Guardian message on geography. Countries included in the trusteeship. Growing sphere of influence

OPEC- an international intergovernmental organization created by oil-producing countries in order to stabilize oil prices. IN OPEC composition includes 12 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador and Angola. The headquarters is located in Vienna.

OPEC as a permanent organization was created at a conference in Baghdad on September 10-14, 1960.

In 2008, Russia announced its readiness to become a permanent observer in the cartel.

The goals of OPEC are:

· Coordination and unification of the oil policies of the member states.

· Determination of the most effective individual and collective means of protecting their interests.

· Ensuring price stability on world oil markets.

· Attention to the interests of oil-producing countries and the need to ensure: sustainable income for oil-producing countries; efficient, cost-effective and regular supply of consumer countries; fair returns from investments in the oil industry; environmental protection in the interests of present and future generations.

· Cooperation with non-OPEC countries to implement initiatives to stabilize the global oil market.

The energy and oil ministers of OPEC member states meet twice a year to assess the international oil market and forecast its development for the future. At these meetings, decisions are made on the actions that need to be taken to stabilize the market. Decisions on changes in oil production volumes in accordance with changes in market demand are made at OPEC conferences.

Organizational structure of OPEC

The structure of OPEC consists of a Conference, committees, a board of governors, a secretariat, a secretary general and an OPEC economic commission.

Supreme body of OPEC - Conference ministers of states included in the organization also applies Board of Directors, in which each country is represented by one delegate. As a rule, it attracts the closest attention not only from the press, but also from key players in the global oil market.

The conference determines the main directions of OPEC's policies, ways and means of their practical implementation and makes decisions on reports and recommendations submitted by the Board of Governors, as well as on the budget. It instructs the Council to prepare reports and recommendations on any issues of interest to the organization. The Conference is formed by the Board of Governors itself (one representative per country, as a rule, these are the ministers of oil, extractive industries or energy). She also elects the president and appoints the general secretary of the organization.

Secretary General is the highest official of the Organization, plenipotentiary representative of OPEC and head of the Secretariat. He organizes and directs the work of the Organization. The structure of the OPEC secretariat includes three departments. Secretary General (since 2007) - Abdullah Salem al-Badri.

OPEC Economic Commission is concerned with promoting stability in international oil markets at fair price levels so that oil can maintain its importance as a primary global energy source in accordance with the objectives of OPEC, closely monitors changes in energy markets and keeps the Conference informed of these changes.

Interministerial Committee on monitoring was founded in March 1982 at the 63rd (extraordinary) meeting of the conference. The Committee monitors (annually statistics) the situation and proposes actions to the conference to solve relevant problems.

OPEC Secretariat functions as headquarters. He is responsible for carrying out the executive functions of the organization in accordance with the provisions of the OPEC Charter and the orders of the Board of Governors.

OPEC Fund for International Development

In 1976, OPEC established the OPEC Fund for International Development (headquartered in Vienna, originally called the OPEC Special Fund). It is a multilateral development financial institution that promotes cooperation between OPEC member states and other developing countries. The Fund's assistance can be used by international financial institutions providing assistance to developing countries, and by all non-OPEC developing countries. The OPEC Fund provides loans on concessional terms mainly of three types: for projects, programs and balance of payments support. The Fund's financial resources are generated from voluntary contributions from member states and profits generated through the Fund's lending and investment operations.

Its price value is the arithmetic average of spot prices for types of oil produced by the organization's participants.

Goals and objectives of OPEC

All twelve states are deeply dependent on the earnings of their own oil industry. Probably the only state that represents an exception is Ecuador, which receives significant profits from tourism, timber, sales of gas and other raw materials. For other OPEC countries, the level of dependence on oil exports ranges from a low of 48 percent in the history of the United Arab Emirates to 97 percent in Nigeria.

OPEC was organized by oil exporting states to fulfill the following main goals and objectives:

• Coordination and unification of the oil policy of the member states;

• Determining more effective collective and personal means of protecting their interests;

• Introduction of the necessary means and methods to ensure the stability of prices on the large oil market;

• Protecting the interests of oil producing states by providing them with sustainable profits;

• Ensuring an efficient, constant and profitable supply of oil to purchasing states;

• Ensuring that investors receive objective profits from financial investments in the oil industry;

• Ensuring environmental protection;

• Working together with countries that are not considered members of OPEC to implement initiatives to stabilize the major oil market.

Now members of the organization control approximately two-thirds of the proven oil reserves on the planet. OPEC guarantees 40% of world production and half of the major exports of this valuable raw material. The organization coordinates oil production policies and large-scale pricing of crude oil, and also sets quotas for the volume of oil production. And despite the popular belief that OPEC’s time has passed, it still remains one of the more authoritative global investors in the oil industry, characterizing its upcoming formation.

Common difficulties in the formation of all OPEC states

Because most, if not all, of the OPEC member countries are considered developing states with similar municipal arrangements, with similar culture, ideology, politics, then of course they all encounter the same obstacles on the thorny path of development. Basically, all these obstacles are connected with the inveterate mentality of the people of these states. Since it is very difficult to move to a new type of public structure without having time to wean ourselves from those foundations and customs that have been strengthened in the minds of the people for centuries.

