Countries participating in trusteeships. Organization of Petroleum Exporting Countries (OPEC): organizational characteristics and operational goals

general information

OPEC countries meeting

Which states are included?

Oil production in Iran

• tourism;
• timber extraction;
• gas sales;
• sale of other raw materials.

Organization policy

Meeting of OPEC member countries

Attempts to resolve the situation

Falling oil prices

Price policy

Extraordinary meeting

OPEC meeting in Vienna

Finally

Trusteeship countries

The abbreviation OPEC stands for "Association of Petroleum Exporting Countries". The main goal of the organization was to regulate prices for black gold on the world market. The need to create such an organization was obvious. In the middle of the 20th century, oil prices began to fall due to market glut. The Middle East sold the most oil. It was there that the richest deposits of black gold were discovered.

In order to pursue a policy to maintain oil prices on a global scale, it was necessary to force oil-producing countries to reduce the rate of its production. This was the only way to remove excess hydrocarbons from the world market and raise prices. OPEC was created to solve this problem.

List of countries that are members of OPEC

Today, 14 countries take part in the organization’s work. Consultations between representatives of the organization are held twice a year at OPEC headquarters in Vienna. At such meetings, decisions are made to increase or decrease oil production quotas for individual countries or the entire OPEC.

Venezuela is considered the founder of OPEC, although this country is not a leader in oil production. The palm in terms of volume belongs to Saudi Arabia, followed by Iran and Iraq. In total, OPEC controls about half of the world's black gold exports. In almost all member countries of the organization, the oil industry is the leading industry in the economy. Therefore, the decline in world oil prices causes a strong blow to the income of OPEC members.

African countries that are part of OPEC

Of the 54 African states, only 6 are members of OPEC:

Most of the “African” OPEC participants joined the organization in the 1960-1970s. At that time, many African states were freed from colonial rule European countries and gained independence. The economy of these countries was focused mainly on the extraction of minerals and their subsequent export abroad. African countries are characterized by high populations but also high rates of poverty. To cover the costs of social programs, the governments of these countries are forced to produce a lot of crude oil. In order to withstand competition from European and American oil-producing transnational corporations, African countries joined OPEC.

Asian countries that are members of OPEC

Political instability in the Middle East predetermined the entry of Iran, Saudi Arabia, Kuwait, Iraq, Qatar, and the United Arab Emirates. Asian member countries of the organization are characterized by low population density and huge foreign investment. Oil revenues are so enormous that Iran and Iraq paid for their military expenses in the 1980s by selling oil. Moreover, these countries fought against each other.

Today, political instability in the Middle East threatens not only the region itself, but also threatens world oil prices. It's going on in Iraq and Libya Civil War. The lifting of sanctions from Iran threatens to increase oil production in this country, despite the obvious exceeding of the OPEC oil production quota.

Latin American countries that are members of OPEC

Only two Latin American countries are members of OPEC - Venezuela and Ecuador. Despite the fact that Venezuela is the country that initiated the founding of OPEC, the state itself is politically unstable. Recently (in 2017), a wave of anti-government protests swept across Venezuela related to the ill-conceived economic policy government. Recently, the country's public debt has increased significantly. For some time, the country kept afloat due to high oil prices. But as prices fell, the Venezuelan economy also collapsed.

Non-OPEC oil exporting countries

Recently, OPEC has lost its leverage over its members. This situation is largely due to the fact that several oil importing countries that are not members of OPEC have appeared on the world market.

First of all this:

Despite the fact that Russia is not a member of OPEC, it is a permanent observer in the organization. An increase in oil production by non-OPEC countries leads to a decrease in the price of oil on the world market. However, OPEC cannot influence them, since even members of the organization do not always comply with agreements and exceed permissible quotas.

Organization of Petroleum Exporting Countries (OPEC)

OPEC(transliteration of the English abbreviation OPEC - The Organization of Petroleum Exporting Countries, literally translated as the Organization of Petroleum Exporting Countries) is an international intergovernmental organization of oil-producing countries created to stabilize oil prices.

The organization was formed during an industry conference in Baghdad on September 10-14, 1960, on the initiative of five developing oil-producing countries: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Subsequently, several more countries joined them.

OPEC's goal is to coordinate activities and develop a common policy regarding oil production among the member countries of the organization, maintaining the stability of world oil prices, ensuring uninterrupted supplies of raw materials to consumers and obtaining returns from investments in the oil industry.

To more effectively calculate the cost of oil produced in the member countries of the organization, the so-called “ OPEC oil basket“—a certain set of types of oil produced in these countries. The price of this basket is calculated as the arithmetic average of the cost of the varieties included in it.

Composition of OPEC

Currently, the Organization of the Petroleum Exporting Countries includes the following 12 countries:

*Ecuador was not a member of the organization from 1992 to 2007.

At a certain period, the organization also included: Indonesia (joined in 1962, suspended membership in 2009) and Gabon (joined in 1975, left in 1995).

Background and history of creation

In the 1960s of the last century, some states, in particular those that later joined OPEC, gained their independence. At the time, global oil production was ruled by a seven-company cartel known as Seven sisters«:

At some point, this cartel decided to unilaterally reduce the purchase price of oil, resulting in a reduction in taxes and rents that they paid to countries for the right to develop oil fields on their territory. This event served as a catalyst for the establishment of OPEC, whose goal was to obtain new independent states control over its resources and their exploitation, taking into account national interests, as well as preventing a further fall in oil prices.

The organization began its activities in January 1961, creating the Secretariat of the organization in Geneva. In September 1965 he was moved to Vienna. In 1962, the Organization of the Petroleum Exporting Countries was registered with the UN Secretariat as a full-fledged intergovernmental organization.

In 1968, the Declaration “On the Oil Policy of OPEC Member Countries” was adopted, the content of which emphasized the inalienable right of the member countries of the organization to exercise permanent sovereignty over their natural resources in the interests of their national development.

During the 1970s, OPEC's influence on the world market not only grew, but it became the most important organization on whose policies crude oil prices began to depend. This state of affairs was facilitated, firstly, by the governments of states taking oil production on their territories under strict control, secondly, by the embargo on oil supplies by Arab countries in 1973, and thirdly, by the beginning of the Iranian revolution in 1979.

Countries that are part of OPEC

Last September, OPEC celebrated its anniversary. It was created in 1960. Today, OPEC countries occupy a leading position in the field of economic development.

general information

OPEC translated from English “OPEC” - “Organization of Petroleum Exporting Countries”. This international organization, created to control the volume of sales of crude oil and set the price for it.

By the time OPEC was created, there was a significant surplus of black gold in the oil market. The appearance of excess oil is explained by the rapid development of its vast deposits. The main supplier of oil was the Middle East. In the mid-50s of the twentieth century, the USSR entered the oil market. The volume of black gold production in our country has doubled.

