3 guardian countries. Member countries. The main directions of economic development of East Asian countries

Today, more than four thousand international intergovernmental organizations operate in the world. Their role in the global economy is difficult to overestimate. One of these largest organizations, whose name is now on everyone's lips, is the Organization of the Petroleum Exporting Countries (English The Organization of the Petroleum Exporting Countries; abbreviated as OPEC).

The organization, also called a cartel, was created by oil-producing countries to stabilize oil prices. Its history dates back to September 10-14, 1960, from the Baghdad Conference, when OPEC was created to coordinate the oil policy of member states and, most importantly, in particular to ensure the stability of world oil prices.

History of OPEC

At first, the countries that formed OPEC were tasked with increasing concession payments, but OPEC's activities went far beyond this task and had big influence to the struggle of the developing countries against the neo-colonial system of exploitation of their resources.

At that time, world oil production was practically controlled by the seven largest multinational companies, the so-called "Seven Sisters". Completely dominating the market, the cartel did not intend to reckon with the opinion of the oil-producing countries, and in August 1960 it reduced the purchase prices for oil from the Near and Middle East to the limit, which for the countries of this region meant multimillion-dollar losses in the shortest possible time. And as a result, five developing oil-producing countries - Iraq, Iran, Kuwait, Saudi Arabia and Venezuela took the lead. More precisely, the initiator of the birth of the organization was Venezuela - the most developed of the oil-producing countries, which for a long time was subjected to the exploitation of oil monopolies. Understanding the need to coordinate efforts against the oil monopolies was also brewing in the Middle East. This is evidenced by several facts, including the Iraqi-Saudi agreement of 1953 on the coordination of oil policy and the meeting of the Arab League in 1959, devoted to oil problems, which was attended by representatives of Iran and Venezuela.

In the future, the number of countries included in OPEC increased. They were joined by Qatar (1961), Indonesia (1962), Libya (1962), United United Arab Emirates(1967), Algeria (1969), Nigeria (1971), Ecuador (1973) and Gabon (1975). However, over time, the composition of OPEC has changed several times. In the 90s Gabon left the organization and Ecuador suspended its membership. In 2007, Angola joined the cartel, Ecuador returned again, and since January 2009, Indonesia suspended its membership, as it became an oil importing country. In 2008, Russia declared its readiness to become a permanent observer in the Organization.

Today, any other country that exports significant amounts of crude oil and has similar interests in this area can also become a full member of the organization, provided that its candidacy is approved by a majority of votes (3/4), including the votes of all founding members .

In 1962, in November, the Organization of the Petroleum Exporting Countries was registered with the UN Secretariat as a full-fledged intergovernmental organization. And just five years after its founding, it has already established official relations with the UN Economic and Social Council, has become a member of the UN Conference on Trade and Development.

Thus, today the OPEC countries are the united 12 oil-producing states (Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador and Angola). The headquarters was originally located in Geneva (Switzerland), then on September 1, 1965 moved to Vienna (Austria).

The economic success of the OPEC member states was of great ideological significance. It seemed that the developing countries of the "poor South" managed to achieve a turning point in the struggle with the developed countries of the "rich North". Feeling like a representative of the "third world", in 1976 the cartel organizes the Fund international development OPEC is a financial institution that provides support to developing countries outside the Organization of the Petroleum Exporting Countries.

The success of this combination of enterprises has spurred other Third World countries that export raw materials to try to coordinate their efforts to raise revenues in a similar way. However, these attempts turned out to be of little avail, since the demand for other commodities was not as high as for “black gold”.

Although the second half of the 1970s was the peak of OPEC's economic prosperity, this success was not very sustainable. Almost a decade later, world oil prices fell by almost half, thereby sharply reducing the income of the cartel countries from petrodollars.

Goals and structure of OPEC

The proven oil reserves of OPEC countries currently stand at 1,199.71 billion barrels. OPEC countries control about 2/3 of the world's oil reserves, which is 77% of all explored world reserves of "black gold". They produce about 29 million barrels of oil, or about 44% of world production or half of world oil exports. According to the Secretary General of the organization, this figure will increase to 50% by 2020.

