What does guardian do? What does the Organization of Petroleum Exporting Countries do: the role of OPEC in the modern world

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 African states - 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. Eat historical fact- cartel from largest corporations, including those mentioned, made a decision to reduce prices by " black gold". This was due to the need to reduce the 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. Moreover, in the 60s, as some believe 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, under whose jurisdiction issues arose international development. In the 70s, several more countries joined the organization - two African (Nigeria, Gabon), one of 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, it is fundamentally this goal hasn't 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”. arithmetic average between some mined in different countries OPEC. 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 implementation of international commodity agreements regulating activities in certain market segments is carried out by International Commodity Organizations (ICOs) in the form of:

• International organizations;
• International Councils;
• International Advisory Committees;
• International Research Groups (IRGs).

All of these institutes are engaged in studying the state of the world commodity markets, namely: the existing relationship between supply and demand for specific raw materials, the dynamics of prices and conditions.

Currently operating International councils By olive oil, tin, grain.

MIGs apply to rubber, lead and zinc, and copper.

There is an International Cotton Advisory Committee and a Tungsten Committee.

Iran has the second largest oil reserves after Saudi Arabia (18 billion tons) and occupies 5.5% of the global oil products trading market. Particular attention is paid to economic diversification through the development of precision engineering, automotive engineering, the rocket and space industry, and information technology.

A major oil exporter is Kuwait. Oil production provides 50% of Kuwait's GDP, its share in the country's exports is 90%. The country also has developed oil refining and petrochemicals, the production of building materials, fertilizers, the food industry, and pearl mining. Desalination in progress sea ​​water. Fertilizers constitute an important part of the country's exports.

Iraq has the second largest oil reserves in the world. Iraqi state-owned companies North Oil Company and South Oil Company have a monopoly on the development of local oil fields. Iraq's southern fields, managed by SOC, produce about 1.8 million barrels of oil per day, accounting for almost 90% of all oil produced in Iraq.

Thus, Most OPEC countries are deeply dependent on the income of their oil industry. Perhaps the only exception among the member countries of the organization is Indonesia, which receives significant income from tourism, timber, gas and other raw materials. For the remaining OPEC countries, the level of dependence on oil exports ranges from a low of 48% in the case of the United Arab Emirates to 97% in Nigeria.

During a crisis, the strategic path for countries dependent on oil exports is to diversify their economies through the development of the latest resource-saving technologies.

(The Organization of the Petroleum Exporting Countries, OPEC) - international organization, created for the purpose of coordinating sales volumes and setting 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 market entered Soviet Union, 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 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 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.

Reading time: 8 minutes. Published 01/25/2020

What is OPEC? The name of this organization is mentioned quite often in the media. What is the purpose of its creation? What problems are being solved? What countries are included? What does a basket mean and why are quotas needed for OPEC countries? How does OPEC affect the global economy? Are there problems in relations with Russia? There are many questions. Let's look at the answers.

What does OPEC mean: concept and decoding of the abbreviation OPEC

The states involved in the extraction and export of “black gold” in the second half of the last century united into an international cartel. This organization received the abbreviated name OPEC. This English version abbreviations. In the Russian free interpretation, the acronym OPEC means: an association of countries that export oil. As you can see, the name is simple, but the idea is clear.

What is the purpose of the Organization of Petroleum Exporting Countries: functions and tasks of OPEC
Date of creation - September 60th last century. The initiative came from only five states - the five major oil exporters of that period.

What happened on the world stage in those years:

• Liberation of colonies or dependent regions from the pressure of the metropolises.
• The dominance of the oil market belonged to Western companies, which proposed to lower the price of oil.
• There was no acute oil shortage. Available supply clearly prevailed over demand.

That is why it was important for the countries that established OPEC to control their resources, get out of the sphere of influence of large cartels, and prevent the decline in oil prices in on a global scale. The development of their economy completely depended and still depends on the volume of oil sold.

The main goals of the organization have not changed even now, OPEC was created to perform two functions:

1. Control Natural resources national significance.
2. by monitoring pricing trends in the core area.

In other words, what does ORES do:

• Coordinates and unifies the oil policy of the countries included in the organization.
• Protects the interests of OPEC members by determining the most effective protective measures, which may look like individual or collective methods.
• In addition, the organization is developing the infrastructure of oil supplies and is engaged in the wise investment of profits received from oil exports.