One of the main shortcomings of OPEC is that it unites powers whose interests are often the opposite. Saudi Arabia and other powers of the Arabian Peninsula are sparsely populated, but they own huge oil reserves, large investments in foreign countries and maintain very close relations with Western oil companies. Other OPEC member states, such as Nigeria, are characterized by high population and poverty, they have sold expensive financial development programs and have gigantic debt.

The second seemingly simple problem is the obvious “where to put the funds.” Because it is not always easy to take advantage of the rain of petrodollars pouring into the country. Monarchs and rulers of states on which their wealth collapsed were eager to use it “for the popularity of their personal people” and therefore started various “construction projects of the century” and other similar plans, which cannot in any way be called a meaningful investment of money. Only later, as soon as the euphoria from the first happiness passed, as soon as the ardor cooled down a little due to the fall in oil tariffs and the decline in municipal earnings, the funds of the municipal budget began to be spent most appropriately and well.

The third problem is compensation for the scientific and technical backwardness of the OPEC countries from the main countries of the world. Since at the time of the creation of the organization, some of the states that were part of it had not yet gotten rid of the remnants of the feudal system! The solution to this problem could be rapid industrialization and urbanization. The introduction of new technologies into the creation and, in accordance with this, the life of the inhabitants of our planet did not pass without any traces for the people. The main steps of industrialization were certain foreign firms, for example ARAMCO in Saudi Arabia, and the intensive recruitment of private capital into industry. This was done through the method of multilateral government support for the private sector of the economy. For example, in the same Arabia, 6 special banks and funds were created that provided assistance to businessmen under the guarantees of the country.

4 problem is considered to be the lack of government personnel. It turns out that employees in the state were unprepared for the introduction of new technologies and were unable to service the advanced machines and equipment that were supplied to oil production and processing enterprises, as well as other factories and enterprises. The solution to this problem was the recruitment of foreign professionals. It was not as simple as it might seem at first glance. Since this soon gave rise to a lot of contradictions, which intensified with the development of the community.

Russia and OPEC

Since 1998, Russia has been considered an observer in OPEC. During this period of time, the parties acquired positive partnership skills. A promising format has emerged for regular meetings of Russian ministers with OPEC leaders and employees from the states that are members of this company.

Now OPEC is simply making contact not only with officials of the Russian fuel and energy complex, but also with Russian universities, which are training professional personnel of a new level in order to achieve the desired result.

The world faces the risk of a "prolonged oil doom" and must prepare for oil prices to remain high for a long period, the International Monetary Authority said. This is the most sudden of official warnings that have so far sounded on the scale of long-term monitoring for energy supplies.

Our homeland pays significant attention to the situation in the oil markets, not only in contacts with OPEC states, but also in cooperation with key consumer countries. For Russia, these are, first, the European powers (within 90 percent of oil exports). Thus, on the scale of the Energy Dialogue between the Russian Federation and the European Union, the powers agreed, namely, to jointly analyze the issue of the impact of strategic oil reserves on the stabilization of the oil market.

All OPEC powers are deeply dependent on the profits of their own oil industry. Probably the only state that represents an exception is Indonesia, which receives significant profits from tourism, timber, sales of gas and other raw materials that were used. For other OPEC countries, the level of dependence on oil exports ranges from a low of 48 percent in the history of the United Arab Emirates to 97 percent in Nigeria.

It follows from this that in the absence of a foreign market there is no point in talking about the development of OPEC states. Export of raw materials, being the main source of income for states, “pulls” the domestic economy with it. It follows from this that the economies of the countries participating in the cartel are directly dependent on global tariffs on hydrocarbon raw materials.

It seems that oil prices are required to cover the production and major risks of manufacturers. If you look at it from a different angle, prices cannot have a negative impact on the development of the global economy and, namely, are required to allow investments in the development of the oil industry

OPEC and WTO

The importance of energy for financial development cannot be overestimated, but this problem is often ignored at the level of large-scale institutions, and the norms of international trade in the energy sector actually do not work. The efforts of the WTO, for example, first concentrate on overcoming barriers to imports, while in the field of energy restrictions mainly affect exports.

Unlike other products, fossil fuels are unique. They guarantee a huge portion of the world's energy, although they are a finite resource. Fears related to resource shortages are forcing major investors to take constructive measures to ensure access to energy sources. There may be an upcoming aggravation of geopolitical clashes, especially taking into account the monitoring of professionals about the increase in demand for energy resources by 50% by 2035, 80% of this growth must be covered by fossil fuels.

The importance of fossil fuels to meet growing demand in consuming countries is also reflected in the importance of these resources for exporting countries. The final ones evaluate energy as a fundamental tool for personal development - in all the qualities of this concept. As a result, they often take steps that contradict the principles of independent trading. Energy exclusivity is increasing due to growing environmental concerns. Countries that have made promises to reduce emissions use subsidies and subsidies to produce other energy, which contradicts the principles of independent trade and the WTO.

The norms of international energy trade must avoid the latter approaches - both the introduction of all the fundamentals of free trade and one-sided municipal or regional regulation.