Despite the fact that OPEC produces only 44% of the world's oil production, it has a huge impact on the oil market.

Speaking about the serious figures of the cartel, it is impossible not to mention its goals. One of the main ones is to ensure price stability on the world oil markets. Another important task of the organization is to coordinate and unify the oil policy of the member states, as well as to determine the most effective individual and collective means of protecting their interests. The goals of the cartel include protection environment for the benefit of present and future generations.

In short, the union of oil-producing countries defends their economic interests in a united front. In fact, it was OPEC that launched the interstate regulation of the oil market.

The structure of the cartel consists of the Conference, committees, board of governors, secretariat, secretary general and economic commission of OPEC.

The supreme body of the organization is the Conference of Oil Ministers of the OPEC countries, which is convened at least twice a year, usually at the headquarters in Vienna. It determines the key directions of the cartel's policy, ways and means of their practical implementation, and makes decisions on reports and recommendations, including on the budget. The conference itself forms the Board of Governors (one representative from the country, as a rule, these are the ministers of oil, mining or energy), it also appoints the secretary general of the organization, who is the highest official and authorized representative of the organization. Since 2007, it has been Abdullah Salem al-Badri.

Characteristics of the economy of the OPEC countries

Most states of the Organization of the Petroleum Exporting Countries are deeply dependent on the revenues of their oil industry.

Saudi Arabia has the largest oil reserves in the world - 25% of the world's reserves of "black gold" - as a result, the basis of its economy is the export of oil. Oil exports bring to the state treasury 90% of the state's export revenues, 75% of budget revenues and 45% of GDP.

50% of Kuwait's GDP is provided by the extraction of "black gold", its share in the country's exports is 90%. The bowels of Iraq are rich in the largest reserves of this raw material. The Iraqi state-owned companies North Oil Company and South Oil Company have a monopoly on the development of local oil fields. Iran occupies an honorable place in the list of the most oil-bearing countries. It has an oil reserve estimated at 18 billion tons and occupies 5.5% of the world oil products trade market. The economy of this country is also connected with the oil industry.

Another OPEC country is Algeria, whose economy is based on oil and gas. They provide 30% of GDP, 60% of state budget revenues and 95% of export earnings. In terms of oil reserves, Algeria ranks 15th in the world and 11th in terms of its exports.

The economy of Angola is also based on oil production and export - 85% of GDP. It is thanks to the "black gold" that the country's economy is the fastest growing among the states of sub-Saharan Africa.

The Bolivarian Republic of Venezuela also replenishes its budget through oil production, which provides 80% of export earnings, more than 50% of the republican budget revenues and about 30% of GDP. Much of the oil produced in Venezuela is exported to the United States.

Thus, as already mentioned, all twelve OPEC member countries are deeply dependent on the income of their oil industry. Probably the only country in the cartel that benefits from anything other than the oil industry is Indonesia, whose state budget is replenished by tourism, gas sales and other raw materials. For others, the level of dependence on oil exports ranges from the lowest - 48% in the case of the United Arab Emirates, to the highest - 97% - in Nigeria.

Development problems of OPEC member countries

It would seem that the union of the largest oil exporters, which controls 2/3 of the world's reserves of "black gold", should develop exponentially. However, not all so simple. Offhand, there are about four reasons hindering the development of the cartel. One of these reasons is that the Organization brings together countries whose interests are often opposed. Interesting fact: OPEC countries were at war with each other. In 1990, Iraq invaded Kuwait and sparked the Gulf War. After the defeat of Iraq, international trade sanctions were applied to it, which severely limited the country's ability to export oil, which led to even greater volatility in the prices of "black gold" exported from the cartel. The same reason can be attributed to the fact that, for example, Saudi Arabia and other countries of the Arabian Peninsula are among the sparsely populated, but they have the largest oil reserves, large investments from abroad and maintain very close relations with Western oil companies. And other countries of the Organization, such as Nigeria, are characterized by high population and extreme poverty, and they have to implement costly programs economic development, and therefore have a huge external debt. These countries are forced to extract and sell as much oil as possible, especially after the price of crude oil has declined. In addition, as a result of political events in the 1980s, Iraq and Iran pushed their oil production to the maximum in order to pay for military expenses.