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

OPEC countries meeting

Which states are included?

Today this organization includes 12 powers. These include states in the Middle East, Africa and Asia.

Russia is not a member of OPEC. Characterizing the powers that are part of this organization is not an easy matter. Only one thing can be said with confidence: just like 55 years ago, today the countries on the list are united by oil policy.

The initiator of the creation of this organization was Venezuela. Initially, the list included it, as well as the leading oil exporting states. After this, the list was replenished with Qatar and Indonesia. Libya was included in the list not during the time of Colonel Gaddafi, as many people think, but under King Idris, in 1962. The Emirates entered the list only in 1967.

In the period 1969-1973. the list was supplemented by such members as Algeria, Nigeria and Ecuador. In 1975, Gabon joined the list. In 2007, Angola joined the list. It is not known for certain whether OPEC will be added to the list in the near future.

Countries that are part of OPEC

What are countries?

The states that are part of this organization in 2018 produce only 44% of the world's oil production. But these countries have a huge influence 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 throughout 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 production is given to Iran. Today this state, a major oil exporter, occupies 5.5% of the world market. Kuwait should be considered an equally large exporter. The extraction of black gold brings the country 90% of its profits.

Oil production in Iran

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.

Iraq has the third largest oil reserves. The southern deposits of this country can produce up to 1.8 million black gold in just one day.

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

• tourism;
• timber extraction;
• gas sales;
• sale of other raw materials.

Indonesia as part of OPEC countries

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, states with rich oil reserves have only one option - to diversify the economy as quickly as possible. This happens due to the development of new technologies that help save resources.

Organization policy

In addition to the goal of unifying and coordinating oil policy, the organization has an equally priority task - to stimulate economical and regular supplies of goods by members to those states that are consumers. Another important goal is to achieve a fair return on capital. This is relevant for those who actively invest in industry.

The main governing bodies of OPEC include:

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

Meetings between 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 is to develop a clear plan to stabilize the situation. The third purpose of the meeting is to forecast the situation.

Meeting of OPEC member countries

The organization’s forecast 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 maintained at $40-50 per barrel. At the same time, representatives of these states did not rule out that prices could rise to $60. This could only happen if China’s economy grew intensively.

Judging by the latest information, the plans of the management of this organization have no desire to reduce the amount of oil products produced. Also, OPEC has no plans to interfere in the activities of international markets. According to the organization's management, it is necessary to give the international market a chance to regulate itself.

Today, oil prices are close to a critical point. But the market situation is such that prices can either rapidly fall or rise.

Attempts to resolve the situation

Falling oil prices

After the start of another economic crisis that gripped the whole world, OPEC countries decided to meet in December 2015. Before this, 12 states met in June 2015, 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 organization’s experts at the end of 2015, the crisis will not affect only Qatar. In 2016, the price of Brent oil was about $60 per barrel.

Price policy

Today the situation for the OPEC participants themselves is as follows:

1. Iran - the price that ensures a deficit-free state budget is $87 (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 held in December 2015, Venezuela made a proposal to reduce current oil production to 5 percent. This information has not yet been confirmed.

Saudi Arabian Oil Minister Ali al-Naimi

The situation within the organization itself can be called critical. A year of significantly lower prices for black gold has hit the OPEC countries hard in the pocket. According to some estimates, the total income of member states could drop to $550 billion per year. The previous five-year plan showed much higher indicators. Then the annual income of these countries is 1 trillion. US dollars.

Extraordinary meeting

According to Iran's Oil Minister, existing problem can only be solved in the long term.

In February 2016, a decision was made to hold another meeting. The initiative was taken by six OPEC members:

The Russian Federation and Oman were also supposed to take part in the discussion. The objective of the extraordinary meeting was to conclude an agreement that would suit all participants of the 2016 meeting.

OPEC meeting in Vienna

One of the largest oil exporters, Saudi Arabia, did not hide the fact that it was not going to discuss lowering production with other OPEC members and “observers.” Iran also plans to significantly increase its production volumes. Today this state declares that its plans are to increase the volume to 500 thousand barrels/day.

On November 30, 2017, a new meeting of the member countries of the organization was held. Unfortunately, it was again impossible to accept the agreement. According to experts, the situation with oil prices in 2017 and 2018 will not stabilize.

Finally

OPEC headquarters building in Vienna

In 2018, members of the organization will adhere to the traditional course. Presumably, some restrictions are planned. But the hypothetical “sanctions” will most likely be symbolic. This is because countries will not comply with the proposed restrictions.

Which countries are part of OPEC?

OPEC headquarters.

OPEC countries - Algeria
Petroleum, crude oil and natural gas, manufactures

OPEC countries - Indonesia
Petroleum, tin, natural gas, nickel, timber, bauxite, copper, fertile soils, coal, gold, silver

OPEC countries - Iran
Petroleum, natural gas, carpets, iron and steel

OPEC countries - Iraq
Crude petroleum, oil commodities

OPEC countries - Kuwait
Petroleum, petroleum products, oil commodities

OPEC countries - Libya
Mineral fuels, crude oil

OPEC countries - Nigeria
Crude oil, petroleum products, oil commodities, heating oil

OPEC countries - Qatar
Crude oil, petroleum products, heating oil, oil commodities

OPEC countries - Saudi Arabia

OPEC countries - UAE
Crude oil and refined petroleum, oil commodities

OPEC countries - Venezuela
Mineral products (mainly petroleum and iron ore), petrochemicals

The Organization of the Petroleum Exporting Countries, abbreviated as OPEC, (English 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 this organization are countries whose economies largely depend on revenues from oil exports.

OPEC, as a permanent non-governmental organization, was created 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 countries that founded the organization were later joined by nine more: Qatar (1961), Indonesia (1962), Libya (1962), United 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 composition that occurred in 2007: the emergence of a new member of the organization - Angola and the return of Ecuador to the fold of the organization.
OPEC headquarters.

OPEC's headquarters were initially located in Geneva (Switzerland), then moved to Vienna (Austria) on September 1, 1965.

The goal of OPEC is to coordinate activities and develop a common policy regarding oil production among the member countries of the organization, maintaining stable oil prices, ensuring stable supplies of oil to consumers, and obtaining returns from investments in the oil industry.

The energy and oil ministers of OPEC member states meet twice a year to assess the international oil market and forecast its development for the future. At these meetings, decisions are made on the actions that need to be taken to stabilize the market. Decisions on changes in oil production volumes in accordance with changes in market demand are made at OPEC conferences.

OPEC member countries control about 2/3 of the world's oil reserves. They account for 40% of world production or half of world oil exports. Peak oil has not yet been passed only by OPEC countries and Russia (among the major exporters).

