Organization of Petroleum Exporting Countries

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synonym OPEC OPEC generally refers to the Organization of Petroleum Exporting Countries

Organization of the Petroleum Exporting Countries (OPEC)^[11] , Asia, Africa and Latin America Country of production To coordinate the oil policies of member countries and oppose western oil Monopoly capital An international organization established in 1960 for exploitation and control Iraq capital Baghdad Establishment.^[11] Its purpose is to coordinate and unify the oil policies of member countries and maintain international oil market price Stable to ensure stable income for oil producing countries. The highest authority is the General Assembly of Member States, which is composed of member delegations and is responsible for formulating General policy The executive body is the Council, and the daily work is handled by the Secretariat. Another specialized agency, the Economic Commission, was established to help maintain the stability of oil prices. Since its establishment, the organization has been persistently fighting with western oil monopoly capital, raising oil prices and implementing petroleum industry Significant progress has been made in nationalization.^[1]

The current 12 member states are: Algeria 、 Republic of Congo 、 Equatorial Guinea 、 Gabon 、 Iran 、 Iraq 、 Kuwait 、 Libya 、 Nigeria 、 Saudi Arabia 、 The United Arab Emirates 、 Venezuela 。 Headquartered in Austria Vienna 。^[2]

Qatar Withdraw from OPEC in January 2019. On January 1, 2020, Ecuador Withdrawal from the Organization of Petroleum Exporting Countries^[3] 。 Angola Withdraw from OPEC on January 1, 2024.

On September 5, 2022, OPEC and non OPEC oil producing countries (OPEC+) said that OPEC+decided to Oil production By cutting 100000 barrels per day, the terms of the agreement were restored from October to August.^[7] On October 5, 2022 local time, the Organization of Petroleum Exporting Countries (OPEC) and Russia And other non OPEC oil producing countries Crude oil production The consensus was reached that the output would be reduced by 2 million barrels per day.^[8]

On November 21, 2022, Saudi Arabia said that the "OPEC+" oil production reduction plan will continue until the end of 2023.^[10]

Chinese name: Organization of Petroleum Exporting Countries
Foreign name: Organization of the Petroleum Exporting Countries
Alias: OPEC
Abbreviations: OPEC

Date of establishment: September 14, 1960
member state: Saudi Arabia 、 Iraq 、 Iran 13 countries
Secretary general: Hetham Gass
Headquarters: Austria Vienna

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Development history

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Since September 1960, the headquarters of the Organization of Petroleum Exporting Countries has been Switzerland Geneva Relocation Austria capital Vienna 。 The Organization of Petroleum Exporting Countries is the third world Establish the earliest and most influential raw materials Country of production And output organization. Oil is the main energy source in the post-war world. In the early post-war period, the exploration, exploitation and sales of world oil were almost all controlled by western oil monopoly consortia. The consequence of this monopoly control is that the West developed country get Excess profit , the major oil producing countries in the third world economic interest But was damaged. In order to compete with major oil companies (mostly American, British and German) oil price And the burden on producers. Initially, the organization was just a unofficial The bargaining group of. This scale limits its relationship with Western Oil Company Strive for greater interests in Occupancy And higher level production control 。 However, in the early 1970s, it began to show its effectiveness.

On June 2, 2022 local time, the 29th ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries, namely the "OPEC+" cooperation mechanism, was held by video.^[4]

On June 30, 2022 Vienna time, the 30th ministerial meeting between the Organization of Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries was held by video on June 30, 2022, and it was decided to increase the monthly output in August this year by 648000 barrels per day.^[5]

On October 5, 2022 local time, the Organization of Petroleum Exporting Countries (OPEC) and Russia And other non OPEC oil producing countries Crude oil production The consensus was reached that the output would be reduced by 2 million barrels per day.^[8]

On October 5, 2022 local time, OPEC +The ministerial meeting decided that OPEC+would cut crude oil production to 2 million barrels per day from November, and extend the production restriction agreement for one year to the end of 2023. This is OPEC+'s largest production reduction plan since 2020, and the production reduction is equivalent to 2% of the total global oil demand. originally International oil price It has fallen for four months in a row. Once this news was announced, Brent crude oil The price of is close to $100.^[9]

