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OPEC
OPEC
A Dictionary of Contemporary World History
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2004
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© A Dictionary of Contemporary World History 2004, originally published by Oxford University Press 2004. (Hide copyright information)
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OPEC (Organization of Petroleum Exporting Countries) Founded in 1960, it consists of the main Arabian oil-producing countries, as well as Indonesia, Nigeria, and Venezuela, largely to counter the influence of the large oil companies and to gain greater control over the price of oil. Following the
Yom Kippur War of 1973, the cartel quadrupled the price of oil and banned all oil exports to the USA and the Netherlands, in protest against the pro-Israeli attitudes of its main customers in general, and of these two countries in particular. In 1979, it managed to raise the price of oil and thus cause another worldwide recession, but since then its ability to keep oil prices high has vanished due to conflicts among its member states, such as the
Iran–Iraq War and the
Gulf War. It surprised many obervers with its success at pushing up the price of oil in 2000, but this did not lead to a major recession in the major Western capitalist economies.
http://www.opec.org
oil-price shock
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OPEC ministers likely to confront Venezuela about output at next meeting, source says.
Newspaper article from: The Oil Daily; 11/3/1995; ; 700+ words
; ...atmosphere is likely to be extremely tense when OPEC ministers gather in Vienna Nov. 21. Acrimonious...definition argument, though other key OPEC members are loath to discuss the semantics...are over, the industry source said. "OPEC is preparing to argue it out," he added...
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OPEC behaviour under falling prices: implications for cartel stability. (Organization of Petroleum Exporting Countries)
Magazine article from: The Energy Journal; 7/1/1990; ; 700+ words
; OPEC Behaviour Under Falling Prices: Implications...during the 1980s has raised the question of OPEC'S continued viability as a price-setting...1985) tests of alternative hypotheses about OPEC behaviour performed over a period of generally...
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OPEC Well Positioned to Benefit as Oil Demand Grows. (Originated from Knight-Ridder Financial via The Journal of Commerce)
Newspaper article from: Knight Ridder/Tribune Business News; 4/11/1994; ; 700+ words
; LONDON--Apr. 12--OPEC is in a good position to take advantage of rising demand...end of the century, most of which would be met from OPEC production. "Therefore the future for OPEC in terms of economic power is increasingly good...
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OPEC to Cut Oil Output by 3.5 Percent
News Wire article from: AP Online; 9/25/2003; ; 700+ words
; ...Dateline: VIENNA, Austria President of the OPEC conference and Minister of Energy and Industry...Abdullah bin Hamad Al Attiyah of Qatar and OPEC's Secretary General Alvaro Silva-Calderon...from left, wait for the start of the OPEC conference, on Wednesday, Sept. 24...
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Opec Works to Leave Production Ceiling Alone.(Organization of Petroleum Exporting Countries)(Brief Article)(Statistical Data Included)
Newspaper article from: The Oil Daily; 9/27/2001; 700+ words
; Opec Works to Leave Production Ceiling Alone Opec ministers were moving towards agreement late Wednesday to leave...formal announcement of the deal should emerge today, after Opec ministers spent most of Wednesday evening in protracted talks...
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Opec puts squeeze on free riders.(Organization of Petroleum Exporting Countries urges participation from non-member countries)(Brief Article)(Statistical Data Included)
Newspaper article from: Petroleum Intelligence Weekly; 11/19/2001; 700+ words
; ...since the Sep. 11 terrorist attacks, Opec has opted for a high-risk strategy to...burden of balancing the market by itself, Opec members are willing to accept lower prices...short term as a means of showing non-Opec producers that they must cooperate, too...
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Opec Takes Action to Rationalize Quotas.
Newspaper article from: The Oil Daily; 12/13/2002; 700+ words
; Opec Takes Action to Rationalize Quotas In a pre...supply ahead of a seasonal downturn in demand, Opec ministers on Thursday agreed to cut collective...new collective limit of 23 million b/d, Opec should be able to restore its credibility...
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Opec Puts Off Tough Decision Until September.(Brief Article)
Newspaper article from: The Oil Daily; 6/27/2002; 700+ words
; Opec Puts Off Tough Decision Until September By rubber-stamping production restraints, Opec on Wednesday again did what it does best...Oil Minister Ali Naimi, said they expected Opec to decide in September to raise the 21.7...
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OPEC frets as the gains go elsewhere. (Organization of Petroleum Exporting Countries)(MEED Special Report: Oil & Gas)
Magazine article from: MEED Middle East Economic Digest; 7/21/1995; ; 700+ words
; After a desultory meeting in June, OPEC oil ministers have five months to come...from their mid-year session was that OPEC wasn't sure where it is going next...for stopping the inexorable rise of non-OPEC output, which is now their main concern...
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Opec Members In No Hurry to Cool Price Rally.
Newspaper article from: The Oil Daily; 1/6/2004; ; 700+ words
; ...price is not the result of a supply shortage, Opec ministers will not rush to release more oil onto...of its $22-$28 per barrel target range, Opec delegates said Monday. In fact, the 11 Opec member countries are not even discussing what...
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OPEC (Organization of Petroleum Exporting Countries)
Encyclopedia entry from: Encyclopedia of Espionage, Intelligence, and Security
OPEC (Organization of Petroleum Exporting Countries...Organization of Petroleum Exporting Countries (OPEC) is a coalition of eleven nations that controls...the world's oil and natural gas exports. OPEC members are Algeria, Indonesia, Iran, Iraq...
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Organization of Petroleum Exporting Countries (OPEC)
Encyclopedia entry from: Encyclopedia of the Modern Middle East and North Africa
...ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) group formed in 1960 to protect economic...arose from the affected host governments. OPEC's Founding The first Arab Oil Congress...Organization of Petroleum Exporting Countries (OPEC) in September 1960. OPEC's first resolutions...
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Opec Oil Embargo
Encyclopedia entry from: Gale Encyclopedia of U.S. Economic History
OPEC OIL EMBARGO On October 17, 1973, Arab oil...Organization of Petroleum Exporting Countries (OPEC), enforced the embargo in response to the...Israel. In a gesture of support for Egypt OPEC curtailed oil exportation to countries that...
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OPEC
Book article from: A Dictionary of Contemporary World History
OPEC (Organization of Petroleum Exporting Countries) Founded in 1960, it consists of the main Arabian...this did not lead to a major recession in the major Western capitalist economies. http://www.opec.org oil-price shock
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OPEC Oil Embargo
Book article from: The Oxford Companion to United States History
OPEC Oil Embargo. See Ford, Gerald ; Foreign Relations: U.S. Relations with the Middle East .
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