OPEC is international intergovernmental, created by oil-producing powers in order to stabilize oil prices. Members of this companies are countries, whose economy largely depends on export revenues black gold. OPEC as a permanent firm was created at a conference in Baghdad on September 10-14, 1960. Initially, the company included Iran, Iraq, Kuwait, and the Republic of Venezuela (the initiator of the creation). To these five countries, who founded the company, later nine more joined: Qatar (1961), Indonesia (1962-2008, withdrew on November 1, 2008 OPEC), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), (1973-1992, 2007), Gabon (1975-1994), Angola (2007).

Currently, OPEC has 12 members, taking into account the composition changes that occurred in 2007: the emergence of a new member of the company - Angola and the repatriation of Ecuador to the fold. In 2008, Russia announced its readiness to become a permanent observer in the cartel.

OPEC headquarters.

The headquarters was initially located in Geneva (), then on September 1, 1965 it moved to Vienna (Austria). The goal of OPEC is to coordinate activities and develop a common policy regarding oil production among the member countries of the company, maintaining stable prices on oil, ensuring a stable supply of black gold to consumers, obtaining returns from investments in the oil industry. The ministers of energy and black gold of OPEC member states meet twice a year to assess the international black gold market and forecast its development for the future. At these meetings, decisions are made on the actions that need to be taken to stabilize market. Decisions about volume changes oil production in accordance with changes in demand for market adopted at OPEC conferences. OPEC member countries control about 2/3 of the world's petroleum product reserves. They account for 40% of global production or half of the world's exporting black gold. The peak of black gold has not yet been passed only by OPEC countries and Canada (among the major exporters). IN Russian Federation The peak of black gold was passed in 1988.

OPEC details

Intergovernmental firms of countries producing and exporting raw materials were created intensively in the 60s at the initiative of developing countries supplying raw materials in order to strengthen national control over natural resources and stabilization prices in commodity markets. Commodity associations are intended to become a counterbalance to the existing system of consumer companies in commodity markets in order to eliminate the situation in which Western countries receive unilateral advantages due to the cartelization of buyer markets. Some associations were subsequently joined by individual developed countries exporting relevant types of raw materials. Currently, there are interstate associations of exporters of black gold, cuprum, bauxite, iron ore, mercury, tungsten, tin, silver, phosphates, natural rubber, tropical wood, leather, coconut products, jute, cotton, black pepper, cocoa beans, tea, sugar, bananas, peanuts, citrus fruits, meat and oilseeds. Product associations account for approximately 20% of the world's exporting and about 55% supplies only industrial raw materials and food. The share of commodity associations in production and foreign trade for individual raw materials is 80-90. The economic prerequisites for the creation of product associations were: the emergence on the world market of a significant number of independent suppliers and strengthening of their suppliers; concentration of export potential for many types of raw materials in a small number of countries; high share of developing countries in world exports of relevant goods and comparable levels of production costs and quality of supplied raw materials; low short-term price elasticity of demand for many raw materials combined with low price elasticity of supply outside associations, in which price increases do not immediately lead to an increase in the production of this or alternative raw materials in countries not included in the relevant association.

The objectives of the activities of product associations are: coordination politicians member countries in the field of commodities; developing ways and methods to protect their trade interests; promoting the expansion of consumption of certain types of raw materials in importing countries; making collective efforts to create a national processing industry, joint ventures and firms for processing, transportation and sales exported raw materials; establishing control over the operations of TNCs; expanding the participation of national firms of developing countries in processing and sales raw materials: establishing direct connections between producers and consumers raw materials; preventing sharp drops in prices raw materials; simplification and standardization of trade transactions and the necessary documentation; carrying out activities to expand demand for commodities. There is wide variation in the performance of product associations. This is due to: the unequal importance of individual raw materials for the world economy and the economy of individual countries; specific features of a natural, technical and economic nature characteristic of specific raw materials; the degree of control of the association over resources, production and foreign trade of the relevant type of raw material; the general economic potential of raw material supplier organizations.

suppliers b a number of interstate associations of enterprises is made difficult due to the wide geographical dispersion of the production of individual raw materials ( iron ore, cupruma, silver, bauxite, phosphates, meat, sugar, citrus fruits). It is also important that the regulation of the markets for coffee, sugar, natural rubber, tin carried out primarily within the framework of international commodity agreements with the participation of importing countries of the agreed goods. A small number of associations have a real impact on product market regulation. The greatest successes were achieved almost exclusively by OPEC members (black gold exporting countries), which was facilitated by such favorable factors as the peculiarity of black gold as a basic raw material product; the concentration of its production in a small number develops a high degree of dependence of developed countries on the import of black gold; interest of TNCs in rising prices for . As a result of the efforts of the OPEC countries, the level of oil prices was significantly increased, a new system of lease payments was introduced, and the terms of agreements on the exploitation of their oil were revised in favor of developing countries. natural resources Western companies. OPEC in modern conditions has a significant impact on the regulation of the world black gold market by setting prices for it. The Arab member countries of OAPEC (Arab black gold exporting countries) have achieved some success in creating, on a collective basis, a network of companies in the field of exploration, production, processing, transportation of black gold and petroleum products, and financing of various projects in the raw materials sector of the economies of the participating countries. The extent of the influence of commodity associations operating in metal markets on international trade in these goods has so far been quite limited. If the task of establishing control over national natural resources, reducing dependence on Trans National Corporations, establishing deeper processing of raw materials and marketing products on their own, they are generally more or less successful, then attempts to establish fair prices and coordinate the market politicians in most cases they turned out to be ineffective. The main reasons for this are the following: a heterogeneous composition of participants (many associations include developed countries along with developing countries), which leads to serious contradictions between states with different interests; the advisory rather than binding nature of decisions, mainly due to the opposition policies of developed countries or those in the sphere of influence of TNCs in developing countries; incomplete involvement in the associations of the main producers and exporters of raw materials and, accordingly, an insufficiently high share of participating countries in world production and exports; the limited nature of the stabilization mechanism used (in particular, only MABS makes attempts to establish minimum prices for aluminum).