OPEC - This abbreviation borrowed from English and stands for " The Organization of the Petroleum Exporting Countries"and is translated into Russian as "Organization of Petroleum Exporting Countries". The declared goal of this institution is to support favorable prices for the sale and production of oil, which is essentially the only product exported by states included in OPEC.
The emergence of OPEC coincided with the growth of instability and the collapse of the colonial system in the world. This organization appeared in 1960 year, coincidence or not, but at that time, like mushrooms after rain, new states began to emerge, usually Asian or African.
Until this time, the Western world was exploiting its impoverished colonies with all its might, taking away precious resources, including oil, at bargain prices.
In this market, like hungry jackals, seven huge corporations or “seven sisters”, as they were sometimes called, feasted. These were British Petroleum, Gulf Oil, Mobile, Chevron, Texaco, Royal Dutch Shell and Exxon, and it was they who received fabulous profits from the exploitation of the subsoil. .
Initially, OPEC included such states as: Venezuela, Kuwait, Saudi Arabia, Iraq, Iran. As expected, this policy brought huge profits to these countries. Subsequently, the five states in 1961 Qatar joined in 1962 Libya and Indonesia, in 1967 United Arab Emirates, in 1967 year Algeria, then during 1971-1975 Gabon, Ecuador, and Nigeria joined them.

Today the members of OPEC are 12 countries:Algeria, Angola, Venezuela, Iran, Iraq, Qatar, Kuwait, Libya, Nigeria, UAE, Saudi Arabia, Ecuador

According to researchers, OPEC member states can control production from 30-40 percent of world oil.

However, Russia, Oman, the USA, Mexico, Norway, Great Britain, Brunei, and Oman are far from the last countries in terms of mining, but are not included in OPEC.

• HeadquartersOPEC located in the capital of Austria.
• Supreme bodyOPEC is a summit of participating states meeting every two years.
• OPEC determines the average oil price based on the cost 12 varieties that are mined in the participating states. It is also called " OPEC basket".
• OPEC quotas- this is the restriction and regulation of oil exports and production for various state organizations.

Recent Notable Events

The last OPEC quota was adopted in the fall 2014 year. The participating countries entered into an agreement not to reduce oil production. For this reason, a high level of production in 30 million barrels per day. Thus, the price of oil instantly collapsed. If previously it was at a price 90-100 dollars per barrel, it fell almost twice to 50-60 dollars.

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 states. 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.

OPEC is international intergovernmental, created by oil-producing powers in order to stabilize oil prices. Members of this companies are countries, whose economy largely depends on export revenues black gold. OPEC as a permanent firm was created at a conference in Baghdad on September 10-14, 1960. Initially, the company included Iran, Iraq, Kuwait, and the Republic of Venezuela (the initiator of the creation). To these five countries, who founded the company, later nine more joined: Qatar (1961), Indonesia (1962-2008, withdrew on November 1, 2008 OPEC), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), (1973-1992, 2007), Gabon (1975-1994), Angola (2007).

Currently, OPEC has 12 members, taking into account the changes in composition that occurred in 2007: the emergence of a new member of the company - Angola and the repatriation of Ecuador to the fold. In 2008, Russia announced its readiness to become a permanent observer in the cartel.

OPEC headquarters.

The headquarters was initially located in Geneva (), then on September 1, 1965 it moved to Vienna (Austria). The goal of OPEC is to coordinate activities and develop a common policy regarding oil production among the member countries of the company, maintaining stable prices on oil, ensuring a stable supply of black gold to consumers, obtaining returns from investments in the oil industry. The ministers of energy and black gold of OPEC member states meet twice a year to assess the international black gold market and forecast its development for the future. At these meetings, decisions are made on the actions that need to be taken to stabilize market. Decisions about volume changes oil production in accordance with changes in demand for market accepted at OPEC conferences. OPEC member countries control about 2/3 of the world's petroleum product reserves. They account for 40% of global production or half of the world's exporting black gold. The peak of black gold has not yet been passed only by OPEC countries and Canada (among the major exporters). IN Russian Federation The peak of black gold was passed in 1988.

OPEC details

Intergovernmental firms of countries producing and exporting raw materials were created intensively in the 60s at the initiative of developing countries supplying raw materials in order to strengthen national control over natural resources and stabilization prices in commodity markets. Commodity associations are intended to become a counterbalance to the existing consumer company system in commodity markets in order to eliminate the situation in which Western countries receive unilateral advantages due to the cartelization of buyer markets. Some associations were subsequently joined by individual developed countries exporting relevant types of raw materials. Currently, there are interstate associations of exporters of black gold, cuprum, bauxite, iron ore, mercury, tungsten, tin, silver, phosphates, natural rubber, tropical wood, leather, coconut products, jute, cotton, black pepper, cocoa beans, tea, sugar, bananas, peanuts, citrus fruits, meat and oilseeds. Product associations account for approximately 20% of the world's exporting and about 55% supplies only industrial raw materials and food. The share of commodity associations in production and foreign trade for individual raw materials is 80-90. The economic prerequisites for the creation of product associations were: the emergence on the world market of a significant number of independent suppliers and strengthening of their suppliers; concentration of export potential for many types of raw materials in a small number of countries; high share of developing countries in world exports of relevant goods and comparable levels of production costs and quality of supplied raw materials; low short-term price elasticity of demand for many raw materials combined with low price elasticity of supply outside associations, in which price increases do not immediately lead to an increase in the production of this or alternative raw materials in countries not included in the relevant association.

