OPEC Organization of Petroleum Exporting Countries Founded 1960 by 5 member nations 1.Iran, Iraq, Kuwait, Saudi Arabia, Venezuela 2.HQ = Vienna, Austria.

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Presentation transcript:

OPEC Organization of Petroleum Exporting Countries Founded 1960 by 5 member nations 1.Iran, Iraq, Kuwait, Saudi Arabia, Venezuela 2.HQ = Vienna, Austria 3.Several other countries have joined since them (Libya, UAE, Algeria, Nigeria, Ecuador, Angola, Qatar)

OPEC Organization of Petroleum Exporting Countries Purpose 1.Coordinate /unify policies to secure fair and stable prices for petroleum producers 2.To supply an efficient and regular system of petroleum to consuming nations

1.If there is a large supply of oil, prices go down and OPEC cuts production 2.If prices are too high, OPEC increases oil supply OPEC meetings 1.2x/year to look at market conditions and set quotas 2.Special meetings can be called to alter quotas depending on international politics Supply & demand

HOW MANY GALLONS OF OIL ARE IN EACH BARREL?

Daily Oil Consumption OPEC’s World Energy Model (OWEM)

OPEC and the Oil Market  OPEC does not control the oil market, but it does have a strong influence on the market  OPEC Member Countries produce 81% of the world’s crude oil  66% in the Middle East

Oil Reserves OPEC COUNTRIESCRUDE OIL RESERVES (BILLIONS) VENEZUELA298.4 SAUDI ARABIA265.8 IRAN157.8 IRAQ144.2 KUWAIT101.5 U.A.E.97.8 PERCENTAGE (%) OPEC COUNTRIES billion barrels