OPEC (Organisation of Petroleum Exporting Countries)

When It was created, who are the members, why was it created, (where do they meet) - The Organisation of Petroleum Exporting Countries was founded in * It was created by 5 different countries. These 5 countries were Iraq, Kuwait, Saudi Arabia, Iran and Venezuela. - The fist meeting these 5 countries had was either in Cairo, 1959 or in Baghdad, September , These countries wanted to create this type of organisation because, up until the 1960’s oil companies had told producing companies how much hey would pay or oil to be extracted. This was a system which is known as ‘”posted prices”. - After OPEC was formed, the organisation began to demand a higher price for oil. - While this new organisation was undergo, 9 other countries, both that are Arab and Non- Arab, insisted that they would be apart of OPEC. These other 9 countries were: Algeria, Libya, Qatar, UAE, Indonesia, Nigeria, Ecuador and Gabon. All these countries meet regularly throughout each year in different locations.

What is its purposes, goals? - To stabilize oil prices in their effort to stabilize the geopolitical environment. - These countries wanted to create this type of organisation because, up until the 1960’s oil companies had told producing companies how much hey would pay or oil to be extracted. This was a system which is known as ‘”posted prices”. - After OPEC was formed, the organisation began to demand a higher price for oil. OPEC has other goals such as: -To keep supply curbs unchanged -There focus on stabilizing the world oil prices and encumber any sort of factor that could contribute towards fluctuation (rise and fall) in the worlds oil prices - increase production or decrease production, so the prices increase and decrease

Example of the goals -OPEC was formed to try and avoid getting involved with things like the global financial crisis. -The global financial crisis occurred in this event was triggered by a liquidity shortfall in the United States Banking System. - talk about how OPEC

Examples of what it does A few Examples of what OPEC does are: -being responsible for holding two-thirds of the worlds oil reserves -Ensuring a fair share on its members of return on their oil trade with consumer nations -Precluding the menaces of inflation

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How does OPEC promote Globalisation and develop interdependence?

point 5

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