The objectives of the activities of product associations are: coordination politicians member countries in the field of commodities; developing ways and methods to protect their trade interests; promoting the expansion of consumption of certain types of raw materials in importing countries; making collective efforts to create a national processing industry, joint ventures and firms for processing, transportation and sales exported raw materials; establishing control over the operations of TNCs; expanding the participation of national firms of developing countries in processing and sales raw materials: establishing direct connections between producers and consumers raw materials; preventing sharp drops in prices raw materials; simplification and standardization of trade transactions and the necessary documentation; carrying out activities to expand demand for commodities. There is wide variation in the performance of product associations. This is due to: the unequal importance of individual raw materials for the world economy and the economy of individual countries; specific features of a natural, technical and economic nature characteristic of specific raw materials; the degree of control of the association over resources, production and foreign trade of the relevant type of raw material; the general economic potential of raw material supplier organizations.

suppliers b a number of interstate associations of enterprises is made difficult due to the wide geographical dispersion of the production of individual raw materials ( iron ore, cupruma, silver, bauxite, phosphates, meat, sugar, citrus fruits). It is also important that the regulation of the markets for coffee, sugar, natural rubber, tin carried out primarily within the framework of international commodity agreements with the participation of importing countries of the agreed goods. A small number of associations have a real impact on product market regulation. The greatest successes were achieved almost exclusively by members of OPEC (black gold exporting countries), which was facilitated by such favorable factors as the peculiarity of black gold as a basic raw material product; the concentration of its production in a small number develops a high degree of dependence of developed countries on the import of black gold; interest of TNCs in rising prices for . As a result of the efforts of the OPEC countries, the level of oil prices was significantly increased, a new system of lease payments was introduced, and the terms of agreements on the exploitation of their oil were revised in favor of developing countries. natural resources Western companies. OPEC in modern conditions has a significant impact on the regulation of the world black gold market by setting prices for it. The Arab member countries of OAPEC (Arab black gold exporting countries) have achieved some success in creating, on a collective basis, a network of companies in the field of exploration, production, processing, transportation of black gold and petroleum products, and financing of various projects in the raw materials sector of the economies of the participating countries. The extent of the influence of commodity associations operating in metal markets on international trade in these goods has so far been quite limited. If the task of establishing control over national natural resources, reducing dependence on Trans National Corporations, establishing deeper processing of raw materials and marketing products on their own, they are generally more or less successful, then attempts to establish fair prices and coordinate the market politicians in most cases they turned out to be ineffective. The main reasons for this are the following: a heterogeneous composition of participants (many associations include developed countries along with developing countries), which leads to serious contradictions between states with different interests; the advisory rather than binding nature of decisions, mainly due to the opposition policies of developed countries or those in the sphere of influence of TNCs in developing countries; incomplete involvement in the associations of the main producers and exporters of raw materials and, accordingly, an insufficiently high share of participating countries in world production and exports; the limited nature of the stabilization mechanism used (in particular, only MABS makes attempts to establish minimum prices for aluminum).

The vast majority of activities carried out by associations on peanuts, peppers, coconuts and their products, tropical timber, cupruma and phosphates, concerns the solution of internal economic problems in the production and processing of these types of raw materials. This orientation in the activities of these organizations is explained by specific economic conditions. We are talking about a relatively favorable development of the situation on the relevant world markets for exporters; about fears of increasing competition from substitutes; about the reluctance of some participants to interfere in international trade data goods; about strong opposition from Western companies. An example is the work of the Asia-Pacific Coconut Community. The members of this company adopted a long-term program for the development of national coconut farms, diversification of exports of coconut products. In conditions of favorable global market conditions, this allowed the association members to transform the corresponding industry agriculture into a significant source of export earnings and strengthen its foreign economic position. The rest of the commodity associations exist mainly formally, which is explained mainly by difficulties of an organizational nature, the divergence of interests of the main exporters and the extremely unfavorable situation for them market conditions world market. OPEC definition. OPEC (Organization of the petrolium exporting countries) is a voluntary intergovernmental economic firm whose task and main goal is to coordinate and unify the oil policies of its member states. OPEC is looking for ways to ensure stabilization of prices for petroleum products in the global and international oil markets in order to avoid fluctuations in oil prices that have harmful consequences for OPEC member states. The main goal is also return member states of their investment capital in oil production industry industry with receipt arrived.

OPEC in the 1960-1970s:

Way to success

The company was established in 1960 by Iran, Iraq, Kuwait, Saudi Arabia And Republic of Venezuela to coordinate their relations with Western oil refining companies. As an international economic company, OPEC was registered with the UN on September 6, 1962. OPEC was later joined by Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador(1973, withdrew from OPEC in 1992) and Gabon (1975, withdrew in 1996). As a result, OPEC united 13 countries (Table 1) and became one of the main participants in the global black gold market.

