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Jmdonev at 01:03, 5 September 2016

2016-09-05T01:03:05Z

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[[Category:Done 2016-04-30]]
[[File:Cartel- OPEC.jpg|400px|thumb|right|Figure 1. The headquarters of [[OPEC]] in Vienna, Austria<ref>By DALIBRI - Own work, CC BY-SA 3.0, [Online], Available: https://commons.wikimedia.org/w/index.php?curid=20982621.</ref>]]
<onlyinclude>The '''Organization of Petroleum Exporting Countries''' or '''OPEC''' an organization of countries that contain a significant fraction of the world's oil [[reserve]]s.</onlyinclude> Iran, Iraq, Kuwait, Saudi Arabia and Venezuela agreed in a conference in Baghdad, Iraq on September 10th-14th, 1960 to coordinate [[crude oil]] production. OPEC was trying to ensure a fair price for their exported oil and a steady [[supply]] to the [[market]].<ref name=Book1>OPEC. "OPEC: A Brief History." [Online], Available: http://www.opec.org/opec_web/en/about_us/24.htm, 2016 [Aug, 19, 2016].</ref> These countries also have a fair amount of [[natural gas]] reserves as well. Because natural gas is harder to ship overseas, the oil has the bigger political infulence.

===Market Share===
The significant amount of oil that OPEC produce means that they do play a significant role in the oil market (see [[OPEC (cartel)]] for more discussion). However, the influence is not as large as the [[cartel]] had hoped. The first problem that OPEC suffers from is that they do not control the majority of oil [[primary energy |production]] in the world, this means that they don't have the [[market power]] that they had originally hoped that they would get.<ref>M. Parkin and R. Bade. ''Economics: Canada in the Global Environment''. Toronto: Pearson, 2013, pp. 169.</ref> The share of the global oil supply that OPEC controls has fluctuated over time, while it has 81% (1200 billion barrels, 2015) of the world’s proven [[crude oil]] [[reserve]]s it only produces about 40% of crude oil today (this number has fluctuated since its creation).<ref>OPEC. "OPEC Share of World Crude Oil Reserves, 2015." [Online], Available: http://www.opec.org/opec_web/en/data_graphs/330.htm, 2016 [Aug 23, 2016].</ref><ref>U.S Energy Information Administration. "What Drives Crude Oil Prices?" [Online], Available: https://www.eia.gov/finance/markets/supply-opec.cfm [Aug 23, 2016].</ref> To find out more about OPEC's oil reserves please see [[OPEC (cartel)#OPEC Reserves|here]].

Without the control of the market, OPEC has to compete with non-OPEC nations such as Canada, U.S, Norway, Mexico, Brazil and others. This means that OPEC countries have to compete with other global players who are free to operate in the market as they please, whereas OPEC nations have to coordinate with each other.

==Data Visualization==
The data visualization below shows the production of [[energy]] for OPEC (see [[TPES]] for more discussion on this), click on countries on the map to see individual countries:

<html><iframe id='world-energy' class='charts-iframe location-Memo:_OPEC topic-Production'></iframe></html>

==OPEC Members (and the year they joined OPEC)==
[[File:OPEC.png|400px|thumb|right|Figure 1. The OPEC flag.<ref>Wikimedia Commons. [Online], Available: https://en.wikipedia.org/wiki/File:Flag_of_OPEC.svg [Aug 17, 2016]</ref>]]
#Algeria (1969)
#Angola(2007)
#Ecuador (1973)
#Gabon (1975)
#Indonesia (1962)
#Iran (1960)
#Iraq (1960)
#Kuwait (1960)
#Libya (1962)
#Nigeria (1971)
#Qatar (1961)
#Saudi Arabia (1960)
#United Arab Emirates (1967)
#Venezuela (1960)

==See Also==
*[[OPEC (brief history)]]- This page explains the brief history, from its origin to the crisis it experienced until present.
*[[OPEC (cartel)]]- This pages examines the economics of the OPEC cartel both within the organization and in the global market.

==References==
{{reflist}}

Organization of petroleum exporting countries - Revision history

Jmdonev: 1 revision imported: From the summer

Jmdonev at 01:03, 5 September 2016