The vast majority of activities carried out by associations on peanuts, peppers, coconuts and their products, tropical timber, cupruma and phosphates, concerns the solution of internal economic problems in the production and processing of these types of raw materials. This orientation in the activities of these organizations is explained by specific economic conditions. We are talking about a relatively favorable development of the situation on the relevant world markets for exporters; about fears of increasing competition from substitutes; about the reluctance of some participants to interfere in international trade data goods; about strong opposition from Western companies. An example is the work of the Asia-Pacific Coconut Community. The members of this company adopted a long-term program for the development of national coconut farms, diversification of exports of coconut products. In conditions of favorable global market conditions, this allowed the association members to transform the corresponding industry Agriculture into a significant source of export earnings and strengthen its foreign economic position. The rest of the commodity associations exist mainly formally, which is explained mainly by difficulties of an organizational nature, the divergence of interests of the main exporters and the extremely unfavorable situation for them market conditions world market. OPEC definition. OPEC (Organization of the petrolium exporting countries) is a voluntary intergovernmental economic firm whose task and main goal is to coordinate and unify the oil policies of its member states. OPEC is looking for ways to ensure stabilization of prices for petroleum products in the global and international oil markets in order to avoid fluctuations in oil prices that have harmful consequences for OPEC member states. The main goal is also return member states of their investment capital in oil production industry industry with receipt arrived.

OPEC in the 1960-1970s:

Way to success

The company was established in 1960 by Iran, Iraq, Kuwait, Saudi Arabia And Republic of Venezuela to coordinate their relations with Western oil refining companies. As an international economic company, OPEC was registered with the UN on September 6, 1962. OPEC was later joined by Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador(1973, withdrew from OPEC in 1992) and Gabon (1975, withdrew in 1996). As a result, OPEC united 13 countries (Table 1) and became one of the main participants in the global black gold market.

The creation of OPEC was caused by the desire of countries exporting black gold to coordinate efforts to prevent a decline in world oil prices. The reason for the formation of OPEC was the actions of the “Seven Sisters” - a global cartel that united the organizations British Petroleum, Chevron, Exxon, Gulf, Mobil, Royal Dutch Shell and Texaco. These firms, which controlled the processing of crude black gold and the sale of petroleum products throughout the world, unilaterally reduced the purchase prices for oil, based on which they paid income taxes. taxes and (rents) for the right to develop natural resources to oil-producing countries. In the 1960s there was a surplus in world markets offer black gold, and the original purpose of creating OPEC was an agreed limitation earth oil extraction just to stabilize prices. In the 1970s, under the influence of the rapid development of transport and the construction of thermal power plants, world oil prices increased sharply. Now oil-producing countries could coordinately increase rent payments from oil producers, significantly increasing their income from the export of black gold. At the same time, artificial containment of oil production volumes led to an increase in world prices

In 1973-1974, OPEC managed to achieve a sharp increase in world oil prices by 4 times, and in 1979 - by another 2 times. The formal reason for inflating prices was the Arab-Israeli war 1973: demonstrating solidarity in the fight against Israel and its allies, OPEC countries for some time stopped shipping black gold to them altogether. Due to the “oil shock,” 1973-1975 turned out to be the most severe global economic collapse since World War II. Having formed and strengthened in the fight against the Seven Sisters oil cartel, OPEC itself has become the strongest cartel in the world black gold market. By the early 1970s, its members accounted for approximately 80% of proven reserves, 60% of production and 90% of black gold exports in non-socialist countries.

The second half of the 1970s was the peak of OPEC's economic prosperity: demand oil prices remained high, soaring prices brought enormous arrived black gold exporting countries. It seemed as if this prosperity would last for many decades.

The economic success of the OPEC countries had a strong ideological significance: it seemed that the developing countries of the “poor South” had managed to achieve a turning point in the fight against developed countries"rich North". The success of OPEC coincided with the rise of Islamic fundamentalism in many Arab countries, which further increased the status of these countries as new strength world geoeconomics and geopolitics. Realizing itself as a representative of the “third world,” in 1976 OPEC organized the OPEC International Development Fund, a financial institution that provides assistance to developing countries that are not members of OPEC.

The success of this mergers of enterprises prompted other third world countries exporting primary goods (bauxite, etc.) to try to use their experience, also coordinating their actions to increase income. However, these attempts were usually unsuccessful, since other commodities were not in such high demand as oil.

OPEC in the 1980s-1990s

Weakening trend

OPEC's economic success, however, was not very sustainable. In the mid-1980s, world oil prices fell by almost half (Fig. 1), sharply reducing income OPEC countries from “petrodollars” (Fig. 2) and burying hopes for long-term prosperity.

4. Environmental protection in the interests of current and future generations.

5. cooperation with non-OPEC countries in order to implement initiatives to stabilize the global black gold market.

Prospects for the development of OPEC in the 21st century

Despite the difficulties of control, oil prices remained relatively stable throughout the 1990s compared with the fluctuations they experienced in the 1980s. Moreover, since 1999, oil prices have gone up again. The main reason for the change in trend was OPEC's initiatives to limit oil production, supported by other large oil-producing countries that have observer status in OPEC (Russia, Mexico, Norway, Oman). Current world oil prices reached a historical high in 2005, exceeding $60 per barrel. However, adjusted for inflation, they still remain below the level of 1979-1980, when in modern terms they exceeded $80, although they exceed the level of 1974, when the price was $53 in modern terms.

The prospects for OPEC's development remain uncertain. Some believe that the company managed to overcome a crisis second half of the 1980s - early 1990s. Of course, it will not regain its former economic strength as in the 1970s, but overall, OPEC still has favorable opportunities for development. Other analysts believe that OPEC countries are unlikely to be able to adhere to established oil production quotas and clear unified policies for a long time. An important factor in the uncertainty of OPEC's prospects is associated with the uncertainty of the development paths of global energy as such. If serious progress is achieved in the use of new energy sources (solar energy, nuclear energy, etc.), then the role of black gold in global economy will decrease, which will lead to a weakening of OPEC. Official forecasts However, most often they predict the preservation of black gold as the main energy resource of the planet for the coming decades. According to a report by the International Energy forecast- 2004, prepared by the Information Directorate of the Ministry of Energy USA, demand oil prices will increase, so that with existing reserves of petroleum products, oil fields will be depleted by about 2050. Another factor of uncertainty is the geopolitical situation on the planet. OPEC emerged in a situation of relative balance of power between the capitalist powers and the countries of the socialist camp. However, these days the world has become more unipolar, but less stable. On the one hand, many analysts they fear that the United States, as the “global policeman,” may begin to use force against those who pursue economic policies that do not coincide with American interests. Events in Iraq in the 2000s show that these predictions are justified. On the other hand, the rise of Islamic fundamentalism could increase political instability in the Middle East, which would also weaken OPEC. Since Russia is the largest oil-exporting country that is not part of OPEC, the issue of our country joining this company is periodically discussed. However, experts point to the divergence of strategic interests of OPEC and the Russian Federation, which is more profitable to remain an independently active force in the black gold market.

Consequences of OPEC's activities

The high incomes received by OPEC countries from oil exports have a dual impact on them. On the one hand, many of them manage to improve the living standards of their citizens. On the other hand, “petrodollars” can become a factor slowing down economic development.

