What is a guardianship and what does this organization do? The largest exporters and importers of oil Which countries left the trusteeship

(The Organization of the Petroleum Exporting Countries, OPEC) is an international organization created to coordinate sales volumes and set prices for crude oil.

By the time OPEC was founded, there was a significant surplus of oil on the market, the emergence of which was caused by the beginning of the development of giant oil fields - primarily in the Middle East. In addition, the Soviet Union entered the market, where oil production doubled from 1955 to 1960. This abundance has caused severe competition in the market, leading to a constant decline in prices. The current situation was the reason for the unification of several oil exporting countries into OPEC in order to jointly resist transnational oil corporations and maintain the required price level.

OPEC as a permanent 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. The countries that founded the organization were later joined by nine more: Qatar (1961), Indonesia (1962-2009, 2016), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973) -1992, 2007), Gabon (1975-1995), Angola (2007).

Currently, OPEC has 13 members, taking into account the emergence of a new member of the organization - Angola and the return of Ecuador in 2007 and the return of Indonesia from January 1, 2016.

The goal of OPEC is to coordinate and unify the oil policies of member countries to ensure fair and stable oil prices for producers, efficient, economical and regular supplies of oil to consumer countries, as well as a fair return on capital for investors.

The organs of OPEC are the Conference, the Board of Governors and the Secretariat.

The highest body of OPEC is the Conference of Member States, convened twice a year. It determines the main directions of OPEC's activities, decides on the admission of new members, approves the composition of the Board of Governors, considers reports and recommendations of the Board of Governors, approves the budget and financial report, and adopts amendments to the OPEC Charter.

The executive body of OPEC is the Governing Council, formed from governors who are appointed by states and approved by the Conference. This body is responsible for managing the activities of OPEC and for implementing the decisions of the Conference. Meetings of the Board of Governors are held at least twice a year.

The Secretariat is headed by the Secretary General, appointed by the Conference for three years. This body carries out its functions under the guidance of the Board of Governors. It facilitates the work of the Conference and the Governing Council, prepares communications and strategic data, and disseminates information about OPEC.

The highest administrative official of OPEC is the Secretary General.

The acting Secretary General of OPEC is Abdullah Salem al-Badri.

OPEC headquarters is located in Vienna (Austria).

According to current estimates, more than 80% of the world's proven oil reserves are found in OPEC member countries, with 66% of OPEC countries' total reserves concentrated in the Middle East.

Proven oil reserves of OPEC countries are estimated at 1.206 trillion barrels.

As of March 2016, OPEC oil production reached 32.251 million barrels per day. Thus, OPEC exceeds its own production quota, which is 30 million barrels per day.

Account for individual entrepreneurs and LLCs.

A third of the countries on the planet have proven oil reserves suitable for production and processing on an industrial scale, but not all trade raw materials on the foreign market. Only a dozen and a half countries play a decisive role in this area of ​​the world economy. The leading players in the oil market are the largest consumer economies and a few producing countries.

Oil-producing powers collectively extract more than one billion barrels of raw materials every year. For decades, the generally accepted standard unit of measurement for liquid hydrocarbons has been the American barrel, which is equal to 159 liters. Total global reserves, according to various expert estimates, range from 240 to 290 billion tons.

Supplier countries are divided into several groups by experts:

• OPEC member states;
• North Sea countries;
• North American manufacturers;
• other large exporters.

The largest segment of world trade is occupied by OPEC. The territory of the twelve member states of the cartel contains 76% of the explored volumes of this non-renewable resource. Members of the international organization extract 45% of the world's light oil from the depths every day. Analysts from the IEA, the International Energy Agency, believe that in the coming years, dependence on OPEC countries will only grow due to a decrease in reserves from independent exporters. Middle Eastern countries supply oil to buyers in the Asia-Pacific region, North America and Western Europe. https://www.site/

At the same time, both suppliers and buyers are striving to diversify the logistics component of trade transactions. The volumes of offers from traditional producers are approaching their upper limit, so some large buyers, primarily China, are increasingly turning their attention to the so-called rogue countries: for example, Sudan and Gabon. China's disregard for international norms does not always meet with understanding in the international community, however, it is largely justified to ensure economic security.

