate 1745: 1742: 1740: 1737: 1721:global economy 1668:Vladimir Putin 1652: 1649: 1619:oil production 1602:Main article: 1599: 1596: 1577: 1574: 1521:Main article: 1518: 1515: 1485:New York Times 1466:spare capacity 1456: 1453: 1431:war-torn Libya 1397:swing producer 1372: 1368: 1367: 1356: 1354: 1347: 1342: 1341: 1340: 1329:2010s oil glut 1324: 1321: 1289:petrochemicals 1263: 1260: 1201: 1198: 1163:Saddam Hussein 1128: 1125: 1071:1980s oil glut 1062: 1059: 984:Main article: 981: 978: 947:Main article: 944: 941: 841:trade balances 813:Yom Kippur War 785:Main article: 782: 779: 677: 674: 640: 637: 633:economic power 619:known as the " 591: 588: 586: 583: 539:Yom Kippur War 518: 515: 428: 425: 417:swing producer 382: 379: 356: 353: 341:state immunity 222: 221: 210: 207: 206: 203: 202: 189: 186: 183: 182: 177:September 1960 170:September 1960 167: 164: 161: 160: 157: 156: 150: 146: 145: 142: 141: 136: 130: 127: 126: 123: 122: 118: 117: 108: 104: 103: 100: 96: 95: 92: 88: 87: 81: 77: 76: 73: 65: 64: 59: 52: 51: 47: 40: 39: 38: 35: 34: 31: 15: 9: 6: 4: 3: 2: 11799: 11788: 11785: 11783: 11780: 11778: 11775: 11773: 11770: 11768: 11765: 11763: 11760: 11758: 11755: 11753: 11750: 11748: 11745: 11743: 11740: 11738: 11735: 11734: 11732: 11717: 11709: 11708: 11705: 11695: 11692: 11690: 11687: 11685: 11682: 11680: 11677: 11675: 11672: 11670: 11667: 11665: 11662: 11661: 11659: 11655: 11649: 11646: 11644: 11641: 11639: 11636: 11634: 11631: 11629: 11626: 11624: 11621: 11619: 11616: 11614: 11611: 11609: 11606: 11604: 11601: 11599: 11596: 11594: 11591: 11589: 11586: 11584: 11581: 11579: 11576: 11574: 11571: 11569: 11566: 11564: 11561: 11559: 11556: 11554: 11551: 11549: 11546: 11544: 11541: 11539: 11536: 11535: 11533: 11530: 11521: 11511: 11510:Valero Energy 11508: 11506: 11503: 11501: 11498: 11496: 11493: 11491: 11488: 11486: 11483: 11481: 11478: 11476: 11475:Suncor Energy 11473: 11471: 11468: 11466: 11463: 11461: 11458: 11456: 11453: 11451: 11448: 11446: 11443: 11441: 11438: 11436: 11433: 11431: 11428: 11426: 11423: 11421: 11418: 11416: 11413: 11411: 11408: 11406: 11403: 11401: 11398: 11396: 11393: 11391: 11388: 11386: 11383: 11381: 11378: 11377: 11375: 11371: 11365: 11362: 11360: 11357: 11355: 11352: 11350: 11347: 11345: 11342: 11340: 11337: 11335: 11332: 11331: 11329: 11327: 11323: 11317: 11314: 11312: 11309: 11307: 11304: 11302: 11299: 11297: 11294: 11292: 11289: 11287: 11284: 11282: 11279: 11277: 11274: 11272: 11269: 11267: 11264: 11262: 11259: 11257: 11254: 11252: 11249: 11247: 11244: 11242: 11239: 11237: 11234: 11232: 11229: 11227: 11224: 11222: 11219: 11217: 11214: 11212: 11209: 11207: 11204: 11202: 11199: 11197: 11194: 11192: 11189: 11187: 11184: 11182: 11179: 11177: 11174: 11172: 11169: 11167: 11164: 11162: 11159: 11157: 11154: 11152: 11149: 11147: 11144: 11142: 11139: 11137: 11134: 11132: 11129: 11127: 11124: 11123: 11121: 11118: 11111: 11105: 11104:TotalEnergies 