Among the OPEC countries, even the richest in black gold (Table 4), there is not a single one that has managed to become sufficiently developed and modern. Three Arab countries - Saudi Arabia, the UAE and Kuwait - can be called rich, but cannot be called developed. An indicator of their relative backwardness is at least the fact that all three still maintain monarchical regimes of the feudal type. Libya, the Republic of Venezuela and Iran are at approximately the same low level of prosperity as Russia. Two more countries, Iraq and Nigeria, should be considered by world standards not just poor, but very poor.

OPEC membership

Only the founding states and those countries whose applications for admission were approved by OPEC's highest body, the Conference, can be full members of OPEC. Any other country with significant crude oil exploitation and interests fundamentally similar to those of OPEC member countries may become a full member, provided its admission is approved by a three-quarters majority vote, including the votes of all founding members. Associate member status cannot be granted to any country that does not have interests and goals that are fundamentally similar to the interests of OPEC member states.” Thus, in accordance with the OPEC Charter, there are three categories of member states: Founder-members of the company that took part in the 1960 Baghdad meeting and who signed the original agreement establishing OPEC; Full Members (Founders plus those countries whose application for membership was confirmed by the conference); Associate members, who do not have full membership, but under certain circumstances may participate in the OPEC conference.

Functioning of OPEC

Representatives of member states meet at the OPEC conference to coordinate and unify the policies of their countries and develop a common position in international markets. They are supported by the OPEC Secretariat, managed by the Board of Directors and headed by Secretary General, Economic Commission, Interministerial Monitoring Committee.

Representatives of member states discuss specific situation bulletins and forecasts for the development of the fuel market (for example, growth in economic prices or innovative changes in the fuel industry). After that, they discuss their next steps in the field of oil policy. As a rule, all this comes down to lowering or increasing oil production quotas or establishing equal oil prices.

Black gold production quota. The influence of OPEC on the world market. OPEC oil reserves

OPEC's charter requires the company to promote stability and prosperity for its members in the global oil market. OPEC coordinates the production policies of its members. One of the ways of such a policy is to establish quotas for the sale of black gold. In case the requirements consumers black gold prices are growing, and the market cannot be saturated, it is necessary to increase the level of oil production, for which a higher quota is established. Legally, raising the quota is only possible in the event of a rapid rise in oil prices in order to avoid a crisis similar to the crisis of 1978, when oil prices quadrupled. A similar measure is provided for in the charter in the event of a rapid drop in prices. OPEC is very involved in global trade and its leadership is aware of the need to radically reform the system international trade. Back in 1975, OPEC called for the creation of a new economic order based on mutual understanding, justice, aimed at achieving the well-being of all peoples of the world. OPEC is also prepared for an oil crisis - there is an OPEC oil reserve fund, which amounted to 801.998 million barrels at the end of 1999, which is 76% of the world's reserves of oil and petroleum products.

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

Conference. The highest body of OPEC is conference, consisting of delegations (up to two delegates, advisers, observers) representing member states. Typically, delegations are headed by ministers of black gold, mining or energy. Meetings are held twice a year (but there are also extraordinary meetings and meetings if necessary), usually at the headquarters in Vienna. determines the main directions of OPEC policy, and also makes decisions on the budget and reports and recommendations presented by the Council managers. The conference also elects a president, whose post he holds until the next meeting, approves the appointment of members of the Council managers, appoints the chairman and deputy chairman of the council, Secretary General, deputy Secretary General and the auditor. To make decisions (except for procedural issues), they must be unanimously approved by all full members (the right of veto applies and there is no right of constructive abstention). The conference also decides on the entry of new members. Board of Governors. The board of managers can be compared to the board of directors in a business enterprise or corporations.

In accordance with Article 20 of the OPEC Charter, the Board of Governors performs the following functions:

management of the company’s affairs and implementation of conference decisions;

consideration and resolution of issues raised by the Secretary General;

compilation budget company, submitting it for approval by the Conference and its execution;

Appointment of an Auditor of the company for a period of up to one year;

Review of the Auditor's reports and his reports;

Preparation of draft decisions for the Conference;

Convening extraordinary meetings of the Conference;

Economic Commission. The Economic Commission is a specialized structural unit of OPEC operating within the Secretariat, whose task is to assist the company in stabilizing the oil market. The Commission consists of the Commission Council, national representatives, the Commission Headquarters, the Commission Coordinator, who is ex-officio the director of the research department.

Interministerial Monitoring Committee. The Inter-Ministerial Monitoring Committee was founded in March 1982 at the 63rd (extraordinary) meeting of the conference. The Inter-Ministerial Monitoring Committee is chaired by the Conference President and includes all heads of delegation to the Conference. The Committee monitors (annually statistics) the situation and proposes actions to the conference to solve relevant problems. The committee meets annually, and, as a rule, precedes the meetings of the Conference participants. There is also a subcommittee on statistics within the Committee, established at the ninth meeting of the Committee in 1993.

OPEC Secretariat. The OPEC Secretariat functions as its headquarters. He is responsible for carrying out the executive functions of the firm in accordance with the provisions of the OPEC Charter and the orders of the Board of Governors.

The Secretariat consists of the Secretary General and his administration, the Research Department, the Information Department, the Academic Institute of Energy Management, the Oil Market Analysis Department, the Human Resources Department, the Public Relations Department, and the Legal Department.

Multilateral and bilateral OPEC assistance institutions and trust USD - CAD OPEC, multilateral institutions OPEC assistance:

1.Arab General Directorate of Agricultural Investment and Development (Sudan)

2.Gulf Arab States Program for UN Development Organizations (Saudi Arabia)

3. Arab Monetary Fund (United Arab Emirates)

4. Arab Fund for Economic and social development(Kuwait)

5.Arab Trade Finance Program (United Arab Emirates)

The small share of oil money exported to developing countries is explained by the fact that, despite the higher profitability of foreign investment than in the West, these countries do not have a developed economic, and in particular financial, infrastructure that is sufficiently capacious to absorb such a quantity of funds by national and international financial markets. The lack of political stability and sufficient guarantees for foreign capital no less prevents the flow of petrodollars within the developing world.

Some OPEC members provided economic assistance even before the oil crisis. However, its relative scale was insignificant, and more than half of the funds went to Arab countries. In 1970-1973, countries opposing Israeli aggression received $400 million annually in economic assistance from Saudi Arabia, Kuwait and Libya.

The sharp, multidirectional change in the economic situation of oil exporters and other developing countries has led to the emergence of a new large source of assistance. Of the $42 billion provided to the developing world in 1975, 15% went to OPEC member countries. After the rise in oil prices in 1973-1974, 10 of the 13 OPEC member countries began to provide assistance.

