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- W4234459910 abstract "This chapter illustrates key aspects of the Organization of Petroleum Exporting Countries (OPEC), its pricing practices, some historical aspects, and its role during the downturn of the commodity cycle of 2008 to 2009. OPEC was organized by five oil-producing member countries on September 1, 1960, in Baghdad, Iraq. Its founding members are Saudi Arabia, Venezuela, Iran, Iraq, and Kuwait. OPEC today is a cartel consisting of 12 oil-producing countries. Its headquarters is in Vienna, Austria, and the group generally holds quarterly meetings to discuss global crude prices and crude production quotas for its members. OPEC has evolved and become increasingly media savvy. More importantly, OPEC appears to be keenly aware of the effects of its policy on the global market. As crude prices continue their ascent, there is growing contentment with prevailing market conditions among the OPEC membership. However, if the crude markets continue to climb on the heels of inflation-increasing government policies, one may see OPEC move in a different direction. To date, crude oil inventories have been well above the five-year averages." @default.
- W4234459910 created "2022-05-12" @default.
- W4234459910 date "2012-01-02" @default.
- W4234459910 modified "2023-10-16" @default.
- W4234459910 title "OPEC" @default.
- W4234459910 doi "https://doi.org/10.1002/9781119204442.ch12" @default.
- W4234459910 hasPublicationYear "2012" @default.
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