The creation of OPEC was caused by the desire of countries exporting black gold to coordinate efforts to prevent a decline in world oil prices. The reason for the formation of OPEC was the actions of the “Seven Sisters” - a global cartel that united the organizations British Petroleum, Chevron, Exxon, Gulf, Mobil, Royal Dutch Shell and Texaco. These firms, which controlled the processing of crude black gold and the sale of petroleum products throughout the world, unilaterally reduced the purchase prices for oil, based on which they paid income taxes. taxes and (rents) for the right to develop natural resources to oil-producing countries. In the 1960s there was a surplus in world markets offer black gold, and the original purpose of creating OPEC was an agreed limitation earth oil extraction just to stabilize prices. In the 1970s, under the influence of the rapid development of transport and the construction of thermal power plants, world oil prices increased sharply. Now oil-producing countries could coordinately increase rent payments from oil producers, significantly increasing their income from the export of black gold. At the same time, artificial containment of oil production volumes led to an increase in world prices

In 1973-1974, OPEC managed to achieve a sharp increase in world oil prices by 4 times, and in 1979 - by another 2 times. The formal reason for inflating prices was the Arab-Israeli war 1973: demonstrating solidarity in the fight against Israel and its allies, OPEC countries for some time stopped shipping black gold to them altogether. Due to the “oil shock,” 1973-1975 turned out to be the most severe global economic collapse since World War II. Having formed and strengthened in the fight against the Seven Sisters oil cartel, OPEC itself has become the strongest cartel in the world black gold market. By the early 1970s, its members accounted for approximately 80% of proven reserves, 60% of production and 90% of black gold exports in non-socialist countries.

The second half of the 1970s was the peak of OPEC's economic prosperity: demand oil prices remained high, soaring prices brought enormous arrived black gold exporting countries. It seemed as if this prosperity would last for many decades.

The economic success of the OPEC countries had a strong ideological significance: it seemed that the developing countries of the “poor South” had managed to achieve a turning point in the struggle with the developed countries of the “rich North”. The success of OPEC coincided with the rise of Islamic fundamentalism in many Arab countries, which further increased the status of these countries as a new force in global geoeconomics and geopolitics. Realizing itself as a representative of the “third world,” in 1976 OPEC organized the OPEC International Development Fund, a financial institution that provides assistance to developing countries that are not members of OPEC.

The success of this mergers of enterprises prompted other third world countries exporting primary goods (bauxite, etc.) to try to use their experience, also coordinating their actions to increase income. However, these attempts were usually unsuccessful, since other commodities were not in such high demand as oil.

OPEC in the 1980s-1990s

Weakening trend

OPEC's economic success, however, was not very sustainable. In the mid-1980s, world oil prices fell by almost half (Fig. 1), sharply reducing income OPEC countries from “petrodollars” (Fig. 2) and burying hopes for long-term prosperity.

4. Environmental protection in the interests of current and future generations.

5. cooperation with non-OPEC countries in order to implement initiatives to stabilize the global black gold market.

Prospects for the development of OPEC in the 21st century

Despite the difficulties of control, oil prices remained relatively stable throughout the 1990s compared with the fluctuations they experienced in the 1980s. Moreover, since 1999, oil prices have gone up again. The main reason for the change in trend was OPEC's initiatives to limit oil production, supported by other large oil-producing countries that have observer status in OPEC (Russia, Mexico, Norway, Oman). Current world oil prices reached a historical high in 2005, exceeding $60 per barrel. However, adjusted for inflation, they still remain below the level of 1979-1980, when in modern terms they exceeded $80, although they exceed the level of 1974, when the price was $53 in modern terms.

The prospects for OPEC's development remain uncertain. Some believe that the company managed to overcome a crisis second half of the 1980s - early 1990s. Of course, it will not regain its former economic strength as in the 1970s, but overall, OPEC still has favorable opportunities for development. Other analysts believe that OPEC countries are unlikely to be able to adhere to established oil production quotas and clear unified policies for a long time. An important factor in the uncertainty of OPEC's prospects is associated with the uncertainty of the development paths of global energy as such. If serious progress is achieved in the use of new energy sources (solar energy, nuclear energy, etc.), then the role of black gold in global economy will decrease, which will lead to a weakening of OPEC. Official forecasts However, most often they predict the preservation of black gold as the main energy resource of the planet for the coming decades. According to a report by the International Energy forecast- 2004, prepared by the Information Directorate of the Ministry of Energy USA, demand oil prices will increase, so that with existing reserves of petroleum products, oil fields will be depleted by about 2050. Another factor of uncertainty is the geopolitical situation on the planet. OPEC emerged in a situation of relative balance of power between the capitalist powers and the countries of the socialist camp. However, these days the world has become more unipolar, but less stable. On the one hand, many analysts they fear that the United States, as the “global policeman,” may begin to use force against those who pursue economic policies that do not coincide with American interests. Events in Iraq in the 2000s show that these predictions are justified. On the other hand, the rise of Islamic fundamentalism could increase political instability in the Middle East, which would also weaken OPEC. Since Russia is the largest oil-exporting country that is not part of OPEC, the issue of our country joining this company is periodically discussed. However, experts point to the divergence of strategic interests of OPEC and the Russian Federation, which is more profitable to remain an independently active force in the black gold market.