On November 30, 2023, the press office of the Brazilian presidential office reported that the Brazilian government had received an invitation to join from "OPEC+", which is composed of members of the Organization of Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries.^[15]

yom kippur war

Palestine Israel conflict The appearance of OPEC Transform from a mere enterprise alliance to a single share Not to be ignored Of politic force 。 1967 The Third Middle East War Later, the Arab member states of OPEC established another overlapping organization called Organization of Arab Petroleum Exporting Countries (Organization of Arab Petroleum Exporting Countries, OAPEC) Israel Western pressure. Not a major oil exporter Egypt and Syria He also joined the Organization of Arab Petroleum Exporting Countries to help achieve its goals. Later, 1973 yom kippur war The outbreak of arab countries This choice of. because U.S.A yes Israel The Israeli army can resist the Egyptian and Syrian armies, and is angry Arab World In 1973 U.S.A 、 Western Europe and Japan The implementation of the oil embargo made the large western oil enterprise groups suddenly face a group of joint oil producing countries in the early 1970s.

organization structure

OPEC Conference The OPEC Conference is the highest authority of the organization, and member countries send delegations headed by ministers of oil, minerals and energy to the Conference. The General Assembly is convened twice a year, and special sessions can be convened if necessary. The General Assembly adheres to the principle of unanimity among all Member States, each of which has one vote. It is responsible for formulating the general policies of the organization and deciding on the appropriate way to implement them.

At the same time, the OPEC General Assembly also decided whether to admit new member states, and reviewed the reports and recommendations submitted by the Council on organizational matters. The General Assembly deliberates and approves the appointment of directors from any member state, and elects the President of the Council. The General Assembly has the right to request the Council to submit a report or make recommendations on any matter concerning the interests of the organization. The General Assembly will also consider the OPEC budget report submitted by the Council and decide whether to revise it.

OPEC Council OPEC Council is similar to ordinary business organization The Board of Directors is composed of members nominated by member states and approved by the General Assembly, and it is held every two years. The Council is responsible for managing the daily affairs of OPEC, implementing the resolutions of the General Assembly and drafting annual budget The report shall be submitted to the General Assembly for consideration and adoption. The Council also considered the report on OPEC's daily affairs submitted by the Secretary General to the General Assembly.

OPEC Secretariat The OPEC Secretariat is responsible for exercising the administrative functions of the organization under the leadership of the Council in accordance with the OPEC regulations. The Secretariat is composed of Secretary general Research room, data Service Centre Energy situation research department, oil market analysis department, administrative and personnel department Information department The Office of the Secretary General and the Legal Office. The Secretariat was established in 1961, and its office was initially located in Geneva , later moved to Vienna 。 The secretariat has a specialized agency, the Economic Commission, to assist the organization in transferring international oil price steadiness At a fair and reasonable level.

Voluntary reduction of production

On September 5, 2024, the Organization of Petroleum Exporting Countries (OPEC) issued a statement saying that eight OPEC and non OPEC oil producing countries decided to extend the voluntary production reduction measures of 2.2 million barrels per day, which were originally scheduled to expire at the end of this month, to the end of November, and withdraw this part of the production reduction efforts month by month from the beginning of December, but will flexibly grasp the pace of withdrawal according to market conditions.^[20]

Purpose

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It aims to coordinate the oil policies of various countries, negotiate the crude oil output and price, take joint actions against the exploitation and plunder of oil producing countries by Western countries, protect their own resources and safeguard their own interests.

Organizational composition

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OPEC Headquarters in Vienna

September 1960, by Iran 、 Iraq 、 Kuwait 、 Saudi Arabia and Venezuela On behalf of Baghdad Meeting and deciding to deal with it together Western Oil Company On the 14th, the five countries announced the establishment of the Organization of the Petroleum Exporting Countries (OPEC), or "OPEC" for short. With the increase of its members, OPEC has developed into Asia 、 Africa and Latin America International oil organizations of some major oil producing countries. OPEC headquarters is located in Austria capital Vienna 。 OPEC aims to eliminate harmful and unnecessary Price fluctuation , ensure International oil market The stability of oil prices will ensure that all member countries can obtain stable oil revenue under any circumstances and provide sufficient, economic and long-term oil supply for oil consuming countries. Its purpose is to coordinate and unify the oil policies of member countries, and determine the most appropriate means to safeguard their respective and common interests.