OPEC actively cooperates with states that are not members of this structure. The purpose of communication is the implementation of proposals aimed at stabilizing the global oil market.

How OPEC works: operating principle and structure of OPEC

The leading governing body of OPEC is the Conference. Representatives of the participating states take part in it. The work or convening of the Conference is held twice a year.

This format involves consideration of the following questions:

1. Admission of new members, that is, states, into the organization.
2. Approval of the budget and financial report.
3. Personnel appointments – candidates for the head of the Board of Governors, the Secretary General, his deputies and the Audit Commission are approved.
4. Discussion of strategic and other issues.

The Board of Governors has the right to:

• Engage in formulating relevant topics for the Conference.
• Monitor the implementation of decisions made.
• Manage the Secretariat, a body that operates permanently.

The Secretariat consists of specialized departments,Everyone deals with core issues:

1. Administrative or economic.
2. Legal or informational.
3. Technical.

Their functions: conducting research, drawing up an annual budget, preparing a variety of proposals.

The Secretariat office is located in the Austrian capital.

OPEC on the world map: list of countries that are part of OPEC

Let us recall that the proposal to create an organization belongs to the five powers: Iran, Iraq, Saudi Arabia, Kuwait and Venezuela. These states became the first OPEC participants back in 1960.

After just nine years, membership in the organization was an important step for Qatar, Libya, Indonesia, the United Arab Emirates and Algeria. In the mid-70s, new members were accepted - Nigeria and Gabon, as well as Ecuador. As we see, the geography of the continents has been steadily expanding. It was during this period that the organization’s influence on the oil market increased. This became possible thanks to control over the production of “black gold” by government agencies belonging to OPEC member states.

After some time, Gabon left the ranks of OPEC, and Ecuador, although it remained, is not engaged in activities, they are simply suspended. But a new participant appeared, it was Angola.

There are 12 countries in the OPEC structure. Why is Russia not among them? The reasons are mainly historical. At the time of the creation of the organization, the USSR did not play the role of a key player in the field of oil production and sale.

OPEC activities - why quotas are needed and what the OPEC basket means

The essence of OPEC's activities is to regulate the oil market on a global scale.

The mechanism looks quite simple:

• For member states of the organization, a total limit (quota) for energy production is established. This indicator is regularly adjusted. The reason for the changes is the current price of oil on the market.
• The total limit is distributed among the members of the organization.
• The established quotas are strictly controlled by OPEC representatives.

Quota – the value of the daily volume of oil produced . Each state has its own figure, which changes periodically. Reducing quotas indicates an increase in prices, which is caused by an increased shortage. Quotas that remain at the same level or are increased change the trend of prices towards their reduction.

How is the price of “black gold” determined for OPEC members? There are price guidelines. One of them is called a “basket”, that is, the cost of certain brands of oil produced in various OPEC member countries is summed up, the sum divided by the number of terms. The result is an arithmetic average. In this case, this is the basket.

For reference . The name of the oil often reflects the country in which it was produced and the type of product. It can be of the “light” or “heavy” type. Here clear example: Iran Heavy is a heavy grade of Iranian oil.

If we recall the maximum value of the basket, then we need to return to the crisis year of 2008. At that time, the figure increased to $140.73.

How does OPEC influence the world market? Relations between OPEC and Russia

OPEC has intergovernmental status. This rank allows the organization to exert influence on the world political arena. Official communication has been established with the UN. Since the first years of activity, contact has been established between the OPEC and UN Councils. OPEC is a permanent participant in UN Conferences on issues related to trade.

The holding of several annual meetings with the presence of ministers of OPEC member states also contribute to the development of joint strategic plans for further work on a wide market.

Russia is on a par with OPEC members among the leading suppliers of “black gold” .

There have been periods of serious confrontation between them in the past. Thus, at the beginning of this century, OPEC addressed Moscow with a demand to reduce oil sales. Although available statistical data have not recorded a decrease in volumes exported from Russia. On the contrary, they only increased.