Assistance from OPEC member states provided to developing countries on preferential terms

(millions of dollars)

Official concessional or development aid accounts for 70-80% of OPEC's commitments to other developing countries. As a rule, more than 70% of these funds are provided free of charge, and the rest is on a zero or low interest basis.

As the table shows, the bulk of concessional aid is provided by sparsely populated Gulf countries. These countries also have a large share of aid in their GNP, and this applies to both pure outflows and aid on preferential terms. True, in the politics of Kuwait, in contrast to other Arab monarchies, a tendency has emerged towards preferring the provision of loans at the world average or higher interest rates (9-11%), which accordingly affects the aid structure of that country.

Among the remaining OPEC member countries, the largest borrowers are Iran, Libya and the Republic of Venezuela. Lenders such as the Republic of Venezuela and Iran provided loans primarily on commercial terms. It seems that in the future, the Republic of Venezuela and Qatar, due to the expansion of development financing programs (and due to a lack of funds for internal needs), may reduce or completely stop providing assistance. The share of aid in the GNP of OPEC participants decreased from 2.71% in 1975 to 1.28% in 1979. For the Gulf countries this figure averages 3-5%. It should be noted that developed capitalist countries provide significantly less of their national product. In general, the transfer of financial resources (loans, subsidies, capital investments, etc.) exceeded the volume of assistance and was at the level of 7-9 billion dollars annually in the 70s. It should also be added that a certain channel for the flow of OPEC funds to developing countries is the Eurocurrency market.

OPEC member countries provide assistance primarily through bilateral or regional relations. Some of the funds flow to developing countries through the mediation of the IMF and the World Bank.

OPEC Greed

If producers keep prices high despite falling demand, the world will be able to end its dependence on fossil fuels surprisingly quickly.

Announcements about the resumption of economic growth that were made last week in Japan, France and Germany, and soon to be expected in England and America, may also signal the end of the Great Recession of 2007-09, although this was achieved with great difficulty. This month, however, we may be getting a signal of the beginning of the end of something more historic and significant: the oil age.

Given how bleak the world looked at the start of this year, this rapid return to growth is quite remarkable. But what is even more remarkable is that the world is emerging from such powerful financial turmoil with the main fuel - black gold - the price of which is almost 70 dollars per barrel, which is seven times higher than ten years ago and double the March level.

That is, the recovery is even faster than we think, and oil prices are rising again? Not at all. It is believed that this is a rather opaque market, and the amount of petroleum product reserves is a state secret in many countries. However analysts Banc of America Securities-Merrill Lynch estimates that in the second quarter of this year, global oil demand is three million barrels per day lower than at the beginning of 2008. They do not expect it to return to that level any sooner than in 2011

No, the explanation for this rise in oil prices (and therefore in ) which could harm the economic recovery lies on the supply side. As well as an explanation of the prospects for a further increase in prices up to sky-high 147 dollars per barrel, as in July 2008, and beyond.

At this point in the analysis, pessimists turn to the concept of "peak black gold" (or, as real oil analyst nerds would say, "peak Hubbert"). The point is that the planet's oil reserves are approaching the point when the volume of production at the fields will begin to decline (and, according to some, they have already reached this point). Don't pay any attention to them. There is plenty of black gold in the world. There is not enough investment in deposits and production. And the reason for this is a four-letter word: OPEC.

To keep prices high, the cartel of oil-producing countries has deliberately cut production by almost five million barrels per day, more than the decline in global demand. OPEC countries account for only about 35 percent global supply, but Russia, which is not a member of OPEC, provides another 11.5 percent and assists them. Moreover, the Gulf states, which dominate OPEC, have the largest reserves at the lowest production costs, making them the easiest to turn the valves on and off.

In the early years of this decade, Saudi Arabia, the leader of OPEC, often said that its ideal price would be $20-25 per barrel. Now they are talking about 70-75 dollars. The key is that the OPEC nationalists and Russian extortionists have blocked the big Western oil companies from developing their oil fields according to their desires, pushing them towards other fields that require much larger investments. There's even up to financial crisis was slow as an unexpected boom in development and expansion pushed up costs for talent and equipment. After the start financial crisis it decreased sharply.

If prices remain high, this should change in the next ten years. A major shelf discovery was made, and Angola demonstrated how rapid development can be. In seven years, it has tripled its oil production, joined OPEC and is now vying with Nigeria to be the largest oil-producing country in sub-Saharan Africa - and thus the leading black-gold-rich but dysfunctional economy. That is why US Secretary of State Hillary Clinton put aside sentimentality about human rights and visited Angola during her African tour, so that they would not finally become friends with China.

However, if OPEC continues to abuse its influence and keep prices abnormally high, something even more important will happen by the time non-OPEC production increases. In the 1970s, Saudi Arabia's oil minister, Zaki Yamani, famous for his aphorisms, said these remarkable words: "The Stone Age did not end because the world ran out of stones. Likewise, the Oil Age will not end because we ran out of oil." It will end when consumers can no longer tolerate the greed of oil-producing countries and begin to develop a replacement for black gold. Arabs should see a warning sign in the fact that the first product unveiled by Fritz Henderson, boss of the freshly bankrupt (and quasi-nationalized) General Motors concern, is the Chevrolet Volt hybrid, which is said to be able to travel 230 miles per gallon of gasoline. They may view this as little more than a political move as governments around the world ramp up their stimulus packages. green tint, giving subsidies to anyone who claims to develop cleaner technologies. However, here's what they need to remember. When the oil shocks of the 1970s hit Japan second blow after the sharp revaluation of the yen, its government and industry switched from the production of cheap junk cars to the creation of semiconductors, consumer electronics and small cars cars- and in just ten years they became leaders in these areas.

This time, scientists and engineers around the world are once again struggling to achieve a similar transformation - but nowhere are these efforts more evident than in China, the world's second-largest buyer of black gold. There, politicians are fully aware of the need for currency revaluation, which will hit producers of cheap products that do not use energy-saving technologies, and the need to protect the environment is extremely pressing.

In addition, dozens of governments are eager to present their green credentials at the Copenhagen climate change summit this December, promising to curb carbon dioxide emissions, which come mainly from coal and oil, and seeking to plug fiscal holes with tax revenues. And the fuel tax seems to them to be an extremely successful solution.

Conventional forecasts, based on extrapolation of past trends, do not foresee a significant role for electric vehicles or fossil fuel power plants in the next 20-30 years. However, imagine the effect that oil at $100-$200 a barrel would have on hundreds of thousands of Chinese (Japanese, European and American) scientists seeking to make progress in the field of solar energy and hybrid cars what has been done over the past decade in the field of mobile phones and computers.