Rating of leading oil exporters

The absolute leaders in oil exports are the record holders for extracting raw materials from the subsoil: Saudi Arabia and the Russian Federation. Over the last decade, the list of the largest oil sellers is as follows:

1. Saudi Arabia consistently ranks top with the most extensive proven reserves and daily exports of 8.86 million barrels, that's almost 1.4 million tons. The country has about 80 extensive fields, the largest consumers are Japan and the United States.
2. Russia supplies 7.6 million barrels. per day. The country has proven reserves of black gold of more than 6.6 billion tons, which is 5% of the world's reserves. The main buyers are neighboring countries and the EU. Considering the development of promising deposits on Sakhalin, an increase in exports to Far Eastern buyers is expected.
3. UAE exports 2.6 million barrels. The Middle Eastern state has 10% of oil reserves; the main trading partners are the Asia-Pacific countries.
4. Kuwait– 2.5 million barrels The small state has a tenth of the world's reserves. At the current rate of production, the resources will last for at least a century.
5. Iraq– 2.2 - 2.4 million barrels It is in second place in terms of available reserves of raw materials, with explored deposits of more than 15 billion tons. Experts say that there is twice as much oil in the ground.
6. Nigeria- 2.3 million barrels The African state has consistently occupied sixth position for many years. Explored reserves account for 35% of the total volume of discovered deposits on the dark continent. The favorable geographical location allows us to transport raw materials both to North America and to the countries of the Far Eastern region.
7. Qatar– 1.8 - 2 million barrels Export earnings per capita are the highest, making it the richest country in the world. The volume of proven reserves exceeds 3 billion tons.
8. Iran- more than 1.7 million barrels The volume of reserves is 12 billion tons, which is 9% of the planet’s wealth. About 4 million barrels are extracted daily in the country. After the sanctions are lifted, supplies to the foreign market will increase. Despite the decline in prices, Iran intends to export at least 2 million barrels. The main buyers are China, South Korea and Japan. offbank.ru
9. Venezuela- 1.72 million barrels The largest trading partner is the USA.
10. Norway- more than 1.6 million barrels The Scandinavian country has the most extensive reserves among the EU countries - one and a half billion tons.

• Large exporters, whose daily sales exceed 1 million barrels per day, are Mexico, Kazakhstan, Libya, Algeria, Canada, and Angola. Less than a million per day is exported by Britain, Colombia, Azerbaijan, Brazil, and Sudan. In total, more than three dozen states are among the sellers.

Rating of the largest oil buyers

The list of the largest buyers of crude oil has remained stable over the years. However, due to the intensification of shale oil production in the United States and the growth of the Chinese economy, the leader may change in the coming years. The daily purchase volumes are as follows:

1. USA 7.2 million barrels are purchased daily. A third of imported oil is of Arab origin. Imports are gradually decreasing due to the reactivation of its own deposits. At the end of 2015, in certain periods, net imports decreased to 5.9 million barrels. in a day.
2. China imports 5.6 million barrels. In terms of GDP, it is the largest economy in the world. In an effort to ensure stability of supplies, state-owned companies are investing huge amounts of money in the oil production industries in Iraq, Sudan and Angola. Geographical neighbor Russia also expects to increase its share of supplies to the Chinese market.
3. Japan. The Japanese economy needs 4.5 million barrels daily. oil. The dependence of the local oil refining industry on external purchases is 97%, and in the near future it will be 100%. The main supplier is Saudi Arabia.
4. India imports 2.5 million barrels per day. The economy's dependence on imports is 75%. Experts predict that in the next decade, purchases on the foreign market will increase by 3–5% per year. In terms of purchases of “black gold” in the near future, India may get ahead of Japan.
5. South Korea– 2.3 million barrels The main suppliers are Saudi Arabia and Iran. In 2015, purchases were made in Mexico for the first time.
6. Germany– 2.3 million barrels
7. France– 1.7 million barrels
8. Spain– 1.3 million barrels
9. Singapore– 1.22 million barrels
10. Italy– 1.21 million barrels

• More than half a million barrels per day are purchased by Holland, Turkey, Indonesia, Thailand and Taiwan. //www.site/

According to IEA estimates, in 2016 the demand for liquid hydrocarbons will increase by 1.5%. Next year growth will be 1.7%. In the long term, demand will also grow steadily, and not only due to the increase in the number of vehicles using internal combustion engines. Modern technologies require more and more synthetic materials derived from petroleum.