Publication "Organization of Petroleum Exporting Countries Bulletin" (monthly); OPEC Review (quarterly); 《 Annual report 》； Statistical Annual Report.

According to BP World Energy Statistics 2017, the total oil reserves of its members at the end of 2016 were 1220.5 billion barrels, accounting for 71.5% of the world's oil reserves, of which Venezuela (300.9 billion barrels), Saudi Arabia (266.5 billion barrels), Iran (158.4 billion barrels) Iraq (153 billion barrels) and Kuwait (101.5 billion barrels). In 2016, the crude oil output of the members of the organization was 1864.2 million tons, accounting for about 42.5% of the world's crude oil output, of which the top five members were Saudi Arabia (585.7 million tons) Iran (216.4 million tons) The United Arab Emirates (182.4 million tons) Kuwait (152.7 million tons) and Venezuela (124.1 million tons). (1 ton=7-7.8 barrels)

This paragraph explains:

At least 7 barrels, Ton barrel 1 ton=（ API +131.5/141.5) × 6.29, easy to reach 7.

Organizational role

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Representatives of OPEC member countries (mainly heads of delegations) coordinate and unify their oil policies at the OPEC Conference to promote the stability and prosperity of the oil market. The OPEC Secretariat is responsible for the daily affairs of the organization, accepts the instructions of the Council, and is under the direct leadership of the Secretary General. Economic Committee and Ministers under OPEC Supervisory Committee And other executive agencies perform multiple functions such as consultation, consultation and coordination.

OPEC member states analyze and forecast the current situation and market trend, and clarify economic growth rate, oil supply and demand, etc Basic factors And then negotiate what adjustments should be made in its oil policy. For example, in previous conferences, OPEC member states have respectively determined to improve or reduce the overall size of the organization Oil production In order to maintain the stability of oil prices and provide consumers with stable short-term, medium-term and long-term oil supply.

In recent years, OPEC has repeatedly made oil prices soar to counter the United States and other western developed countries, playing an important role in balancing world power.

An oil plant in Libya

The member countries of the organization control about two-thirds of the world's oil reserves, accounting for more than 78% of the world's oil reserves and providing more than 40% of oil Consumption 。 They account for 40 per cent of global oil production and half of global exports. Through OPEC, member countries can get more benefits from oil exports. Last year, the 11 members of OPEC federal energy information management According to the bureau's figures, 338 billion US dollars were collected from oil exports, compared with 2003 Annual increase 42%。 Compared with the figure in 1972, the oil export revenue of member countries is 23 billion yuan dollar ； In 1977, after the 1973 oil crisis, the figure was 140 billion dollars. Since oil sales are dominated by the US dollar, the exchange rate of the US dollar against other currencies will directly affect OPEC's pricing of oil. For example, when the dollar falls against other currencies, OPEC member states charge less for other currencies. Because they continue to sell oil in dollars, this will lead to purchasing power Direct decline. When euro After the introduction, Iraq It was decided to use the euro instead of the dollar as the transportation currency for oil sales.

OPEC's decision has a considerable impact on international oil prices. For example, in the oil crisis of 1973, OPEC refused to deliver oil. As for the Yom Kippur War（ October War ）Support Israel's confrontation with Egypt and Syria the West 。 This led to a fourfold increase in oil prices, lasting five months from October 17, 1973 to March 18, 1974. On January 7, 1975, OPEC members agreed to raise the price of crude oil by 10%. At the same time, OPEC member states (including some petroleum industry Nationalization In response to the call of the new international economic order Primary producer 。 Summarise at Algiers At the first OPEC summit, it called for stable and reasonable prices, international food and Agricultural plan , South to North Technology transfer , and economic system Democracy.

Different from other enterprise agreements, OPEC succeeded in continuously increasing oil prices. OPEC owes much of its success to Saudi Arabia Elasticity. The country allows other countries participating in the agreement to cheat and reduce its own production to make up for the production exceeding the quota of other members. Because other members are fully engaged in production, and Saudi Arabia is the only member with ample storage space and the ability to increase production when needed, which gives them reliable Leverage effect 。

This policy was very successful, which led to the price of crude oil once rising to the level only second to refined oil products. However, OPEC's ability to raise prices is also subject to some restrictions. The rise in oil prices will lead to a decline in consumption and a net decline in earnings. And the continuous rise of prices will encourage fundamental behavior changes, such as alternative energy sources Utilization of, or energy conservation Promotion of.