11102: 11100: 11097: 11095: 11092: 11090: 11087: 11085: 11082: 11080: 11077: 11076: 11074: 11072: 11068: 11065: 11062: 11053: 11050: 11048:organisations 11046:Companies and 11044: 11036: 11033: 11031: 11028: 11026: 11023: 11021: 11018: 11017: 11016: 11013: 11011: 11008: 11006: 11003: 11001: 10998: 10996: 10993: 10991: 10988: 10986: 10985:Petrocurrency 10983: 10979: 10976: 10974: 10971: 10970: 10969: 10966: 10964: 10961: 10959: 10958:Oil shale gas 10956: 10952: 10949: 10947: 10944: 10943: 10941: 10939: 10938:Abbreviations 10936: 10935: 10933: 10929: 10923: 10920: 10918: 10915: 10913: 10910: 10908: 10905: 10903: 10900: 10898: 10897:Permian Basin 10895: 10893: 10890: 10888: 10885: 10883: 10880: 10878: 10875: 10873: 10870: 10868: 10865: 10863: 10860: 10858: 10855: 10854: 10852: 10846: 10840: 10837: 10835: 10834:United States 10832: 10830: 10827: 10825: 10822: 10820: 10817: 10815: 10812: 10810: 10807: 10805: 10802: 10800: 10797: 10795: 10794:Seven Sisters 10792: 10790: 10787: 10785: 10782: 10780: 10777: 10775: 10772: 10770: 10767: 10765: 10762: 10760: 10757: 10755: 10752: 10750: 10747: 10745: 10742: 10740: 10737: 10736: 10734: 10732: 10728: 10722: 10719: 10717: 10714: 10712: 10709: 10707: 10704: 10702: 10699: 10697: 10694: 10692: 10689: 10687: 10684: 10680: 10677: 10675: 10672: 10671: 10670: 10667: 10665: 10662: 10658: 10655: 10653: 10650: 10648: 10645: 10644: 10643: 10640: 10636: 10633: 10631: 10628: 10627: 10626: 10623: 10622: 10620: 10618: 10614: 10608: 10605: 10603: 10600: 10598: 10595: 10591: 10588: 10587: 10586: 10583: 10581: 10578: 10576: 10573: 10569: 10566: 10565: 10564: 10561: 10559: 10556: 10554: 10551: 10547: 10544: 10543: 10542: 10539: 10537: 10534: 10530: 10527: 10526: 10525: 10522: 10520: 10517: 10516: 10514: 10512: 10508: 10502: 10499: 10495: 10492: 10491: 10490: 10487: 10485: 10482: 10480: 10477: 10473: 10470: 10468: 10465: 10464: 10463: 10460: 10458: 10455: 10453: 10450: 10448: 10447:Core sampling 10445: 10444: 10442: 10440: 10436: 10424: 10421: 10420: 10419: 10416: 10414: 10411: 10409: 10406: 10404: 10401: 10399: 10396: 10394: 10391: 10389: 10386: 10385: 10383: 10379: 10373: 10370: 10368: 10365: 10363: 10360: 10358: 10355: 10353: 10350: 10348: 10345: 10344: 10342: 10338: 10335: 10331: 10325: 10322: 10320: 10317: 10315: 10312: 10310: 10307: 10305: 10302: 10300: 10297: 10295: 10292: 10290: 10287: 10285: 10284:Indian Basket 10282: 10280: 10277: 10275: 10272: 10270: 10267: 10265: 10262: 10261: 10259: 10257: 10253: 10247: 10244: 10242: 10239: 10238: 10235: 10231: 10224: 10219: 10217: 10212: 10210: 10205: 10204: 10201: 10189: 10188: 10183: 10179: 10177: 10176: 10175:Energy portal 10171: 10167: 10165: 10164: 10163:Russia portal 10159: 10155: 10153: 10152: 10143: 10142: 10139: 10131: 10128: 10126: 10123: 10121: 10120:gas price cap 10118: 10116: 10113: 10111: 10108: 10106: 10103: 10102: 10101: 10098: 10096: 10093: 10091: 10088: 10084: 