Consequences of OPEC's activities

The high incomes received by OPEC countries from oil exports have a dual impact on them. On the one hand, many of them manage to improve the living standards of their citizens. On the other hand, “petrodollars” can become a factor slowing down economic development.

Among the OPEC countries, even the richest in black gold (Table 4), there is not a single one that has managed to become sufficiently developed and modern. Three Arab countries - Saudi Arabia, the UAE and Kuwait - can be called rich, but cannot be called developed. An indicator of their relative backwardness is at least the fact that all three still maintain monarchical regimes of the feudal type. Libya, the Republic of Venezuela and Iran are at approximately the same low level of prosperity as Russia. Two more countries, Iraq and Nigeria, should be considered by world standards not just poor, but very poor.

OPEC membership

Only the founding states and those countries whose applications for admission were approved by OPEC's highest body, the Conference, can be full members of OPEC. Any other country with significant crude oil exploitation and interests fundamentally similar to those of OPEC member countries may become a full member, provided its admission is approved by a three-quarters majority vote, including the votes of all founding members. Associate member status cannot be granted to any country that does not have interests and goals that are fundamentally similar to the interests of OPEC member states.” Thus, in accordance with the OPEC Charter, there are three categories of member states: Founder-members of the company that took part in the 1960 Baghdad meeting and who signed the original agreement establishing OPEC; Full Members (Founders plus those countries whose application for membership was confirmed by the conference); Associate members, who do not have full membership, but under certain circumstances may participate in the OPEC conference.

Functioning of OPEC

Representatives of member states meet at the OPEC conference to coordinate and unify the policies of their countries and develop a common position in international markets. They are supported by the OPEC Secretariat, managed by the Board of Directors and headed by the Secretary General, the Economic Commission, and the Interministerial Monitoring Committee.

Representatives of member states discuss specific situation bulletins and forecasts for the development of the fuel market (for example, growth in economic prices or innovative changes in the fuel industry). After that, they discuss their next steps in the field of oil policy. As a rule, all this comes down to lowering or increasing oil production quotas or establishing equal oil prices.

Black gold production quota. The influence of OPEC on the world market. OPEC oil reserves

OPEC's charter requires the company to promote stability and prosperity for its members in the global oil market. OPEC coordinates the production policies of its members. One of the ways of such a policy is to establish quotas for the sale of black gold. In case the requirements consumers black gold prices are growing, and the market cannot be saturated, it is necessary to increase the level of oil production, for which a higher quota is established. Legally, raising the quota is only possible in the event of a rapid rise in oil prices in order to avoid a crisis similar to the crisis of 1978, when oil prices quadrupled. A similar measure is provided for in the charter in the event of a rapid drop in prices. OPEC is very involved in global trade and its leadership is aware of the need to fundamentally reform the system international trade. Back in 1975, OPEC called for the creation of a new economic order based on mutual understanding, justice, aimed at achieving the well-being of all peoples of the world. OPEC is also prepared for an oil crisis - there is an OPEC oil reserve fund, which amounted to 801.998 million barrels at the end of 1999, which is 76% of the world's reserves of oil and petroleum products.

OPEC system of bodies. The structure of OPEC consists of the Conference, committees, board of governors, secretariat, secretary general and OPEC economic commission.

Conference. The highest body of OPEC is conference, consisting of delegations (up to two delegates, advisers, observers) representing member states. Typically, delegations are headed by ministers of black gold, mining or energy. Meetings are held twice a year (but there are also extraordinary meetings and meetings if necessary), usually at the headquarters in Vienna. determines the main directions of OPEC policy, and also makes decisions on the budget and reports and recommendations presented by the Council managers. The conference also elects a president, whose post he holds until the next meeting, approves the appointment of members of the Council managers, appoints the chairman and deputy chairman of the council, Secretary General, deputy Secretary General and the auditor. To make decisions (except for procedural issues), they must be unanimously approved by all full members (the right of veto applies and there is no right of constructive abstention). The conference also decides on the entry of new members. Board of Governors. The board of managers can be compared to the board of directors in a business enterprise or corporations.

In accordance with Article 20 of the OPEC Charter, the Board of Governors performs the following functions:

management of the company’s affairs and implementation of conference decisions;

consideration and resolution of issues raised by the Secretary General;

compilation budget company, submitting it for approval by the Conference and its execution;

Appointment of an Auditor of the company for a period of up to one year;

Review of the Auditor's reports and his reports;

Preparation of draft decisions for the Conference;

Convening extraordinary meetings of the Conference;

Economic Commission. The Economic Commission is a specialized structural unit of OPEC operating within the Secretariat, whose task is to assist the company in stabilizing the oil market. The Commission consists of the Commission Council, national representatives, the Commission Headquarters, the Commission Coordinator, who is ex-officio the director of the research department.