Today, the unstable political environment in at least 7 of the 12 member countries of the cartel is a serious problem for OPEC. Civil War in Libya significantly disrupted the well-established course of work in the country's oil and gas fields. The events of the Arab Spring affected the normal work in many countries of the Middle East region. According to the UN, April 2013 broke records for the number of people killed and injured in Iraq over the past 5 years. After the death of Hugo Chavez, the situation in Venezuela cannot be called stable and calm either.

Compensation for the technological backwardness of OPEC members from the leading countries of the world can be called the main one in the list of problems. No matter how strange it may sound, but by the time the cartel was formed, its members had not yet got rid of the remnants of the feudal system. It was possible to get rid of this only through accelerated industrialization and urbanization, and, accordingly, the introduction of new technologies into production and people's lives did not go unnoticed. Here you can immediately point out another, third, problem - the lack of qualifications among national personnel. All this is interconnected - backward countries in development could not boast of highly qualified specialists, workers in states turned out to be unprepared for modern technologies and equipment. Since local personnel could not service the equipment that was installed at oil producing and processing enterprises, the management urgently had to involve foreign specialists in the work, which, in turn, created a number of new difficulties.

And the fourth obstacle, it would seem, does not deserve special attention. However, this banal reason significantly slowed down the movement. “Where to put the money?” - such a question arose before the OPEC countries, when a stream of petrodollars poured into the countries. The leaders of the countries could not reasonably dispose of the collapsed wealth, therefore they started various meaningless projects, for example, “constructions of the century”, which cannot be called a reasonable investment of capital. It took some time for the euphoria to subside as oil prices began to fall and government revenue fell. I had to spend money more wisely and competently.

As a result of the influence of these factors, OPEC has lost its role as the main regulator of world oil prices and has become only one (albeit very influential) of the participants in exchange trading in the world oil market.

Prospects for the development of OPEC

The prospects for the development of the Organization today remain uncertain. Experts and analysts on this issue are divided into two camps. Some believe that the cartel managed to overcome the crisis of the second half of the 1980s and early 1990s. Of course, we are not talking about returning the former economic power, as in the 70s, but on the whole the picture is quite favorable, there are necessary opportunities for development.

The latter will tend to believe that the cartel countries are unlikely to be able to comply with the established oil production quotas and a clear common policy for a long time.

Among the countries of the Organization, even the richest in oil, there is not a single one that has managed to become sufficiently developed and modern. Three Arab countries - Saudi Arabia, the United Arab Emirates and Kuwait - can be called rich, but not developed. As an indicator of their relative underdevelopment and backwardness, one can cite the fact that monarchist regimes of the feudal type are still preserved in all countries. The standard of living in Libya, Venezuela and Iran is approximately similar to the Russian level. All this can be called the natural result of unreasonableness: abundant oil reserves provoke a struggle, but not for the development of production, but for political control over exploitation. natural resources. But on the other hand, we can name countries where resources are exploited quite efficiently. Examples are Kuwait and the United Arab Emirates, where current revenues from raw materials are not only wasted, but are also set aside in a special reserve fund for future expenses, and also spent on boosting other sectors of the economy (for example, the tourism business).

Several factors of uncertainty about the prospects of the Organization of the Petroleum Exporting Countries, such as, for example, the uncertainty of the development of world energy, can significantly weaken the cartel, so no one undertakes to draw unambiguous conclusions.

Oil reserves in the countries of the world (in billion barrels, as of 2012)

In September last year, the OPEC organization celebrated its anniversary. It was established in 1960. Today, the OPEC countries occupy a leading position in the field of economic development.

OPEC in translation from English "OPEC" - "Organization of Petroleum Exporting Countries". This international organization, created to control the volume of sales of crude oil and setting the price for it.