The structure called OPEC, the abbreviation of which is, in principle, familiar to many, plays a significant role in the global business arena. When was this organization created? What are the main factors that predetermined the establishment of this international structure? Can we say that today's trend, reflecting the decline in oil prices, is predictable and therefore controllable for today's "black gold" exporting countries? Or are OPEC countries most likely playing a supporting role on the global political arena, forced to take into account the priorities of other powers?

OPEC: general information

What is OPEC? The decoding of this abbreviation is quite simple. True, before producing it, it should be correctly transliterated into English - OPEC. It turns out - Organization of Petroleum Exporting Countries. Or, the Organization of Petroleum Exporting Countries. This international structure was created by major oil-producing powers with the goal, according to analysts, of influencing the “black gold” market in terms of, first of all, prices.

OPEC members are 12 countries. Among them are Middle Eastern countries - Iran, Qatar, Saudi Arabia, Iraq, Kuwait, UAE, three countries from Africa - Algeria, Nigeria, Angola, Libya, as well as Venezuela and Ecuador, which are located in South America. The headquarters of the organization is located in the Austrian capital - Vienna. The Organization of Petroleum Exporting Countries was founded in 1960. Currently, OPEC countries control about 40% of world exports of “black gold”.

History of OPEC

OPEC was founded in the Iraqi capital, Baghdad, in September 1960. The initiators of its creation were the world's major oil exporters - Iran, Iraq, Saudi Arabia, Kuwait, as well as Venezuela. According to modern historians, the period when these states took the corresponding initiative coincided with the time when the active process of decolonization was underway. Former dependent territories were separated from their mother countries in both political and economic terms.

The world oil market was controlled mainly by Western companies such as Exxon, Chevron, Mobil. There is a historical fact - a cartel of the largest corporations, including those mentioned, came up with a decision to reduce prices for “black gold”. This was due to the need to reduce costs associated with oil rent. As a result, the countries that founded OPEC set the goal of gaining control over their natural resources outside the influence of the world's largest corporations. In addition, in the 60s, according to some analysts, the planet's economy did not experience such a great need for oil - supply exceeded demand. And therefore, OPEC’s activities were designed to prevent a decline in global prices for “black gold”.

The first step was to establish the OPEC Secretariat. He “registered” in Geneva, Switzerland, but in 1965 he “moved” to Vienna. In 1968, an OPEC meeting was held, at which the organization adopted the Declaration on Oil Policy. It reflected the right of states to exercise control over national natural resources. By that time, other major oil exporters in the world - Qatar, Libya, Indonesia, and the UAE - had joined the organization. Algeria joined OPEC in 1969.

According to many experts, OPEC's influence on the global oil market especially increased in the 70s. This was largely due to the fact that control over oil production was assumed by the governments of the countries that are members of the organization. According to analysts, in those years OPEC could actually directly influence world prices for “black gold”. In 1976, the OPEC Fund was created, which became responsible for issues of international development. In the 70s, several more countries joined the organization - two African (Nigeria, Gabon), one from South America - Ecuador.

By the beginning of the 80s, world oil prices reached very high levels, but in 1986 they began to decline. OPEC members have for some time reduced their share in the global “black gold” market. This has led, as some analysts note, to significant economic problems in the countries that are members of the organization. At the same time, by the beginning of the 90s, oil prices had risen again - to approximately half of the level that was achieved in the early 80s. The share of OPEC countries in the global segment also began to grow. Experts believe that this kind of effect was largely due to the introduction of such a component of economic policy as quotas. A pricing methodology based on the so-called “OPEC basket” was also introduced.

In the 90s, world oil prices as a whole were not, as many analysts believe, somewhat lower than the expectations of the countries that are members of the Organization. A significant barrier to the growth in the value of “black gold” was the economic crisis in Southeast Asia in 1998-1999. At the same time, by the end of the 90s, the specifics of many industries began to require more oil resources. Particularly energy-intensive businesses have emerged, and globalization processes have become especially intense. This, according to experts, has created some conditions for a rapid rise in oil prices. Let us note that in 1998, Russia, an oil exporter and one of the largest players in the global “black gold” market at that time, received observer status in OPEC. At the same time, in the 90s, Gabon left the organization, and Ecuador temporarily suspended its activities in the OPEC structure.