Interministerial Monitoring Committee. The Inter-Ministerial Monitoring Committee was founded in March 1982 at the 63rd (extraordinary) meeting of the conference. The Inter-Ministerial Monitoring Committee is chaired by the Conference President and includes all heads of delegation to the Conference. The Committee monitors (annually statistics) the situation and proposes actions to the conference to solve relevant problems. The committee meets annually, and, as a rule, precedes the meetings of the Conference participants. There is also a subcommittee on statistics within the Committee, established at the ninth meeting of the Committee in 1993.

OPEC Secretariat. The OPEC Secretariat functions as its headquarters. He is responsible for carrying out the executive functions of the firm in accordance with the provisions of the OPEC Charter and the orders of the Board of Governors.

The Secretariat consists of the Secretary General and his administration, the Research Department, the Information Department, the Academic Institute of Energy Management, the Oil Market Analysis Department, the Human Resources Department, the Public Relations Department, and the Legal Department.

Multilateral and bilateral OPEC assistance institutions and trust USD - CAD OPEC, OPEC multilateral assistance institutions:

1.Arab General Directorate of Agricultural Investment and Development (Sudan)

2.Gulf Arab States Program for UN Development Organizations (Saudi Arabia)

3. Arab Monetary Fund (United Arab Emirates)

4. Arab Fund for Economic and Social Development (Kuwait)

5.Arab Trade Finance Program (United Arab Emirates)

The small share of oil money exported to developing countries is explained by the fact that, despite the higher profitability of foreign investment than in the West, these countries do not have a developed economic, and in particular financial, infrastructure that is sufficiently capacious to absorb such a quantity of funds by national and international financial markets. The lack of political stability and sufficient guarantees for foreign capital no less prevents the flow of petrodollars within the developing world.

Some OPEC members provided economic assistance even before the oil crisis. However, its relative scale was insignificant, and more than half of the funds went to Arab countries. In 1970-1973, countries opposing Israeli aggression received $400 million annually in economic assistance from Saudi Arabia, Kuwait and Libya.

The sharp, multidirectional change in the economic situation of oil exporters and other developing countries has led to the emergence of a new large source of assistance. Of the $42 billion provided to the developing world in 1975, 15% went to OPEC member countries. After the rise in oil prices in 1973-1974, 10 of the 13 OPEC member countries began to provide assistance.

Assistance from OPEC member states provided to developing countries on preferential terms

(millions of dollars)

Official concessional or development aid accounts for 70-80% of OPEC's commitments to other developing countries. As a rule, more than 70% of these funds are provided free of charge, and the rest is on a zero or low interest basis.

As the table shows, the bulk of concessional aid is provided by sparsely populated Gulf countries. These countries also have a large share of aid in their GNP, and this applies to both pure outflows and aid on preferential terms. True, in the politics of Kuwait, in contrast to other Arab monarchies, a tendency has emerged towards preferring the provision of loans at the world average or higher interest rates (9-11%), which accordingly affects the aid structure of that country.

Among the remaining OPEC member countries, the largest borrowers are Iran, Libya and the Republic of Venezuela. Lenders such as the Republic of Venezuela and Iran provided loans primarily on commercial terms. It seems that in the future, the Republic of Venezuela and Qatar, due to the expansion of development financing programs (and due to a lack of funds for internal needs), may reduce or completely stop providing assistance. The share of aid in the GNP of OPEC participants decreased from 2.71% in 1975 to 1.28% in 1979. For the Gulf countries this figure averages 3-5%. It should be noted that developed capitalist countries provide a significantly smaller portion of their national product in the form of official assistance. In general, the transfer of financial resources (loans, subsidies, capital investments, etc.) exceeded the volume of assistance and was at the level of 7-9 billion dollars annually in the 70s. It should also be added that a certain channel for the flow of OPEC funds to developing countries is the Eurocurrency market.

OPEC member countries provide assistance primarily through bilateral or regional relations. Some of the funds flow to developing countries through the mediation of the IMF and the World Bank.

OPEC Greed

If producers keep prices high despite falling demand, the world will be able to end its dependence on fossil fuels surprisingly quickly.

Announcements about the resumption of economic growth that were made last week in Japan, France and Germany, and soon to be expected in England and America, may also signal the end of the Great Recession of 2007-09, although this was achieved with great difficulty. This month, however, we may be getting a signal of the beginning of the end of something more historic and significant: the oil age.

Given how bleak the world looked at the start of this year, this rapid return to growth is quite remarkable. But what is even more remarkable is that the world is emerging from such powerful financial turmoil with the main fuel - black gold - the price of which is almost 70 dollars per barrel, which is seven times higher than ten years ago and double the March level.

That is, the recovery is even faster than we think, and oil prices are rising again? Not at all. It is believed that this is a rather opaque market, and the amount of petroleum product reserves is a state secret in many countries. However analysts Banc of America Securities-Merrill Lynch estimates that in the second quarter of this year, global oil demand is three million barrels per day lower than at the beginning of 2008. They do not expect it to return to that level any sooner than in 2011

No, the explanation for this rise in oil prices (and therefore in ) which could harm the economic recovery lies on the supply side. As well as an explanation of the prospects for a further increase in prices up to sky-high 147 dollars per barrel, as in July 2008, and beyond.