Then the usual forecasts, as always, will turn out to be wrong. The oil age that began a hundred years ago in America will come to an end.

OPEC basket

The term “basket” OPEC (organization of the countries-exporters of oil oil basket or, more precisely, organization of the countries-exporters of oil (OPEC) Reference Basket)- was officially introduced on January 1, 1987. Its price value is the arithmetic average of physical prices for the following 13 types of oil (the new composition of the basket was determined on June 16, 2005).

Average annual prices of the OPEC basket (in US dollars)

The price of the OPEC oil “basket” reached its highest value in more than two and a half weeks

The price of the OPEC oil “basket” reached its highest value in more than two and a half weeks. As of the end of the trading day on August 24, the OPEC “basket” rose in price by 62 cents, and its price officially amounted to $72.89 per barrel. - the highest figure since August 6.

Let us remind you that above the level of 72 dollars per barrel. The price of the “basket” has been maintained for three trading days in a row - since August 20.

The OPEC oil “basket” (organization of the countries-exporters of oil Reference Basket of crudes) is the aggregate arithmetic average of the price of black gold supplied to the world market by OPEC countries. Since January 2009 The “basket” is represented by the following 12 oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Republic of Venezuela), RBC reports.

Sources Dizionario italiano Hrvatski jezični portal

OPEC- [o:pɛk], die; = Organization of the Petroleum Exporting Countries (Organisation der Erdöl exportierenden Länder) … Die deutsche Rechtschreibung

OPEC- ABBREVIATION ▪ Organization of the Petroleum Exporting Countries … English terms dictionary

The implementation of international commodity agreements regulating activities in certain market segments is carried out by International Commodity Organizations (ICOs) in the form of:

• International organizations;
• International Councils;
• International Advisory Committees;
• International Research Groups (IRGs).

All of these institutes are engaged in studying the state of world commodity markets, namely: the current relationship between supply and demand for specific raw materials, the dynamics of prices and conditions.

Currently operating International councils By olive oil, tin, grain.

MIGs apply to rubber, lead and zinc, and copper.

There is an International Cotton Advisory Committee and a Tungsten Committee.

Iran has the second largest oil reserves after Saudi Arabia (18 billion tons) and occupies 5.5% of the global oil products trading market. Particular attention is paid to economic diversification through the development of precision engineering, automotive engineering, the rocket and space industry, and information technology.

A major oil exporter is Kuwait. Oil production provides 50% of Kuwait's GDP, its share in the country's exports is 90%. The country also has developed oil refining and petrochemicals, the production of building materials, fertilizers, the food industry, and pearl mining. Sea water is desalinated. Fertilizers constitute an important part of the country's exports.

Iraq has the second largest oil reserves in the world. Iraqi state-owned companies North Oil Company and South Oil Company have a monopoly on the development of local oil fields. Iraq's southern fields, managed by SOC, produce about 1.8 million barrels of oil per day, accounting for almost 90% of all oil produced in Iraq.

Thus, Most OPEC countries are deeply dependent on the income of their oil industry. Perhaps the only exception among the member countries of the organization is Indonesia, which receives significant income from tourism, timber, gas and other raw materials. For the remaining OPEC countries, the level of dependence on oil exports ranges from a low of 48% in the case of the United Arab Emirates to 97% in Nigeria.

During a crisis, the strategic path for countries dependent on oil exports is to diversify their economies through the development of the latest resource-saving technologies.

An abbreviation such as OPEC appears in the media every now and then. The goals of this organization are to regulate the black gold market. The structure is a fairly important player on the world stage. But is everything really so rosy? Some experts are of the opinion that it is OPEC members who control the situation on the “black gold” market. However, others believe that the organization is just a cover and a “doll” that can be manipulated more powerful powers They are only strengthening their power.

Well-Known Facts

It is the Organization of the Petroleum Exporting Countries that has the designation OPEC. A more accurate decoding of the name of this structure is English language sounds like Organization of Petroleum Exporting Countries. The essence of the structure’s activities is that it allows states where the fundamental sector of the economy is the extraction of black gold to influence the petroleum products market. That is, one of the main tasks of the organization is to establish the cost per barrel that is beneficial to major market players.

Members of the association

Currently, thirteen countries are members of OPEC. They have only one thing in common - the presence of deposits of flammable liquid. The main members of the organization are Iran, Iraq, Qatar, Venezuela and Saudi Arabia. The latter has the greatest authority and influence in the community. Among the Latin American powers, the representative of this structure, in addition to Venezuela, is Ecuador. The hottest continent included the following OPEC countries:

• Algeria;
• Nigeria;
• Angola;
• Libya.

Over time, a couple more Middle Eastern states, such as Kuwait and the United Arab Emirates, accepted membership. However, despite this geography, the countries belonging to OPEC established their headquarters in the capital of Austria - Vienna. Today, it is these oil exporters who control forty percent of the total market.

Historical background

The history of the creation of OPEC begins with a meeting of world leaders in the export of black gold. These were five states. The place of their meeting was the capital of one of the powers - Baghdad. What prompted the countries to unite can be explained very simply. One of the factors influencing this process is the phenomenon of decolonization. Just at the time when the process was actively developing, the countries decided to get together. This happened in September 1960.

The meeting discussed ways to escape the control of global corporations. At that time, many lands that were dependent on the metropolises began to be liberated. Direction political regime and now they could set the economy on their own. Freedom of decision is what future OPEC members wanted to achieve. The goals of the nascent organization included stabilizing the cost of flammable substances and organizing its zone of influence in this market.

At that time, companies from the West occupied the most authoritative positions in the black gold market. These are Exxon, Chevron, Mobil. Exactly these largest corporations proposed to make the price per barrel an order of magnitude lower. They explained this by a combination of costs affecting oil rent. But since in those years the world did not particularly need oil, demand was lower than supply. Allow implementation this proposal the powers, from whose unification the Organization of Petroleum Exporting Countries would soon emerge, simply could not.

Growing sphere of influence

The first step was to settle all the formalities and organize the work of the structure according to the model. The first headquarters of OPEC was located in the capital of Switzerland - Geneva. But five years after the establishment of the organization, the Secretariat was moved to Vienna, Austria. Over the next three years, provisions were developed and formed that reflected the rights of OPEC members. All these principles were combined into a Declaration, which was adopted at the meeting. The main point document is to provide a detailed explanation of the capabilities of states in terms of control of national natural resources. The organization gained wide publicity. This attracted new members to join the structure, including Qatar, Libya, Indonesia and the United Arab Emirates. Later, another major oil exporter, Algeria, became interested in the organization.

OPEC headquarters transferred the right to control production to the governments of the countries included in the structure. This was the right move and determined that in the seventies of the last century, OPEC had a very large influence on the world black gold market. This is confirmed by the fact that the price per barrel of this flammable substance directly depended on the decision of this organization.

