OPEC
The Organization of the Petroleum Exporting Countries (OPEC) was created at the Baghdad discussion in Iraq in September 1960. The founding members of the organization were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Eight other countries later joined these five states: Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), and Gabon (1975). Ecuador and Gabon remove from the organization in 1992 and 1994. The opec countries build up by mostly middle-east countries. The OPEC actives bring in oil price for the other countries. Also their main income form oil supplies. The first OPEC president was the Oil Minister, he was from Iraq, he was president in 1960, the 119th and 120th presidents are MR. Dr.Rilwanu Lukman, he was from Nigeria and Mr. Abdullah bin Hamed Al Attiyah, he was from Qatar. Six major opec counties include the five "GULF OPEC" countries near the Persian and Arabian Gulf. Also Venezuela in South America. These countries in 1999 produced 46% of the world's exports. They take in S
They also include five small countries, Qatar, Libya, Algeria, Nigeria, and Indonesia. They called by "The Minor of the OPEC". These minor OPEC nations produced 13%of the world's oil exports in 1999. If we looked at the OPEC countries populations, Indonesia and Nigeria have a large population. But Saudi Arabia and Iran have the largest domestic oil spending. Each country has 1.2MMBD of the OPEC nations. Some people are expecting other Muslim countries (Oman, Syria, Yemem and the FSU's Muslim/Caspian) will team up with OPEC. Twice a year they arrange a meeting, but if any meetings are needed immediately, it is call up as soon as possible. * Declining oil export revenues are affecting non-OPEC countries, such as Russia and Mexico, severely as well. Russia's current economic difficulties are in part due to a sharp decline in the country's oil and gas export revenues. * If oil prices had not collapsed beginning in late 1997, OPEC oil export revenues for 1998 would likely be running more than 30% higher than they actually are. The members of the Organization of Petroleum Exporting Countries (OPEC) are
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EXECUTIVE SUMMARY, Countries OPEC, Declining OPEC, Russia Mexico, Price History, Ecuador Gabon, UAE Venezuela, Saudi Arabia, Minor OPEC, Information Administration, opec oil, export revenues, oil export, oil export revenues, opec countries, opec oil export, energy information administration, information administration, * opec, saudi arabia, energy information, oil prices, countries opec, information administration information, petroleum exporting countries,
Approximate Word count = 757
Approximate Pages = 3 (250 words per page double spaced)
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