At this point in the analysis, pessimists turn to the concept of "peak black gold" (or, as real oil analyst nerds would say, "peak Hubbert"). The point is that the planet's oil reserves are approaching the point when the volume of production at the fields will begin to decline (and, according to some, they have already reached this point). Don't pay any attention to them. There is plenty of black gold in the world. There is not enough investment in deposits and production. And the reason for this is a four-letter word: OPEC.

To keep prices high, the cartel of oil-producing countries has deliberately cut production by almost five million barrels per day, more than the decline in global demand. OPEC countries account for only about 35 percent global supply, but Russia, which is not a member of OPEC, provides another 11.5 percent and assists them. Moreover, the Gulf states, which dominate OPEC, have the largest reserves at the lowest production costs, making them the easiest to turn the valves on and off.

In the early years of this decade, Saudi Arabia, the leader of OPEC, often said that its ideal price would be $20-25 per barrel. Now they are talking about 70-75 dollars. The key is that OPEC nationalists and Russian extortionists have blocked the big Western oil companies from developing their oil fields to their desires, pushing them into other fields that require much larger investments. There's even up to financial crisis was slow as an unexpected boom in development and expansion pushed up costs for talent and equipment. After the start financial crisis it decreased sharply.

If prices remain high, this should change in the next ten years. A major shelf discovery was made, and Angola demonstrated how rapid development can be. In seven years, it has tripled its oil production, joined OPEC and is now vying with Nigeria to be the largest oil-producing country in sub-Saharan Africa - and thus the leading black-gold-rich but dysfunctional economy. That is why US Secretary of State Hillary Clinton put aside sentimentality about human rights and visited Angola during her African tour, so that they would not finally become friends with China.

However, if OPEC continues to abuse its influence and keep prices abnormally high, something even more important will happen by the time non-OPEC production increases. In the 1970s, Saudi Arabia's oil minister, Zaki Yamani, famous for his aphorisms, said these remarkable words: "The Stone Age did not end because the world ran out of stones. Likewise, the Oil Age will not end because we ran out of oil." It will end when consumers can no longer tolerate the greed of oil-producing countries and begin to develop a replacement for black gold. Arabs should see a warning sign in the fact that the first product unveiled by Fritz Henderson, boss of the freshly bankrupt (and quasi-nationalized) General Motors concern, is the Chevrolet Volt hybrid, which is said to be able to travel 230 miles per gallon of gasoline. They may view this as nothing more than a political move as governments around the world are heavily greenwashing their stimulus packages by handing out subsidies to anyone who claims to develop cleaner technologies. However, here's what they need to remember. When the oil shocks of the 1970s hit Japan second blow after the sharp revaluation of the yen, its government and industry switched from the production of cheap junk cars to the creation of semiconductors, consumer electronics and small cars cars- and in just ten years they became leaders in these areas.

This time, scientists and engineers around the world are once again struggling to achieve a similar transformation - but nowhere are these efforts more evident than in China, the world's second-largest buyer of black gold. There, politicians are fully aware of the need for currency revaluation, which will hit producers of cheap products that do not use energy-saving technologies, and the need to protect the environment is extremely pressing.

In addition, dozens of governments are eager to present their green credentials at the Copenhagen climate change summit this December, promising to curb carbon dioxide emissions, which come mainly from coal and oil, and seeking to plug fiscal holes with tax revenues. And the fuel tax seems to them to be an extremely successful solution.

Conventional forecasts, based on extrapolation of past trends, do not foresee a significant role for electric vehicles or fossil fuel power plants in the next 20-30 years. However, imagine the effect that oil at $100-$200 a barrel would have on hundreds of thousands of Chinese (Japanese, European and American) scientists seeking to make progress in the field of solar energy and hybrid cars what has been done over the past decade in the field of mobile phones and computers.

Then the usual forecasts, as always, will turn out to be wrong. The oil age that began a hundred years ago in America will come to an end.

OPEC basket

The term “basket” OPEC (organization of the countries-exporters of oil oil basket or, more precisely, organization of the countries-exporters of oil (OPEC) Reference Basket)- was officially introduced on January 1, 1987. Its price value is the arithmetic average of physical prices for the following 13 types of oil (the new composition of the basket was determined on June 16, 2005).

Average annual prices of the OPEC basket (in US dollars)

The price of the OPEC oil “basket” reached its highest value in more than two and a half weeks

The price of the OPEC oil “basket” reached its highest value in more than two and a half weeks. As of the end of the trading day on August 24, the OPEC “basket” rose in price by 62 cents, and its price officially amounted to $72.89 per barrel. - the highest figure since August 6.

Let us remind you that above the level of 72 dollars per barrel. The price of the “basket” has been maintained for three trading days in a row - since August 20.

The OPEC oil “basket” (organization of the countries-exporters of oil Reference Basket of crudes) is the aggregate arithmetic average of the price of black gold supplied to the world market by OPEC countries. Since January 2009 The “basket” is represented by the following 12 oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Republic of Venezuela), RBC reports.

Dizionario italiano

OPEC- [o:pɛk], die; = Organization of the Petroleum Exporting Countries (Organisation der Erdöl exportierenden Länder) … Die deutsche Rechtschreibung

OPEC- ABBREVIATION ▪ Organization of the Petroleum Exporting Countries … English terms dictionary

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