10081: 10079: 10076: 10075: 10074: 10071: 10070: 10068: 10066: 10061: 10057: 10047: 10044: 10040: 10039: 10035: 10033: 10030: 10028: 10025: 10023: 10020: 10019: 10018: 10015: 10014: 10012: 10010: 10005: 9999: 9996: 9995: 9993: 9991: 9986: 9980: 9977: 9975: 9972: 9971: 9969: 9967: 9962: 9956: 9953: 9951: 9948: 9946: 9943: 9941: 9938: 9936: 9933: 9932: 9930: 9928: 9923: 9917: 9914: 9910: 9909:Nord Stream 2 9907: 9905: 9904:Nord Stream 1 9902: 9901: 9900: 9897: 9893: 9890: 9889: 9888: 9885: 9881: 9878: 9877: 9876: 9873: 9869: 9866: 9865: 9864: 9861: 9860: 9858: 9855: 9854:2022 invasion 9849: 9845: 9839: 9836: 9834: 9831: 9829: 9826: 9824: 9821: 9819: 9816: 9814: 9811: 9809: 9806: 9804: 9801: 9799: 9796: 9794: 9791: 9790: 9788: 9784: 9778: 9775: 9773: 9770: 9768: 9765: 9761: 9758: 9757: 9756: 9753: 9752: 9750: 9746: 9740: 9737: 9735: 9732: 9730: 9727: 9723: 9720: 9718: 9715: 9713: 9712:Barents Basin 9710: 9709: 9708: 9705: 9703: 9700: 9698: 9695: 9693: 9690: 9686: 9683: 9682: 9681: 9678: 9676: 9673: 9671: 9670:Hydroelectric 9668: 9666: 9663: 9661: 9658: 9657: 9655: 9651: 9645: 9642: 9640: 9637: 9635: 9632: 9630: 9627: 9625: 9622: 9620: 9617: 9616: 9614: 9610: 9606: 9599: 9594: 9592: 9587: 9585: 9580: 9579: 9576: 9562: 9558: 9554: 9550: 9546: 9542: 9538: 9534: 9530: 9526: 9522: 9518: 9514: 9510: 9506: 9502: 9498: 9494: 9490: 9486: 9482: 9478: 9474: 9470: 9466: 9462: 9461: 9458: 9454: 9450: 9443: 9438: 9436: 9431: 9429: 9424: 9423: 9420: 9408: 9405: 9403: 9400: 9398: 9395: 9394: 9391: 9385: 9382: 9380: 9377: 9375: 9372: 9370: 9367: 9365: 9362: 9360: 9357: 9355: 9352: 9350: 9347: 9345: 9342: 9340: 9337: 9335: 9332: 9330: 9327: 9326: 9323: 9318: 9311: 9306: 9304: 9299: 9297: 9292: 9291: 9288: 9282: 9279: 9275: 9270: 9269: 9260: 9256: 9252: 9250: 9247: 9243: 9239: 9235: 9233: 9229: 9225: 9223: 9219: 9215: 9213: 9209: 9205: 9203: 9200: 9196: 9192: 9188: 9186: 9182: 9178: 9176: 9172: 9168: 9165: 9161: 9157: 9146: 9145: 9140: 9136: 9132: 9125: 9121: 9117: 9113: 9109: 9105: 9101: 9097: 9093: 9092: 9084: 9079: 9077: 9073: 9069: 9066: 9065: 9060: 9057: 9053: 9049: 9045: 9042: 9038: 9034: 9030: 9027: 9023: 9022:Energy Review 9019: 9016: 9012: 9008: 9006: 9002: 8998: 8996: 8992: 8988: 8986: 8982: 8981:Energy Policy 8978: 8977: 8956: 8952: 8948: 8942: 8931: 8927: 8920: 8914: 8898: 8894: 8888: 8872: 8868: 8864: 8858: 8839: 8835: 8829: 8822: 8821: 8813: 8797: 8793: 8789: 8783: 8767: 8763: 8759: 8753: 8737: 8733: 8729: 8723: 8707: 8703: 8699: 8693: 8677: 8673: 8669: 8663: 8647: 8643: 8637: 8621: 8617: 8616: 8615:The Economist 8611: 8605: 8589: 8585: 8581: 8574: 8558: 8554: 8547: 8545: 8528: 8524: 8518: 8516: 8507: 8503: 8501: 8496: 8490: 8474: 8470: 8464: 8449: 8445: 8438: 8422: 8418: 8414: 8408: 8400: 8396: 8389: 8381: 8375: 8371: 8364: 8348: 8344: 8341:(editorial). 