In the early 2000s, world oil prices began to rise gradually and were fairly stable for a long time. However, their rapid growth soon began, reaching a maximum in 2008. By that time, Angola had joined OPEC. However, in 2008, crisis factors sharply intensified. In the fall of 2008, prices for “black gold” fell to the level of the early 2000s. However, during 2009-2010, prices rose again and continued to be at the level that the main oil exporters, as economists believe, had the right to consider the most comfortable. In 2014, due to a whole range of reasons, oil prices systematically decreased to the level of the mid-2000s. At the same time, OPEC continues to play a significant role in the global “black gold” market.

Goals of OPEC

As we noted above, the initial purpose of creating OPEC was to establish control over national natural resources, as well as influence global pricing trends in the oil segment. According to modern analysts, this goal has not fundamentally changed since then. Among the most pressing tasks, in addition to the main one, for OPEC is the development of oil supply infrastructure and the competent investment of income from the export of “black gold”.

OPEC as a player in the global political arena

OPEC members are united in a structure that has the status This is how it is registered with the UN. Already in the first years of its work, OPEC established relations with the UN Council on Economic and Social Affairs and began to participate in the Conference on Trade and Development. Meetings are held several times a year with the participation of senior government officials from OPEC countries. This type of event is intended to develop a joint strategy for further building activities in the global market.

OPEC oil reserves

OPEC members have total oil reserves estimated at more than 1,199 billion barrels. This is approximately 60-70% of world reserves. At the same time, some experts believe that only Venezuela has reached peak oil production volumes. The remaining countries that are part of OPEC can still increase their figures. At the same time, the opinions of modern experts regarding the prospects for growth in the production of “black gold” by the countries of the Organization differ. Some say that the states that are part of OPEC will strive to increase the corresponding indicators in order to maintain their current positions in the global market.

The fact is that now the United States is an exporter of oil (largely of the shale type), which could potentially significantly displace the OPEC countries on the world stage. Other analysts believe that an increase in production is unprofitable for the states that are members of the Organization - an increase in supply on the market reduces prices for “black gold”.

Managment structure

An interesting aspect in studying OPEC is the characteristics of the organization's management system. The leading governing body of OPEC is the Conference of Member States. It is usually convened 2 times a year. An OPEC meeting in the Conference format involves discussing issues related to the admission of new states to the organization, adoption of the budget, and personnel appointments. Topical topics for the Conference are usually formulated by the Board of Governors. The same structure exercises control over the implementation of approved decisions. The structure of the Board of Governors includes several departments responsible for a special range of issues.

What is a “basket” of oil prices?

We said above that one of the price guidelines for the countries of the Organization is the so-called “basket”. the arithmetic average between some produced in different OPEC countries. The decoding of their names is often associated with the variety - “light” or “heavy”, as well as the state of origin. For example, there is the Arab Light brand - light oil produced in Saudi Arabia. There is Iran Heavy - heavy origin. There are brands such as Kuwait Export, Qatar Marine. The maximum value of the “basket” was reached in July 2008 - $140.73.

Quotas

We noted that in the practice of the countries of the Organization there is such a thing? These are restrictions on the daily volume of oil production for each country. Their value may change based on the results of relevant meetings of the Organization’s management structures. In general, when quotas are reduced, there is reason to expect a shortage of supply on the world market and, as a result, an increase in prices. In turn, if the corresponding restriction remains unchanged or increases, prices for “black gold” may tend to decline.

OPEC and Russia

As you know, the main oil exporters in the world are not only OPEC countries. Russia is one of the largest global suppliers of “black gold” on the global market. There is an opinion that in some years there were confrontational relations between our country and the Organization. For example, in 2002, OPEC made a demand to Moscow to reduce oil production, as well as its sales on the global market. However, as public statistics show, the export of “black gold” from the Russian Federation has practically not decreased since that moment, but, on the contrary, has grown.