By the time OPEC was created, there were significant surpluses of black gold in the oil market. The appearance of an excess amount of oil is explained by the rapid development of its vast deposits. The main supplier of oil was the Middle East. In the mid-1950s, the USSR entered the oil market. The production of black gold in our country has doubled.

This has resulted in the emergence of serious competition in the market. Against this backdrop, oil prices fell significantly. This contributed to the creation of the OPEC organization. 55 years ago, this organization pursued the goal of maintaining an adequate level of oil prices.

What are the countries

The states that are part of this organization in 2020 produce only 44% of the world's oil production. But these countries have a huge impact on the black gold market. This is explained by the fact that the states that are part of this organization own 77% of all proven oil reserves in the world.

Saudi Arabia's economy is based on oil exports. Today, this black gold exporting state has 25% of oil reserves. Thanks to the export of black gold, the country receives 90% of its income. The GDP of this largest exporting state is 45 percent.

The second place in gold mining is given. Today, this state, which is a major oil exporter, occupies 5.5% of the world market. No less large exporter should be considered. The extraction of black gold brings the country 90% of the profit.

Until 2011, Libya occupied an enviable place in oil production. Today, the situation in this once richest state can be called not just difficult, but critical.

The history of the creation of OPEC:

The third largest oil reserves are. The southern deposits of this country can produce up to 1.8 million black gold in one day alone.

It can be concluded that most of the OPEC member states are dependent on the profits that their oil industry brings. The only exception to these 12 states is Indonesia. This country also receives income from such industries as:

For other powers that are part of OPEC, the percentage of dependence on the sale of black gold can range from 48 to 97 indicators.

When difficult times come, the states with rich oil reserves have only one way out - to diversify the economy as soon as possible. This happens due to the development of new technologies that contribute to the conservation of resources.

Organization policy

In addition to the goal of unifying and coordinating oil policy, the organization has a no less priority task - to consider the stimulation of economical and regular deliveries of goods by members of those states that are consumers. Another important goal is to obtain a fair return on capital. This is true for those who actively invest in the industry.

The main governing bodies of OPEC include:

1. Conference.
2. Advice.
3. Secretariat.

The conference is the highest body of this organization. The highest position should be considered the position of General Secretary.

Meetings of energy ministers and black gold specialists take place twice a year. The main purpose of the meeting is to assess the state of the international oil market. Another priority task is to develop a clear plan to stabilize the situation. The third purpose of the meeting is to predict the situation.

The forecast of the organization can be judged by the situation on the black gold market last year. Representatives of the member countries of this organization argued that prices would be kept at the rate of 40-50 US dollars per 1 barrel. At the same time, representatives of these states did not rule out that prices could rise up to $60. This could happen only in the event of an intensive growth of the Chinese economy.

Judging by latest information, in the plans of the leadership of this organization there is no desire to reduce the amount of oil products produced. Also, the OPEC organization has no plans to interfere in the activities of international markets. According to the management of the organization, it is necessary to give the international market a chance for independent regulation.

Today, oil prices are close to the critical point. But the situation on the market is such that prices can both rapidly fall and rise.

Attempts to resolve the situation

After the start of another economic crisis that swept the whole world, the OPEC countries decided to meet again. Prior to this, 12 states were meeting when there was a record drop in black gold futures. Then the size of the fall was catastrophic - up to 25 percent.

Judging by the forecast given by the experts of the organization, the crisis will not affect only Qatar. In 2018, the price of Brent crude was about $60 per barrel.

Price policy

Today, the situation for the OPEC members themselves is as follows:

1. Iran is the price by which a deficit-free budget of the state is provided - 87 US dollars (the share in the organization is 8.4%).
2. Iraq - $81 (share in the organization - 13%).
3. Kuwait - $67 (share in the organization - 8.7%).
4. Saudi Arabia - $106 (share in the organization - 32%).
5. UAE - $73 (share in the organization - 9.2%).
6. Venezuela - $125 (share in the organization - 7.8%).

According to some reports, at an informal meeting, Venezuela made a proposal to reduce the current volume of oil production to 5 percent. This information has not yet been confirmed.

