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Coronavirus influences oil production 2:03
(CNN Spanish) - The Organization of the Petroleum Exporting Countries (OPEC) is based in Vienna, Austria.
Here are some facts about this organization:
The purpose of OPEC is "to coordinate and unify the oil policies of its Member Countries and ensure the stabilization of the oil markets to ensure an efficient, economic and regular supply of oil to consumers, a constant income for producers and a fair return of capital for those who invest in the oil industry. ”
- OPEC: Saudi Arabia and Russia Reach Tentative Agreement to Cut Oil Production; Mexico expresses reservations
OPEC members collectively supply around 41.9% of world crude oil production.
Together, OPEC members control approximately 79.4% of the world's total proven oil reserves.
OPEC member countries monitor the market and collectively decide to increase or decrease oil production to maintain stable prices and supply.
A unanimous vote is required to increase or decrease oil production.
Each member country controls its country's oil production, but OPEC aims to coordinate the production policies of the member countries.
Oil and energy ministers from OPEC member countries generally meet twice a year to determine the organization's level of output. They also meet in extraordinary sessions when necessary.
Current members
Algeria: 1969-present
Angola: 2007-present
Democratic Republic of the Congo: 2018-present
Equatorial Guinea: 2017-present
Gabon: 1975-1995; 2016-present
Iran: 1960-present
Iraq: 1960-present
Kuwait: 1960-present
Libya: 1962-present
Nigeria: 1971-present
Saudi Arabia: 1960-present
United Arab Emirates: 1967-present
Venezuela: 1960-present
Old members
Ecuador: 1973-1992; 2007-2020
Indonesia: 1962-2009; 2016
Qatar: 1961-2019
Chronology
September 14, 1960: OPEC is formed in Baghdad, Iraq, by the founding members of Iraq, Kuwait, Iran, Saudi Arabia, and Venezuela.
November 6, 1962: OPEC is registered with the United Nations Secretariat (UN Resolution No. 6363).
1973-1974: Due to United States support for Israel in the Arab-Israeli conflict, OPEC members decide to increase the cost of oil from $ 3 / barrel to around $ 12 / barrel.
October 1973: OPEC issues an embargo against the United States, stopping oil exports. Customers in the United States experience long lines at gas stations and sometimes cannot find gasoline. Gasoline prices go from 36 cents a gallon in 1972 to over 50 cents a gallon in 1973.
March 18, 1974: At an OPEC meeting, seven members lifted the ban on exports to the United States: Algeria, Saudi Arabia, Kuwait, Qatar, Bahrain, Egypt, and Abu Dhabi. Libya and Syria refuse to abandon the ban, and Iraq boycotts the talks.
December 31, 1974: Libya lifts its 14-month oil embargo against the United States.
November 2007: Ecuador joins OPEC after a 15-year absence.
May 2008: Indonesia announces that it will abandon OPEC in 2009. The country is currently a net importer of oil, due to falling production due to aging wells.
January 1, 2009: Indonesia suspends its membership in OPEC.
January 1, 2016 - November 30, 2016: Indonesia rejoins OPEC, but suspends its membership after 11 months.
July 2016: Gabon joins OPEC.
May 25, 2017: Equatorial Guinea joins OPEC.
June 22, 2018: OPEC announces that the Democratic Republic of the Congo has joined the organization.
December 3, 2018: Qatar's state-owned oil company Qatar Petroleum announces in a series of tweets that the country will leave OPEC in January 2019. Qatar, one of the oldest members of OPEC, says it plans to focus on natural gas production.
January 1, 2019: Qatar leaves OPEC.
January 1, 2020: Ecuador leaves OPEC.
March 2020: To compensate for the collapse in demand caused by the coronavirus pandemic, the Saudi Arabia-led OPEC cartel reveals a plan to reduce production among its members by 1 million barrels per day, and said it would seek 500,000 additional barrels per day in cuts from his former allies, including Russia. In a meeting with OPEC, Russia refuses to endorse the plan, leaving the future of its three-year alliance with the cartel in doubt.
OPEC