8340: 8336: 8330: 8315: 8311: 8304: 8289: 8285: 8279: 8277: 8267: 8265: 8263: 8246: 8242: 8238: 8232: 8230: 8218: 8212: 8210: 8194: 8190: 8184: 8182: 8165: 8161: 8160:Sudan Tribune 8157: 8151: 8143: 8137: 8130: 8126: 8120: 8104: 8097: 8091: 8083: 8076: 8068: 8064: 8058: 8050: 8046: 8040: 8032: 8026: 8011: 8007: 8001: 7986: 7982: 7975: 7967: 7961: 7953: 7949: 7943: 7935: 7931: 7925: 7917: 7916: 7911: 7905: 7897: 7896: 7891: 7885: 7877: 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3612: 3598: 3592: 3588: 3584: 3580: 3579: 3571: 3556: 3550: 3531: 3527: 3520: 3514: 3506: 3500: 3492: 3488: 3483: 3478: 3474: 3470: 3469: 3461: 3454: 3446: 3442: 3437: 3430: 3428: 3408: 3404: 3397: 3391: 3389: 3373: 3369: 3362: 3347: 3343: 3336: 3329: 3324: 3317: 3304: 3300: 3299: 3294: 3290: 3284: 3282: 3266: 3262: 3256: 3249: 3237: 3231: 3227: 3226: 3221: 3217: 3211: 3204: 3193: 3187: 3183: 3182: 3174: 3166: 3165: 3160: 3154: 3146: 3140: 3136: 3132: 3128: 3124: 3117: 3115: 3113: 3111: 3109: 3107: 3105: 3097: 3092: 3090: 3081: 3075: 3068: 3064: 3058: 3043: 3039: 3033: 3031: 3023:. 3 May 2022. 3022: 3018: 3012: 2998: 2992: 2988: 2984: 2980: 2976: 2969: 2967: 2951: 2947: 2941: 2939: 2934: 2925: 2922: 2920: 2917: 2915: 2912: 2910: 2907: 2905: 2902: 2900: 2897: 2895: 2892: 2890: 2887: 2885: 2882: 2880: 2877: 2875: 2872: 2871: 2867: 2866:Energy portal 2861: 2856: 2849: 2845: 2843: 2839: 2820: 2810: 2801: 2792: 2783: 2779: 2777: 2773: 2769: 2765: 2761: 2757: 2753: 2751: 2747: 2746:Saharan Blend 2743: 2739: 2734: 2732: 2728: 2722: 2712: 2708: 2706: 2702: 2698: 2694: 2688: 2683: 2679: 2675: 2671: 2663: 2658: 2649: 2640: 2636: 2634: 2630: 2625: 2622: 2619:In May 2008, 2617: 2615: 2610: 2606: 2581: 2579: 2575: 2556: 2553: 2552: 2547: 2545: 2541: 2522: 2519: 2518: 2513: 2511: 2507: 2488: 2487: 2482: 2480: 2476: 2471: 2464: 2458: 2433: 2425: 2416: 2407: 2405: 2401: 2400:energy market 2395: 2393: 2389: 2385: 2381: 2377: 2373: 2369: 2365: 2361: 2357: 2353: 2336: 2330: 2321: 2319: 2317: 2315: 2313: 2305: 2301: 2295: 2293: 2288: 2280: 2277: 2274: 2271: 2269:OPEC percent 2267: 2263: 2260: 2257: 2254: 2250: 2246: 2243: 2240: 2237: 2233: 2214:South America 2212: 2210: 2198: 2179: 2177: 2165: 2146: 2144: 2132: 2113: 2111: 2099: 2081:North Africa 2080: 2078: 2066: 2047: 2045: 2033: 2014: 2012: 2000: 1982: 1979: 1977: 1965: 1946: 1943: 1942: 1937: 1935: 1923: 1904: 1902: 1890: 1871: 1869: 1857: 1839:North Africa 1838: 1836: 1824: 1819: 1813: 1804: 1779: 1776: 1774: 1769: 1767: 1763: 1759: 1755: 1751: 1736: 1733: 1730:In 2023, the 1728: 1726: 1722: 1718: 1714: 1710: 1706: 1702: 1698: 1697:The Intercept 1693: 1687: 1685: 1681: 1677: 1669: 1665: 1662:'s President 1661: 1657: 1648: 1645: 1642: 1638: 1636: 1632: 1628: 1624: 1620: 1616: 1615:Jake Sullivan 1612: 1605: 1595: 1592: 1586: 1583: 1573: 1571: 1565: 1562: 1557: 1553: 1549: 1544: 1542: 1538: 1534: 1530: 1524: 1514: 1511: 1508: 1505: 1503: 1499: 1495: 1491: 1487: 1486: 1480: 1477: 1475: 1471: 1470:Daniel Yergin 1467: 1462: 1452: 1448: 