The confrontation between Russia and this international structure, as analysts believe, ceased during the years of rapid growth in oil prices in the mid-2000s. Since then, there has been a general tendency towards constructive interaction between the Russian Federation and the Organization as a whole - both at the level of intergovernmental consultations and in the aspect of cooperation between oil businesses. OPEC and Russia are exporters of “black gold”. In general, it is logical that their strategic interests on the global stage coincide.

Prospects

What are the prospects for further partnership between OPEC member states? The decoding of this abbreviation, which we gave at the very beginning of the article, suggests that the basis of the common interests of the countries that established and continue to support the functioning of this organization is specifically the export of “black gold”. At the same time, as some modern analysts believe, in order to further optimize business strategies in combination with the implementation of national political interests, countries belonging to the Organization will also have to take into account the opinion of oil importing states in the coming years. With what it can be connected?

First of all, with the fact that comfortable oil imports for countries that need it are a condition for the development of their economies. National economic systems will develop, production will grow - oil prices will not fall below the critical level for “black gold” experts. In turn, the rise in production costs, which largely arises from excessive fuel costs, will most likely lead to the closure of energy-intensive facilities and their modernization in favor of using alternative energy sources. As a result, global oil prices may decline. Therefore, the main leitmotif for the further development of the OPEC countries, as many experts believe, is a reasonable compromise between the implementation of their own national interests and the position of the states importing “black gold”.

There is another point of view. According to it, there will be no alternative to oil in the next few decades. And therefore, the countries of the Organization have every chance to strengthen their positions in the global business arena, and at the same time also gain advantages in terms of realizing political interests. In general, with possible short-term downturns, oil prices will remain high, based on the objective needs of producing economies, inflationary processes, and also, in some cases, the relatively slow development of new fields. In some years, supply may not keep up with demand at all.

There is also a third point of view. According to it, oil importing countries may find themselves in a more advantageous position. The fact is that the current price indicators for “black gold,” according to analysts who adhere to the concept in question, are almost completely speculative. And in many cases, they are manageable. The profitable world price of the oil business for some companies is $25. This is much lower than even the current price of “black gold”, which is very likely uncomfortable for the budgets of many exporting countries. And therefore, within the framework of the concept, some experts assign the countries of the Organization the role of a player who cannot dictate their terms. And moreover, to a certain extent dependent on the political priorities of many oil importing countries.

Let us note that each of the three points of view reflects only assumptions and theories voiced by different experts. The oil market is one of the most unpredictable. Forecasts regarding prices for “black gold” put forward by different experts may be completely different.

The main consumers of oil in the world are traditionally highly developed countries and emerging new economic giants, and the main producers of oil are states that have the largest industrial and transport infrastructure for the extraction, processing and transport of oil and petroleum products...

The total volume of crude oil on the planet today is estimated at approximately 270-300 billion tons, and approximately 60-70% of this global volume is located in the territories of OPEC countries.

The top five countries richest in oil reserves include: Venezuela (298,400,000,000 Br / 47,445,600,000 tons), Saudi Arabia (268,300,000,000 Br / 42,659,700,000 tons), Canada (172,500,000,000 Br / 27 427,500,000 tons), Iran (157,800,000,000 Br/25,090,200,000 tons) and Iraq (144,200,000,000 Br/22,927,800,000 tons).
The largest oil producers and producers today are Saudi Arabia, Russia, the USA and China..

The largest consumers and importers of crude oil are economically developed countries - the USA, European countries and Japan.
The USA ranks first in the consumption market - they account for almost 30% of all imports.
But America not only purchases, but also produces about 20% of the oil consumed.

Oil exporting countries 2014/2015:

