Not Logged In Points Leaders 11:59 PM

What is OPEC?

OPEC is an acronym for Organization of the Petroleum Exporting Countries. OPEC was formed in 1960 in Baghdad, Iraq with five founding member countries. Currently OPEC is a cartel composed of 11 oil producing countries. Current member countries include: Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. OPEC's stated purpose is said to serve three main functions:
  1. Help stabilize world oil prices
  2. Ensure oil producers achieve a reasonable rate of return on production
  3. Ensure a stable supply of crude oil for consumer use. OPEC has a current goal of $27 US per barrel of oil.

How much crude oil do the OPEC countries produce?

Collectively these countries hold approximately 77% of known world crude oil reserves. In terms of daily crude oil production OPEC countries currently produce about 41% (24.2 million barrels per day) of the world's crude oil. The oil exported by the OPEC countries accounts for 55% of all oil traded internationally. OPEC countries also represent about 15% of total world natural gas production.

How does OPEC set oil prices?

OPEC does not "set" oil prices. OPEC manipulates the free market price of crude oil by setting caps on the oil production of its member countries. Twice each year, ministers from each OPEC country meet in Vienna, Austria to review the status of the international oil market and to forecast the future oil demands in order to agree upon an appropriate crude oil production level.

brookshires in whitney tx cheapest gas in greenville nc cheapest gas in columbus ohio dr mcdaniel springtown tx yesterdays texas decatur tx walmart terrell mill rd united supermarket pampa tx tom thumb fuel stations walmart flour bluff texas franklin and son stanton tx who takes fuelman cards quick trip concord nc aafes ft hood texas sams club college station tx sam goody harlingen tx chevron gas prices in san diego sams warehouse san antonio texas sams pharmacy mckinney tx ez mart little rock ar heb de zavala hours walmart in buda tx murphy usa wichita falls tx [Poll: 2013.46]: Do you have a favorite brand of fuel that you usually buy? - Texas Gas Prices Hillsboro Gas Prices - Find Cheap Diesel Prices in Hillsboro, Texas Jim Bowden - Texas Gas Prices Have You Recently Repaired or Replaced Your Windshield? - Texas Gas Prices [Poll: 2009.26]: When driving on a limited-access highway with 3 or more lanes... - Texas Gas Prices who wants to force oil companies to lower price to $1.00 a litre as it should be ?? - Texas Gas Prices H-E-B - 8219 Marbach Rd - San Antonio - SW, TX - Texas Gas Prices Gas Price's decline recently - Texas Gas Prices Luling Gas Prices - Find Cheap Premium Gas Prices in Luling, Texas Murphy USA - 11701 Pebble Hills Blvd - El Paso - East, TX - Texas Gas Prices Not all gasoline the same, AAA auto club says…. - Texas Gas Prices Mopar to Debut Appearance, Tuning Packs for Chrysler 200 at Detroit Show - Texas Gas Prices FedEx Cup - Texas Gas Prices E-Z Mart - 4900 Mansfield Hwy - Forest Hill, TX - Texas Gas Prices Shell - 1223 McCormick St - Denton, TX - Texas Gas Prices Who do you think will win the Heisman? - Texas Gas Prices Exxon - Mile 3 Rd W - Mercedes, TX - Texas Gas Prices [Poll: 2005.9 ]: In the year 2015, what type of vehicle power source will be m... - Texas Gas Prices Shell - 1403 US-59 S - Linden, TX - Texas Gas Prices Shell - 1219 N SH-6 - Houston - West, TX - Texas Gas Prices Never10: Prevent Microsoft From Forcing Windows 10 Onto Your Machine - Texas Gas Prices There Needs to be a Reasonable Time Limit on Video Ads - Texas Gas Prices Traders Village RV Park - 2602 Mayfield Rd - Grand Prairie, TX - Texas Gas Prices