1445: 1441: 1437: 1432: 1425: 1420: 1417: 1412: 1410: 1406: 1402: 1398: 1388: 1380: 1364: 1363:MediaWiki.org 1360: 1355: 1346: 1345: 1335: 1330: 1320: 1317: 1316: 1309: 1306: 1302: 1298: 1294: 1290: 1286: 1282: 1278: 1268: 1259: 1255: 1253: 1249: 1245: 1241: 1237: 1233: 1229: 1225: 1221: 1212: 1207: 1197: 1195: 1190: 1187: 1182: 1178: 1176: 1172: 1168: 1167:Iran–Iraq War 1164: 1160: 1151: 1144: 1139: 1134: 1124: 1122: 1118: 1113: 1111: 1105: 1102: 1097: 1094: 1093:Iran–Iraq War 1090: 1086: 1077: 1072: 1068: 1058: 1055: 1051: 1047: 1043: 1038: 1036: 1032: 1028: 1024: 1019: 1017: 1013: 1009: 1005: 1001: 997: 993: 987: 977: 975: 971: 967: 962: 960: 956: 950: 939: 934: 932: 928: 924: 919: 917: 913: 909: 905: 901: 897: 893: 889: 885: 881: 877: 873: 869: 865: 856: 852: 850: 846: 842: 838: 834: 830: 826: 822: 818: 814: 810: 806: 801: 793: 788: 778: 775: 771: 767: 763: 759: 755: 751: 747: 743: 739: 735: 731: 726: 724: 720: 716: 710: 708: 704: 700: 695: 691: 682: 673: 671: 667: 663: 659: 655: 651: 647: 636: 634: 630: 626: 622: 621:Seven Sisters 618: 614: 610: 606: 602: 597: 582: 580: 576: 575:Libyan Crisis 573:(2010–2012), 572: 568: 565:(2003–2011), 564: 560: 557:(1990–1991), 556: 553:(1980–1988), 552: 551:Iran–Iraq War 548: 544: 540: 536: 532: 529: 525: 514: 512: 508: 504: 500: 495: 493: 489: 485: 484:Seven Sisters 478: 473: 471: 465: 461: 459: 453: 451: 445: 443: 439: 434: 424: 422: 418: 414: 406: 402: 398: 393: 388: 378: 374: 370: 366: 363: 352: 350: 344: 342: 338: 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Retrieved 2949: 2846: 2835: 2754: 2735: 2724: 2709: 2667: 2646: 2637: 2626: 2618: 2602: 2582:Middle East 2563:275,501,000 2557:Jan–Nov 2016 2422: 2413: 2396: 2348: 2329: 2258:510,072,000 2252:World total 2238:491,757,880 2180:Middle East 2147:Middle East 2143:Saudi Arabia 2120:218,541,210 2114:West Africa 2048:Middle East 2015:Middle East 1770: 1747: 1729: 1717:Donald Trump 1715:in favor of 1696: 1688: 1673: 1646: 1639: 1623:Saudi Arabia 1607: 1587: 1579: 1566: 1545: 1526: 1512: 1509: 1506: 1483: 1481: 1478: 1473: 1458: 1449: 1427: 1422: 1416:Ali Al-Naimi 1413: 1393: 1313: 1310: 1273: 1256: 1217: 1191: 1183: 1179: 1156: 1114: 1106: 1098: 1082: 1042:Wadie Haddad 1039: 1020: 989: 963: 952: 936: 920: 892:mass transit 872:conservation 861: 802: 798: 727: 722: 711: 687: 642: 629:Standard Oil 627:'s original 611:to join the 593: 545:(1975), the 520: 496: 480: 475: 469: 467: 463: 455: 449: 447: 441: 430: 420: 410: 375: 371: 367: 358: 348: 345: 322: 306: 290:Saudi Arabia 231: 227: 225: 211: 198:January 1961 191:January 1961 102:Organization 80:Headquarters 60:Coat of arms 25: 11583:Halliburton 11455:Phillips 66 11276:QatarEnergy 11246:Petrobangla 11181:KazMunayGas 11071:Supermajors 11020:heavy crude 10907:Prudhoe Bay 10887:Niger Delta 10867:Caspian Sea 10630:Concessions 10580:Measurement 10546:Geosteering 10529:Squeeze job 10439:Exploration 10388:Consumption 