Definition: OPEC
OPEC stands for the Organization of Petroleum Exporting Countries. Represented by a group of countries, (OPEC) centered around middle east and founded in and around 1960 with a purpose to collaborate in the management of regulating production levels of oil to meet world demand.
OPEC also regulate the exportation of crude oil from member states, to the rest of the world and because of their ability to adjust production levels, OPEC possess a great deal of influence on the price of oil and associated political issues.
| |
|
|
The Milk Man's Lesson: Car Choice Can WorkNewsMax.comToday, the lion's share of global oil reserves is under the control of OPEC, a cartel with many member states that are openly hostile to American interests. As for environmental concerns, experiments show that methanol and ethanol fuels yield fewer ... |
02/07/2012 04:33 AM
| |
|
Obama Freezes Iranian Government, Bank Assets in USBusinessWeekIran, the second-largest oil producer in OPEC after Saudi Arabia, pumped about 3.545 million barrels of oil a day last month, a Bloomberg survey showed, and exported an average 2.58 million barrels a day in 2010, according to OPEC statistics. |
02/07/2012 01:10 AM
| |
|
Saudis risk Iranian anger over crude flowFinancial TimesRostam Ghasemi, Iran's oil minister, over the weekend urged Saudi Arabia and other Opec members not to boost their supplies to offset the impact of the EU embargo and the new US sanctions that are also affecting the oil trade.and more » |
02/06/2012 10:29 PM
| |
02/06/2012 07:58 PM
| |
|
Philippines to borrow P4B from ADB, OPEC fundInquirer.netThe Philippine government will borrow close to P4 billion from the Asian Development Bank and the OPEC Fund for International Development (OFID) to fund rehabilitation and maintenance of national roads in the country. A study conducted by the ADB ...and more » |
02/06/2012 04:44 PM
| |
02/06/2012 10:24 AM
| |
|
|