Since the mid-2000s, when there was a rapid increase in the price of oil, the confrontation between the Russian Federation and OPEC came to an end. Now the relationship is exclusively constructive, which is reflected in consultations on “oil” issues at the very high level. The coincidence of strategic interests among oil sellers seems quite logical.

What awaits OPEC in the near future: problems and prospects for OPEC

The countries included in the organization are characterized by a polarity of interests.

Just two examples:

1. The states located on the Arabian Peninsula have a small population, but have large oil reserves. They receive large foreign investments for the development of deposits.
2. In Venezuela the situation is different - a large, impoverished population. Expensive development programs are being implemented, and there are huge debts. Therefore, the state is forced to sell oil in large quantities.

In addition to the above, OPEC must take into account a number of other problems:

• OPEC quota agreements are often violated. There is no regulated control mechanism.
• The implementation of large-scale oil production by states that are not OPEC participants (Russia, the USA, China, Canada, and so on) has reduced the influence of the united exporters on the world market.
• Oil production is complicated by political instability. Suffice it to recall Iraq and Libya, the instability political system Nigeria, the unrest in Venezuela and sanctions against Iran.

In addition, there is some uncertainty in the future.

Much depends on further energy development:

1. The introduction of alternative energy sources will reduce OPEC's influence on the global economy.
2. There are forecasts from official sources predicting the primacy of “black gold” as the main resource for energy production. In this situation, successful activity is guaranteed - depletion of oil fields is expected only after 35 years.

The vagueness of prospects is complicated by the current geopolitical situation in the world. The creation of OPEC took place in conditions of a relative balance of power - there were two opposing sides: the socialist camp and the capitalist powers. The current monopolarity greatly increases instability. The United States is increasingly taking on the functions of a “world policeman” in relation to states that are “guilty” of something; the actions of Islamic fundamentalists are generally difficult to calculate. Such factors only weaken OPEC. Besides, .

Some experts are confident that OPEC will not be able to be a dictator of conditions; the political priorities of the countries buying oil will have to be taken into account. There are also plenty of other versions. Time will tell who is right. The oil market is the most unpredictable.

OPEC translated from English is the organization of oil exporting countries. The purpose of creating OPEC was and is to control oil production quotas and prices.

OPEC was created in September 1960 in Baghdad. The list of members changes periodically during the existence of the organization and as of 2018 (July) it includes 14 countries.

The initiators of the creation were 5 countries: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) year), Angola (2007) and Equatorial Guinea (2017).

As of today (February 2018), OPEC includes 14 countries:

1. Algeria
2. Angola
3. Venezuela
4. Gabon
5. Kuwait
6. Qatar
7. Libya
8. United Arab Emirates
9. Nigeria
10. Saudi Arabia
11. Equatorial Guinea
12. Ecuador

Russia is not a member of OPEC.

Countries included in the organization control 40% of all oil production on earth, that’s 2/3. The leader in oil production in the world is Russia, but it is not part of OPEC and cannot control the price of oil. Russia is an energy-dependent country. The level depends on its sale economic development and the well-being of Russians. Therefore, in order not to depend on oil prices on the world market, Russia should develop other sectors of the economy.

So, several times a year the ministers of OPEC countries gather for meetings. They assess the state of the world oil market and predict the price. Depending on this, decisions are made to reduce or increase oil production.

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OPEC - what is it? Decoding, definition, translation

OPEC is an international cartel of countries that produce and export oil., created with the goal of coordinating the volume of its production and thus influencing its price. The abbreviation OPEC is a Russian transcription of the English abbreviation OPEC, the decoding of which is as follows: Organization of Petroleum Exporting Countries, which translated into Russian means “organization of oil exporting countries.”

Organization of Petroleum Exporting Countries

OPEC includes 12 countries that are lucky with oil reserves. Here list of OPEC member countries: UAE, Iran, Iraq, Kuwait, Saudi Arabia, Angola, Qatar, Libya, Algeria, Nigeria, Ecuador and Venezuela. Russia is not a member of OPEC for historical reasons: the organization was founded in 1960, when the USSR was not yet a key player in the oil market. Today in Russia difficult relationships with OPEC, although our country is an “observer” in this organization.

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