OPEC at the crossroads
The Organization of Petroleum Exporting Countries (OPEC) was founded by five leading Third World oil producers in 1960 - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela - as a means of safeguarding their economic interests. The 1980s have witnessed a dramatic reduction in OPEC's economic power, resulting from policies and actions of the major participants in the international oil industry, including OPEC itself. This collection of articles places a contemporary spotlight on the main issues at stake. In a specially written introduction the author explains why he believes that OPEC is now at a crossroads in its development as a viable international organization.
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The Causes and the Implications for OPEC of the
a producers point
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agreement Algeria Arabian Light barrel ceiling cent consuming countries cost CPEs crude oil decline demand for OPEC developing countries duction Ecuador energy consumption especially fixed price system Gabon Gulf higher prices Indonesia industrialized countries International Energy Agency investment Iran Iraq Kuwait Libya long-term market share mb/d Middle East Nigeria non-OPEC oil non-OPEC producers North Sea OECD official selling price oil companies oil consumption oil exports oil industry oil price oil production oil reserves oil revenues oil supplies OPEC and non-OPEC OPEC Countries OPEC Member Countries OPEC oil OPEC price OPEC production OPEC's share Organization Organization's price collapse price increases price level price of oil price structure pricing policies pricing system producing countries production capacity production level Qatar quota real terms reduced requirements result Saudi Arabia situation sources of energy strategy structural changes synthetic oil tion Venezuela world demand world market world oil market