OPEC | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-08

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/OPEC


00:03:31 1 Membership
00:03:40 1.1 Current member countries
00:04:47 1.2 Lapsed members
00:06:30 1.3 Observers
00:06:58 1.4 Leadership and decision-making
00:08:04 1.5 International cartel
00:10:37 1.6 Conflicts
00:12:39 2 Market information
00:13:14 2.1 Publications and research
00:14:38 2.2 Crude oil benchmarks
00:16:16 2.3 Spare capacity
00:17:48 3 History and impact
00:17:58 3.1 Post-WWII situation
00:19:14 3.2 1959–1960 anger from exporting countries
00:21:00 3.3 1960–1975 founding and expansion
00:23:58 3.4 1973–1974 oil embargo
00:27:12 3.5 1975–1980 Special Fund, now OFID
00:28:59 3.6 1975 hostage siege
00:32:02 3.7 1979–1980 oil crisis and 1980s oil glut
00:35:25 3.8 1990–2003 ample supply and modest disruptions
00:38:27 3.9 2003–2011 volatility
00:40:45 3.10 2008 production dispute
00:42:50 3.11 2014–2017 oil glut
00:47:27 3.12 2017–2018 production cut
00:49:46 4 See also



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SUMMARY
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The Organization of the Petroleum Exporting Countries (OPEC,  OH-pek) is an intergovernmental organisation of 14 nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria. As of  September 2018, the then 15 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so called "Seven Sisters” grouping of multinational oil companies.
The stated mission of the organisation is to "coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry." The organization is also a significant provider of information about the international oil market. The current OPEC members are the following: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela. Indonesia and Qatar are former members.
The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy. In the 1980s, OPEC began setting production targets for its member nations; generally, when the targets are reduced, oil prices increase. This has occurred most recently from the organization's 2008 and 2016 decisions to trim oversupply.
Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. In December 2014, "OPEC and the oil men" ranked as #3 on Lloyd's list of "the top 100 most influential people in the shipping industry". However, the influence of OPEC on international trade is periodically challenged by the expansion of non-OPEC energy sources, and by the recurring temptation for individual OPEC countries to exceed production targets and pursue conflicting self-interests.