USA
The world's largest oil consumer. Daily consumption in the country is more than 23 million barrels (or almost a quarter of the global total), with about half of the oil consumed in the country coming from motor vehicles.
Over the past 20 years, the level of oil production in the United States has decreased: for example, in 1972 it was 528 million tons, in 1995 - 368 million tons, and in 2000 - only 350 million tons, which is a consequence of increased competition between American producers and importers of cheaper foreign oil. Of the 23 million b/d consumed in the United States, only 8 million b/d are produced, and the rest is imported. At the same time, the United States still ranks second in the world in terms of oil production (after Saudi Arabia). Proven oil reserves of the United States amount to about 4 billion tons (3% of world reserves).
Most of the country's explored deposits are located on the shelf of the Gulf of Mexico, as well as off the Pacific coast (California) and the shores of the Arctic Ocean (Alaska). The main mining areas are Alaska, Texas, California, Louisiana and Oklahoma. Recently, the share of oil produced on the offshore shelf, primarily in the Gulf of Mexico, has increased. The country's largest oil corporations are Exxon Mobil and Chevron Texaco. The main importers of oil to the United States are Saudi Arabia, Mexico, Canada, and Venezuela. The United States is highly dependent on OPEC policies, and that is why it is interested in an alternative source of oil, which Russia can become for them.v European countries
The main importers of oil in Europe are Germany, France, and Italy.
Europe imports 70% (530 million tons) of its oil consumption, 30% (230 million tons) is covered by its own production, mainly in the North Sea.v Imports to European countries account for 26% of total oil imports in the world . By source of receipt, oil imports to Europe are distributed as follows:
– Middle East - 38% (200 million tons/year)
– Russia, Kazakhstan, Azerbaijan - 28% (147 million tons/year)
– Africa - 24% (130 million tons/year)
– others - 10% (53 million tons/year).
Currently, 93% of all oil exports from Russia are sent to Europe. This assessment includes both the markets of North-West Europe, the Mediterranean and the CIS countries.
Japan
Because the country's natural resources are limited, Japan is highly dependent on foreign raw materials and imports a variety of goods from abroad. Japan's main import partners are China - 20.5%, USA - 12%, EU - 10.3%, Saudi Arabia - 6.4%, UAE - 5.5%, Australia - 4.8%, South Korea - 4 .7%, as well as Indonesia - 4.2%. The main imported goods are machinery and equipment, natural fuels, food products (especially beef), chemicals, textiles and industrial raw materials. In general, Japan's main trading partners are China and the United States.
Japan, having experienced two oil crises in the 70s and early 80s, was able to minimize the vulnerability of the economy to changes in oil prices thanks to the introduction of energy saving systems by large corporations and government initiatives to develop alternative energy sources.
China
China's economy continues to develop at a rapid pace, requiring ever greater volumes of energy resources. In addition, the decision of the Chinese government to create a strategic oil reserve also affects the growth of imports. By 2010, the oil reserve will have to cover the country's needs for 30 days.
The growth rate of imports in June turned out to be almost the highest this year, second only to April, when oil imports increased by 23%.
The total value of China's oil imports in the first half of the year increased by 5.2% to $35 billion. In June, imports cost $6.6 billion. At the same time, imports of petroleum products even decreased by 1% to 18.1 million metric tons in the first half of the year. In June, imports of petroleum products amounted to 3.26 million metric tons.
India
India currently faces energy shortages in many areas. In rural areas we consume traditional energy sources - wood, agricultural waste. This causes air and soil pollution. In this regard, such energy consumption must be replaced by cleaner energy sources as part of the development of India's energy strategy.
The Indians went their own way and completely trusted Soviet specialists. In August 1996, the state Oil and Natural Gas Commission (ONGC) was created. Let us emphasize that before the start of cooperation with the Soviet Union, India consumed 5.5 million tons of imported oil, but did not have its own oil. But in just 10 years (as of December 1, 1966), 13 oil and gas fields were discovered, industrial oil reserves in the amount of 143 million tons were prepared, oil production amounted to more than 4 million per year. More than 750 of the best Soviet oil specialists worked in India. And in 1982, the State Indian Corporation already employed 25 thousand people, including 1.5 thousand specialists with higher education, many of them studied at Soviet universities.

We were able to develop our economy thanks to the sale of our main resource. But the dynamic growth of indicators would not have been possible if developing countries had not united.

Groups of oil-producing countries

Before finding out what organizations exist that regulate the production of crude oil and the conditions for its sale, it is necessary to understand which states are included in them. Thus, the main exporters of oil are those countries where it is produced. At the same time, world leading countries produce more than a billion barrels annually.

Experts from all countries are divided into several groups:

OPEC members;

USA and Canada;

North Sea countries;

Other large states.

World leadership belongs to the first group.

History of the creation of OPEC

The international organization that unites the main oil exporters is often called a cartel. It was created by several countries to stabilize prices for the main raw material resource. This organization is called OPEC (English OPEC - The Organization of the Petroleum Exporting Countries).