10347:Consumption 10340:Natural gas 10269:Bonny Light 9823:Rosneftegaz 9680:Natural gas 9563:(Venezuela) 8961:15 December 8772:31 December 8742:31 December 8712:31 December 8682:23 December 8652:21 December 8479:23 December 8288:www.eia.gov 8170:19 November 7704:5 September 7281:. Postmedia 7015:23 December 6989:25 December 6878:30 November 6814:21 February 6640:13 December 6368:16 December 6309:12 December 6230:"Testimony" 6050:31 December 5939:11 February 5855:12 December 5796:16 February 5635:11 February 5592:. pp.  5562:30 December 5523:30 December 5497:30 December 5465:30 December 5438:(1): 1–25. 5381:11 February 5032:23 December 4962:30 November 4932:16 February 4899:25 December 4823:30 December 4783:. pp.  4781:Basic Books 4771:Frum, David 4725:29 December 4615:Colgan 2021 4600:23 December 4517:22 February 4429:Colgan 2021 4364:17 December 4004:: 239–259. 3939:11 February 3747:: 182–188. 3684:5 September 3539:22 December 3416:12 December 3328:Colgan 2021 3096:Colgan 2021 3042:www.eia.gov 2819:Dubai Crude 2800:Brent Crude 2768:Dubai Crude 2750:Bonny Light 2685: [ 2629:natural gas 2529:18,001.000 2495:35,588,987 2465:/day, 2023) 2419:New Members 2388:South Sudan 2304:supertanker 2261:81,803,545 2244:28,956,906 2241:10,955,392 2235:OPEC total 2221:28,301,700 2218:Since 1960 2183:Since 1967 2153:36,408,820 2150:Since 1960 2117:Since 1971 2084:Since 1962 2051:Since 1960 2021:44,496,120 2018:Since 1960 1988:88,550,570 1985:Since 1960 1981:Middle East 1908:Since 2017 1875:Since 2018 1845:44,903,220 1842:Since 1969 1750:Middle East 1359:Phabricator 1285:natural gas 1248:Arab Spring 1121:free-riding 1117:Soviet bloc 900:natural gas 821:Six-Day War 646:Arab League 571:Arab Spring 535:Six-Day War 477:investment. 302:Middle East 11731:Categories 11633:Transocean 11500:Tullow Oil 11490:TechnipFMC 11256:PetroChina 11094:ExxonMobil 11000:Shale band 10877:East Texas 10850:and fields 10664:Downstream 10617:Production 10524:Completion 10452:Geophysics 10393:Production 10352:Production 10289:Indonesian 10264:Argus Sour 10256:Benchmarks 10022:of 2005–06 9665:Geothermal 9166:. 186–208. 8926:IEA Energy 8877:4 February 8847:4 February 8646:Yahoo News 8626:25 January 8563:3 December 8049:Yahoo News 7680:Al Jazeera 7566:Al-Jazeera 7152:5 December 6848:1 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Index

Asia-Pacific Economic Cooperation
Flag of OPEC
Coat of arms of OPEC
OPEC and OPEC+ members
Vienna
12 OPEC members
10 OPEC+ members
6 observer states

Secretary General
Haitham al-Ghais
Baghdad
opec.org
/ˈpɛk/
OH-pek
profit
Baghdad
Iran
Iraq
Kuwait
Saudi Arabia
Venezuela
global oil production
Middle East
oligopoly
Seven Sisters
restrictions in oil production
national sovereignty over natural resources
international relations
cartel
market competition
state immunity
coup against Mohammad Mosaddegh

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.