Former President of Iraq Saddam Hussein Advocating OPEC to raise oil prices to assist Iraq and other member countries in paying interest on their debts led to 1990-1991 Persian Gulf War The explosion of. But because Iran Iraq War And the Gulf War caused differences among OPEC members, making this period a period of time among OPEC members cohesion Reach the low point. Once the fear of interrupting supply dissipates with these conflicts, oil prices begin to decline.

When the oil price dropped to about $10 a barrel President of Venezuela Chavez Frias Diplomatic mediation After that, it successfully coordinated to resume proportional oil production in 1998. In 2000, Chavez presided over the summit of heads of member states on the 25th anniversary of the establishment of OPEC. In August 2004, OPEC began to report that its member countries had only a small amount of capacity to increase production, which showed that OPEC's influence on crude oil prices gradually disappeared. Indonesia The membership of is being reviewed because Indonesia is no longer a net oil exporter and does not have enough capacity to meet its production quota.

Entry conditions

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The OPEC Regulation stipulates that "the fundamental interests are consistent with those of member states, and crude oil can be really realized Net exports Any country which has been admitted by a three-quarters majority of the plenipotentiary members and unanimously accepted by all the founding members may become a plenipotentiary member of the Organization. " The regulations of the organization further distinguish the categories of three types of member states: the founding member states - the countries that attended the first meeting of OPEC held in Baghdad, the capital of Iraq, in September 1960, and signed the original agreement establishing OPEC; Plenipotentiary member states - including founding member states, as well as all countries whose applications for membership in OPEC have been accepted by the General Assembly; Associate member country - a country that has not obtained the qualification of plenipotentiary member, but is still accepted by the General Assembly under special circumstances stipulated by the Assembly.

At present, there are 13 OPEC member states: Algeria (1969) Iran (1960) Iraq (1960) Kuwait (1960) Libya (1962) Nigeria (1971) Saudi Arabia (1960) The United Arab Emirates (1967) Venezuela (1960) Angola (2007) Gabon (Joined in 1975, withdrew in 1995, and joined again in 2016) Equatorial Guinea (2017) Republic of Congo (2018)

(Note: Indonesia Joined in 1962, was frozen in January 2009, was activated again in January 2016, and was suspended again at the 171st meeting of the OPEC Conference on September 30, 2016 member state Identity; Qatar Exit in January 2019; Ecuador Exit in January 2020).

Exit information

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On December 3, 2018, Qatar It announced that it will withdraw from the Organization of Petroleum Exporting Countries (OPEC) in January 2019.^[16]

On January 1, 2020, Ecuador Withdraw from the Organization of Petroleum Exporting Countries.^[3]

On December 21, 2023, Angola said that it would withdraw from the Organization of Petroleum Exporting Countries (OPEC).^[17]

Production market

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OPEC regulations require the organization to be committed to the stability and prosperity of the oil market. Therefore, in order to ensure the interests of both oil producers and consumers, OPEC implements the oil production quota system. If oil demand rises or some oil producing countries reduce oil production, OPEC will increase its oil production to prevent the soaring oil price. In order to prevent the decline of oil prices, OPEC may also rely on Market situation Reduce oil production.

OPEC cannot control the international oil market because its member states' oil Natural gas production Only oil and natural gas in the world total output 40% and 14%. However, OPEC members account for the world's oil exports Trade volume 60% has a strong influence on the international oil market, especially when it decides to reduce or increase oil production. OPEC aims to maintain the stability and prosperity of the oil market, and is committed to providing consumers with stable oil supplies at reasonable prices, taking into account the interests of both oil producing and consuming countries. OPEC achieves the above goals by voluntarily reducing oil production or increasing oil production when market supply is insufficient. For example, in 1990 Gulf crisis During this period, OPEC significantly increased its oil production to make up for the 3 million barrels a day gap in the oil market after the economic sanctions against Iraq.