The situation within the organization itself can be called critical. The year of black gold that has fallen in price has hit hard on the pockets of the OPEC states. According to some reports, the total income of the participating states may drop to 550 billion US dollars a year. The previous five-year plan showed much higher rates. Then the annual income of these countries is 1 trillion. USD.

Algerian Energy Minister Shakib Khelil, chairman of the Organization of the Petroleum Exporting Countries (OPEC), hopes that Russia will join the Organization and this will strengthen the cartel, Agence France-Presse reported on Monday.

OPEC - The Organization of the Petroleum Exporting Countries (OPEC, The Organization of the Petroleum Exporting Countries) is an international intergovernmental organization created by oil-producing powers in order to stabilize oil prices. Members of the organization are countries whose economy largely depends on income from oil exports.

OPEC as always operating organization was established at a conference in Baghdad on September 10-14, 1960. Initially, the organization included Iran, Iraq, Kuwait, Saudi Arabia and Venezuela - the initiator of the creation. These five founding countries were later joined by nine more: Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973-1992). , 2007), Gabon (1975-1994), Angola (2007). Currently, OPEC has 13 members, taking into account the changes in the composition that occurred in 2007 - the emergence of a new member of the organization - Angola and the return of Ecuador to the organization.

The goal of OPEC is to coordinate activities and develop a common policy regarding oil production among the member countries of the organization, maintain stable oil prices, ensure stable oil supplies to consumers, and obtain a return on investment in the oil industry.

The idea of ​​creating a "gas OPEC" was first expressed in 2005. In April 2005, at the 5th Ministerial Meeting of the Gas Exporting Countries in Port of Spain, the participants of the forum tried to work out mechanisms to set more fair gas prices. An idea was put forward to create a special organization with a focal point in Doha. However, the idea was not implemented due to disagreements between the participants, as well as certain pressure from the United States and the European Union.

On January 28, 2007, the spiritual leader of Iran, Ayatollah Ali Khamenei, spoke again about the creation of a gas cartel. At a meeting with Igor Ivanov, Secretary of the Russian Security Council, he officially proposed that Russia create a gas cartel along the lines of OPEC. Russian President Vladimir Putin did not immediately outline his position, but during his visit to the Middle East in February 2007, he discussed with the Emir of Qatar the coordination of actions in the gas sector. Putin called the initiative to create a gas cartel an interesting proposal. The idea was supported by the Emir of Qatar and Venezuelan President Hugo Chavez.

It was expected that the creation of a "gas OPEC" would be announced in April 2007 at a conference of gas exporting countries in the capital of Qatar, Doha, but this prospect caused a sharply negative reaction from the United States and the European Union. The US Congress even adopted a special resolution, which qualifies the creation of a "gas OPEC" as a "threat national security USA".

On October 28, 2007, at a meeting of the Committee of the Forum of Gas Exporting Countries (GECF) in Doha, Deputy Minister of Industry and Energy of the Russian Federation Anatoly Yanovsky accepted for consideration the draft charter of the new organization, which was sent for approval to the relevant ministries and departments. Similar work was held by all FSEG members.

On January 23, 2008, Egypt hosted a meeting of the GECF high-level committee, which was attended by specialists from Gazprom and the Russian Ministry of Industry and Energy. The meeting discussed the possibility of transforming the GECF from an informal club into a more serious organization that influences the gas market. However, Gazprom decided that the project required significant improvement, since "it is necessary to take into account the specifics of the gas business." As a result, the final agreement on the positions of the GECF participants was postponed until the next committee meeting.

In October 2008, Russia, Iran and Qatar came to an unanimous agreement on the establishment of the Organization of Gas Producing and Exporting Countries - the gas OPEC. The trilateral meeting on this occasion, which took place on October 21, 2008, was attended by the Minister of Energy and Industry of Qatar, Abdullah bin Hamad al-Atiyya, the Minister of Oil of Iran, Gollam Hussein Nozari, and the Chairman of the Board of Gazprom, Alexei Miller.