In 1976, the work of OPEC acquired new tasks. The goals have received a new direction - this is an orientation towards international development. The latter decision led to the creation of the OPEC Fund. The organization's policies have taken on a somewhat updated look. This led to several more states wanting to join OPEC - African Nigeria, Gabon and Latin American Ecuador.

The eighties brought destabilization to the work of the organization. This is due to falling prices for black gold, despite the fact that before this it reached its maximum levels. This led to the fact that the share of OPEC member countries in the world market decreased. According to analysts, this process has led to a deterioration in the economic situation in these countries, since this sector relies on the sale of this fuel.

The nineties

In the early nineties, the situation became reversed. The cost per barrel has increased and the organization's share of the global segment has also expanded. But there were also reasons for this. These include:

• introduction of a new component of economic policy - quotas;
• new pricing methodology - “OPEC basket”.

However, even this improvement did not satisfy the members of the organization. According to their forecasts, the rise in prices for black gold should have been an order of magnitude higher. An obstacle to achieving the expected was the unstable economic situation in the countries of Southeast Asia. The crisis lasted from ninety-eight to ninety-nine.

But at the same time, a significant advantage for states that exported oil was the development of the industrial sector. A huge number of new industries have appeared in the world, the resources of which were precisely this flammable substance. Intensive globalization processes and energy-intensive businesses also created conditions for rising prices per barrel of oil.

Some changes were also planned in the structure of the organization. Gabon and Ecuador, which suspended its work as part of the structure, was replaced by Russian Federation. Observer status for this largest exporter of black gold has become a significant plus for the authority of the organization.

New millennium

Constant economic fluctuations and crisis processes marked the new millennium for OPEC. Oil prices either fell to a minimum level or soared to sky-high figures. At first, the situation was quite stable, with smooth positive dynamics noted. In 2008, the organization renewed its composition, and Angola accepted membership. But in the same year, crisis factors sharply worsened the situation. This was manifested in the fact that the price per barrel of oil fell to the level of the year 2000.

Over the next two years, the price of black gold leveled off slightly. It has become as comfortable as possible for both exporters and buyers. In 2014, newly intensified crisis processes lowered the cost of flammable substances to a value that was zero. But, despite everything, OPEC steadfastly survives all the difficulties of the global economy and continues to influence the energy market.

Basic goals

Why was OPEC created? The organization's goals are to maintain and increase its current share in the global market. In addition, structure influences price setting. In general, these OPEC tasks were established when the organization was created and no significant changes in the direction of activity occurred. The same tasks can be called the mission of this association.

OPEC's current goals are:

• improvement of technical conditions to facilitate the extraction and transportation of black gold;
• expedient and effective investment of dividends received from the sale of oil.

The role of the organization in the global community

The structure is registered with the United Nations under the status of an intergovernmental organization. It was the UN that formed some of the functions of OPEC. The association has its say in resolving certain issues relating to the global economy, trade and society.

An annual meeting is held at which representatives from the governments of oil-exporting countries discuss the future direction of work and strategy for operating in the global market.

Now the states that are members of the organization are engaged in the production of sixty percent of the total volume of oil. According to analysts' calculations, this is not the maximum level they can reach. Only Venezuela is fully developing its storage facilities and selling its reserves. However, the association still cannot reach a consensus on this matter. Some believe that it is necessary to extract the maximum possible in order to prevent the United States from increasing its influence in the global energy market. According to others, an increase in production volumes only leads to an increase in supply. In this case, a decrease in demand will entail a decrease in prices for this combustible substance.

Organization structure

The main person of the organization is general secretary OPEC Mohamed Barkindo. This person is responsible for everything that the Conference of States Parties decides. At the same time, the Conference, convened twice a year, is the leading governing body. During their meetings, members of the association deal with the following issues:

• consideration of a new composition of participants - granting membership to any country is discussed jointly;
• personnel changes;
• financial aspects - budget development.

The development of the above problems is carried out by a specialized body called the Board of Governors. In addition to it, departments occupy their place in the structure of the organization, each of which studies a specific range of topics.

An important concept in organizing OPEC’s work is also the “price basket”. It is this definition that plays a key role in pricing policy. The meaning of the “basket” is very simple - it is the average value between the cost of flammable substances of different brands. The grade of oil is determined depending on the producing country and grade. Fuel is divided into “light” and “heavy”.

Quotas are also a lever of influence on the market. What are they? These are restrictions on the production of black gold per day. For example, if quotas are reduced, shortages arise. Demand begins to exceed supply. Accordingly, thanks to this, the price of a flammable substance can be increased.

Prospects for further development

The number of countries in OPEC does not mean that this composition is final. The abbreviation fully explains the goals and objectives of the organization. Many other states that are awaiting approval for membership want to follow the same policy.

Modern analysts believe that soon it will not be only oil exporting countries that will dictate terms on the energy market. Most likely, the direction in the future will be set by importers of black gold.

How comfortable the import conditions will be will determine the development of national economies. That is, if the industrial sector is developed in the states, this will cause stabilization of prices for black gold. But in the event that production requires excessive fuel consumption, there will be a gradual transition to alternative energy sources. Some businesses may simply be liquidated. This will cause prices per barrel of oil to decline. Thus, we can conclude that the most reasonable solution is to find a compromise between protecting one’s own national interests and those of oil exporting countries.

Other experts consider the situation that there will be no substitute product for a given flammable substance. This will significantly strengthen the influence of exporting states on the world stage. Thus, even despite the crisis and inflationary processes, the decline in prices will not be particularly significant. Despite the fact that some fields are developed quite slowly, demand will always exceed supply. This will also help these powers enjoy greater authority in the political sphere.

Problematic points

The main problem of the organization is the difference in the position of the participating countries. For example, Saudi Arabia (OPEC) has a low population density and at the same time huge deposits of “black gold”. Another feature of the country’s economy is investment from other countries. Saudi Arabia has established partnerships with Western companies. In contrast, there are countries that have enough a large number of residents, but at the same time low level economic development. And since any energy-related project requires large investments, the state is constantly in debt.

Another problem is that the profit received from the sale of black gold must be able to be distributed correctly. In the first years after the formation of OPEC, members of the organization spent money left and right, boasting of their wealth. Now this is considered bad manners, so funds have become spent more wisely.

Another issue that some countries are struggling with and which is one of the main challenges at the moment is technical backwardness. In some states there are still remnants of feudal system. Industrialization should have a great impact not only on the development of the energy industry, but also on the quality of life of people. Many enterprises in this area lack qualified workers.

But the main feature of all OPEC member countries, as well as the problem, is their dependence on black gold production.