The main oil exporting countries, which were classified as developing countries, united back in 1960. This historical event took place at the September conference in Baghdad. The initiative was supported by five countries: Saudi Arabia, Iraq, Iran, Kuwait and Venezuela. This happened after the 7 largest transnational oil companies, also called the “Seven Sisters,” unilaterally reduced purchase prices for oil. After all, depending on its value, they were forced to pay rent for the right to develop deposits and taxes.

But the newly independent states wanted to control oil production on their territory and monitor the exploitation of resources. And taking into account the fact that in the 1960s the supply of this raw material exceeded demand, one of the goals of creating OPEC was to prevent further price declines.

Beginning of work

After the creation of the international organization, oil exporting countries began to join it. Thus, during the 1960s, the number of states included in OPEC doubled. Indonesia, Qatar, Libya, Algeria joined the organization. At the same time, a declaration was adopted that consolidated the oil policy. It stated that countries have the right to exercise constant control over their resources and ensure that they are used in the interests of their development.

The world's main oil exporters took complete control of the production of flammable liquids in the 1970s. The prices set for raw materials began to depend on the activities of OPEC. During this period, other oil exporting countries also joined the organization. The list expanded to 13 participants: it also included Ecuador, Nigeria and Gabon.

Reforms needed

The 1980s were a rather difficult period. After all, at the beginning of this decade, prices increased unprecedentedly. But by 1986 they had dropped, and the price settled at about $10 per barrel. This was a significant blow and all oil exporting countries suffered. OPEC managed to stabilize the cost of raw materials. At the same time, a dialogue was established with states that are not members of this organization. Oil production quotas were also established for OPEC members. The cartels agreed on a pricing mechanism.

The importance of OPEC

To understand trends in the global oil market, it is important to know how OPEC’s influence on the situation has changed. Thus, at the beginning of the 1970s, the participating countries controlled only 2% of the national production of this raw material. Already in 1973, states achieved that 20% of oil production came under their control, and by the 1980s they controlled more than 86% of all resource production. Taking this into account, oil exporting countries that joined OPEC have become an independent determining force in the market. by that time they had already lost their strength, because states, if possible, nationalized the entire oil industry.

General trends

But not all oil exporting countries were part of the specialized organization. For example, in the 1990s, the government of Gabon decided on the need to leave OPEC; during the same period, Ecuador temporarily suspended participation in the affairs of the organization (from 1992 to 2007 ). Russia, which occupies a leading position in terms of production of this resource, became an observer in the cartel in 1998.

Currently, OPEC members collectively account for 40% of global oil production. At the same time, they own 80% of the proven reserves of this raw material. The organization can change the required level by increasing or decreasing it at its discretion. At the same time, most states involved in the development of deposits of this resource are working at full capacity.

Main exporters

Currently, 12 countries are members of OPEC. Some states involved in the development of raw materials operate independently. For example, these are the largest oil exporters such as Russia and the USA. They are not under the influence of OPEC; the organization does not dictate the terms of production and sale of these raw materials to them. But they are forced to come to terms with global trends set by the cartel member countries. At the moment, Russia and the United States occupy leading positions in the world market along with Saudi Arabia. In terms of flammable liquid production, each state accounts for more than 10%.

But this is not all the main oil exporting countries. The list of top ten also includes China, Canada, Iran, Iraq, Mexico, Kuwait, and the UAE.

Now there are oil deposits in more than 100 different countries, and fields are being developed in them. But the volumes of extracted resources, of course, are incomparably small compared to those owned by the largest oil exporting countries.

Other organizations

OPEC is the most significant association of oil-producing countries, but not the only one. For example, in the 1970s the International Energy Agency was founded. 26 countries immediately became its members. The IEA regulates the activities not of exporters, but of the main importers of raw materials. The task of this agency is to develop interaction mechanisms that are necessary in crisis situations. Thus, it was the strategies he developed that made it possible to somewhat reduce the influence of OPEC on the market. The IEA's main recommendations were for countries to create optimal routes for moving raw materials in the event of an embargo and carry out other necessary organizational measures. This has contributed to the fact that not only the largest oil exporters can now dictate market conditions.