Definition and background: The Organization of the Petroleum Exporting Countries (OPEC) is interstate organization, currently made up of fourteen oil exporting countries that cooperate to coordinate their oil policies. The organization was formed in response to the activities and practices of seven major international oil companies known as the "Seven Sisters" (including British Petroleum, Exxon, Mobil, Roya, Dutch Shell, Gulf Oil, Texaco and Chevron). Corporate activity has often been detrimental to the growth and development of oil-producing countries whose Natural resources they used.

The first step towards the creation of OPEC can be traced back to 1949, when Venezuela approached four other developing oil-producing countries - Iran, Iraq, Kuwait and Saudi Arabia - to offer regular and closer cooperation on energy issues. But the main impetus for the birth of OPEC was an event that occurred ten years later. After the “seven sisters” decided to lower the price of oil, without first agreeing this action with the heads of state. In response, several oil-producing countries decided to hold a meeting in Cairo, Egypt, in 1959. Iran and Venezuela were invited as observers. The meeting adopted a resolution requiring corporations to consult oil-producing governments in advance before changing oil prices. However, the "seven sisters" ignored the resolution, and in August 1960 they again lowered oil prices.

Birth of OPEC

In response, five of the largest oil-producing countries held another conference on September 10-14, 1960. This time the meeting place was Baghdad, the capital of Iraq. The conference was attended by: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela (founding members of OPEC). That's when OPEC was born.

Each country sent delegates: Fuad Rouhani from Iran, Dr. Talaat al-Shaybani from Iraq, Ahmed Syed Omar from Kuwait, Abdullah al-Tariqi from Saudi Arabia, and Dr. Juan Pablo Perez Alfonso from Venezuela. In Baghdad, the delegates discussed the role of the "seven sisters" and the hydrocarbon market. The oil producers were in dire need of an organization to protect their most important natural resources. Thus, OPEC was established as a permanent intergovernmental organization with its first headquarters in Geneva, Switzerland. In April 1965, OPEC decided to transfer administration to Vienna, the capital of Austria. The host agreement was signed and OPEC moved the office to Vienna on September 1, 1965. After the establishment of OPEC, the governments of OPEC member countries take strict control of their natural resources. And in subsequent years, OPEC began to play a more important role in the global commodity market.

Oil reserves and production levels

The scale of influence of individual OPEC members on the organization and on the oil market as a whole usually depends on the levels of reserves and production. Saudi Arabia, which controls about 17.8% of the world's proven reserves and 22% of OPEC's proven reserves. Therefore, Saudi Arabia plays a leading role in the organization. At the end of 2016, the volume of world proven oil reserves amounted to 1.492 billion barrels. oil, OPEC accounts for 1.217 billion barrels. or 81.5%.

WORLD PROVEN OIL RESERVES, BN. BARR.

Source: OPEC

Other key members are Iran, Iraq, Kuwait and the United Arab Emirates, whose combined reserves are significantly higher than those of Saudi Arabia. Kuwait, with a small population, has shown a willingness to cut production in relation to the size of its stocks, while Iran and Iraq, with growing populations, tend to produce at a higher level than stocks. Revolutions and wars have disrupted the ability of some OPEC members to consistently maintain high levels of production. OPEC countries account for about 33% of world oil production.

Major non-OPEC oil producing countries

USA. The United States is the leading oil producing country in the world with an average production of 12.3 million barrels. oil per day, which is 13.4% of world production according to British Petroleum. The United States is a net exporter, meaning exports have exceeded oil imports since the beginning of 2011.

Russia remains one of largest manufacturers oil in the world, on average in 2016 it is 11.2 million barrels. per day or 11.6% of the total world production. The main regions of oil production in Russia are Western Siberia, the Urals, Krasnoyarsk, Sakhalin, the Komi Republic, Arkhangelsk, Irkutsk and Yakutia. Most of it is mined at the Priobskoye and Samotlorskoye deposits in Western Siberia. The oil industry in Russia was privatized after the collapse of the Soviet Union, but within a few years the companies returned to state control. The largest oil producers in Russia are Rosneft, which acquired TNK-BP, Lukoil, Surgutneftegaz, Gazpromneft and Tatneft in 2013.