On June 4, 2023, OPEC representatives said that OPEC+had reached an agreement to extend the production reduction to 2024, but did not disclose the details of the scale of production reduction.^[12]

In May 2024, OPEC said that Iraq and Kazakhstan had outlined to the organization how they would make additional supply cuts to make up for the excess of quotas in early 2024.^[18]

OPEC and China

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Abdalla Salem el Badri, secretary-general of the Organization of Petroleum Exporting Countries (OPEC), said that he had worked with the then deputy director of the National Development and Reform Commission of China Chen Deming Just PetroChina Demand, investment and Strategic oil reserve The problems were discussed. But Badri refused to disclose the contents of the talks. Badri said that OPEC welcomes China's investment in the upstream and downstream links of its member countries' oil industry. At the same time, the two sides also discussed the investment of member countries in China's oil industry. Most of OPEC member countries' investment in China's oil industry is concentrated in the downstream sector.

Successive Secretaries General

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Schematic Diagram of World Energy Supply Change Proportion

* Fuad Rouhani（ Iran ）: (January 21, 1961 - April 30, 1964)

*Abdul Rahman al Bazzaz (Iraq): (May 1, 1964 - April 30, 1965)

*Ashraf Lutfi (Kuwait): (May 1, 1965 December 31, 1966)

*Muhammad Saleh Joukhdar (Saudi Arabia): (January 1, 1967 December 31, 1967)

*Francisco R. Parra (Venezuela): (January 1, 1968 December 31, 1968)

*Elrich Sanger (Indonesia): (January 1, 1969 December 31, 1969)

* Omar el-Badri（ Libya ）: (January 1, 1970 to December 31, 1970)

*Nadim Pachachi (Iraq): (January 1, 1971 December 31, 1972)

* Abderrahman Khène（ Algeria ）: (January 1, 1973 December 31, 1974)

* M.O. Feyide（ Nigeria ）: (January 1, 1975 - December 31, 1976)

*Ali M. Jaidah (Qatar): (January 1, 1977 December 31, 1978)

*Ren é G. Ortiz (Ecuador): (January 1, 1979 June 30, 1981)

* Marc Saturnin Nan Nguema（ Gabon ）: (July 1, 1981 June 30, 1983)

*Fadhil J. al Chalabi (Iraq), (agent): (July 1, 1983 June 30, 1988)

*Subroto (Indonesia): (July 1, 1988 June 30, 1994)

*Abdallah Salem el Badri (Libya): (July 1, 1994 July 31, 1994)

*Rilwanu Lukman (Nigeria): (January 1, 1995 - December 31, 2000)

*Al í Rodr í guez Araque (Venezuela): (January 1, 2001 June 30, 2002)

*Á lvaro Silva Calder ó n (Venezuela): (July 1, 2002 December 31, 2003)

*Purnomo Yusgiantoro (Indonesia), (Agent): (1 Jan 2004&)

*Iin Arifin Takhyan (Indonesia), (agent Yusgiantoro): (January 1, 2004 February 2004)

*Maizar Rahman (Indonesia), (agent Yusgiantoro): (February 2004 December 31, 2004)

*Sheikh Ahmad Fahad Al Ahmad Al Sabah (Kuwait), (Agent): (January 1, 2005)

*Adnan Shihab Eldin (Kuwait), (Agent Al Sabah): (January 1, 2005)

Hetham Gass : (August 1, 2022 -).^[6]

From January 21, 1961 to April 1965, the President of the Council also served as the Secretary General in accordance with his authority. The authority of the President and the Secretary General of the Council was split from April 1965.

Related events

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On October 9, 2023, the Organization of Petroleum Exporting Countries (OPEC) released the 2023 World Oil Outlook Report, which raised the global oil demand forecast. It is estimated that the global average daily oil demand in 2045 will be 116 million barrels, 16.4% more than the average daily demand of 99.6 million barrels in 2022.^[13]

On November 22, 2023, the Organization of Petroleum Exporting Countries issued a statement that the 187th OPEC Conference, the 51st Joint Ministerial Monitoring Committee (JMMC) and the 36th OPEC and Non OPEC Ministerial Meetings (ONOMM), originally scheduled to be held from November 25 to 26, were postponed to November 30.^[14]

On June 2, 2024, the Organization of Petroleum Exporting Countries (OPEC) issued a statement saying that eight OPEC and non OPEC oil producing countries decided to continue to voluntarily reduce production in the third quarter of this year, with a total of 3.85 million barrels per day, in order to maintain the stability and balance of the international oil market.^[19]

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