China. In 2016, China produced an average of 4 million barrels. oil, which accounted for 4.3% of world production. China is an oil importer as the country consumed an average of 12.38 million barrels in 2016. per day. According to the latest EIA (Energy Information Administration) data, about 80% of China's production capacity is onshore, the remaining 20% ​​is small offshore reserves. The northeast and north central regions of the country are responsible for the majority of domestic production. Regions such as Daqing have been exploited since the 1960s. Production from mature fields has peaked and companies are investing in technology to increase capacity.

Canada ranks sixth among the world's leading oil producers with an average production level of 4.46 million barrels. per day in 2016, representing 4.8% of world production. Currently, the main sources of oil production in Canada are the Alberta tar sands, the Western Canadian Sedimentary Basin and the Atlantic Basin. The oil sector in Canada has been privatized by many foreign and domestic companies.

Current members of OPEC

Algeria - since 1969

Angola - 2007-present

Ecuador - 1973-1992, 2007 - present

Gabon - 1975-1995; 2016–present

Iran - 1960 to present

Iraq - 1960 to present

Kuwait - 1960 to present

Libya - 1962-present

Nigeria - 1971 to present

Qatar - 1961-present

Saudi Arabia - 1960 to present

United Arab Emirates - 1967 to present

Venezuela - 1960 to present

Former members:

Indonesia - 1962-2009, 2016

(The Organization of the Petroleum Exporting Countries, OPEC) is an international organization created to coordinate sales and pricing of crude oil.

By the time OPEC was founded, there were significant surpluses of offered oil on the market, the appearance of which was caused by the start of development of giant oil fields - primarily in the Middle East. In addition, the Soviet Union entered the market, where oil production doubled from 1955 to 1960. This abundance has caused serious competition in the market, leading to a constant reduction in prices. The current situation was the reason for the unification of several oil exporting countries in OPEC in order to jointly oppose transnational oil corporations and maintain the required price level.

OPEC as a permanent organization was established at a conference in Baghdad on September 10-14, 1960. Initially, the organization included Iran, Iraq, Kuwait, Saudi Arabia and Venezuela - the initiator of the creation. The countries that founded the organization were later joined by nine more: Qatar (1961), Indonesia (1962-2009, 2016), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973). -1992, 2007), Gabon (1975-1995), Angola (2007).

Currently, OPEC has 13 members, taking into account the emergence of a new member of the organization - Angola and the return of Ecuador in 2007 and the return of Indonesia from January 1, 2016.

The goal of OPEC is to coordinate and unify the oil policies of member countries in order to ensure fair and stable prices for oil producers, efficient, economical and regular supplies of oil to consumer countries, as well as a fair return on capital for investors.

The organs of OPEC are the Conference, the Board of Governors and the Secretariat.

The supreme body of OPEC is the Conference of Member States, convened twice a year. It determines the main activities of OPEC, decides on the admission of new members, approves the composition of the Board of Governors, considers reports and recommendations of the Board of Governors, approves the budget and financial report, and adopts amendments to the OPEC Charter.

The executive body of OPEC is the Board of Governors, formed from governors who are appointed by states and approved by the Conference. This body is responsible for directing the activities of OPEC and for implementing the decisions of the Conference. Meetings of the Board of Governors are held at least twice a year.

The secretariat is headed by the Secretary General, who is appointed by the Conference for a term of three years. This body exercises its functions under the direction of the Board of Governors. It ensures the work of the Conference and the Board of Governors, prepares messages and strategic data, disseminates information about OPEC.

The highest administrative officer of OPEC is the Secretary General.

OPEC Acting Secretary General Abdullah Salem al-Badri.

The headquarters of OPEC is located in Vienna (Austria).

By current estimates, more than 80% of the world's proven oil reserves are in OPEC member countries, while 66% of the total reserves of OPEC countries are concentrated in the Middle East.

The proven oil reserves of the OPEC countries are estimated at 1.206 trillion barrels.

As of March 2016, OPEC oil production has reached 32.251 million barrels per day. Thus, OPEC exceeds its own production quota, which is 30 million barrels per day.