query: where are the most of the members of opec located

pos: OPEC 81.5 percent of the world's "proven" oil reserves, including 48 percent from just the six Middle Eastern members:. Approval of a new member country requires agreement by three-quarters of OPEC's existing members, including all five of the founders. In October 2015, Sudan formally submitted an application to join, but it is not yet a member. Qatar intends to leave OPEC on 1 January 2019. For countries that export petroleum at relatively low volume, their limited negotiating power as OPEC members would not necessarily justify the burdens imposed by OPEC production quotas and membership costs. Ecuador withdrew from OPEC in December

pos: OPEC Iraqi prime minister Abd al-Karim Qasim, whose country had skipped the 1959 congress. Government representatives from Iran, Iraq, Kuwait, Saudi Arabia and Venezuela met in Baghdad to discuss ways to increase the price of crude oil produced by their countries, and ways to respond to unilateral actions by the MOCs. Despite strong US opposition: "Together with Arab and non-Arab producers, Saudi Arabia formed the Organization of Petroleum Export Countries (OPEC) to secure the best price available from the major oil corporations." The Middle Eastern members originally called for OPEC headquarters to be in Baghdad or Beirut, but Venezuela argued for

neg: Megacorpstate no formal literature that explains the process of decision making of OPEC. However, economists have carried out extensive research to produce a layout of the decision making processes. Models that have been designed can be grouped according to (1) OPEC members having power over decision making. (2) The economic ambition of the OPEC members. (3) The strategy applied to accomplish the ambitions. There are many analytical views on the decision making structure. One view discusses that OPEC acts as a single entity and makes the final decision on prices after the members have negotiated among themselves. Another view suggests that

neg: 1980–89 world oil market chronology 1980–89 world oil market chronology "Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted." "Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices." "Oil glut takes hold. Demand falls as a result of conservation, use of other fuels and recession. OPEC agrees to limit overall output to . OPEC agrees to individual output

neg: OPEC Reference Basket OPEC reference basket consists of a weighted average of the following crudes: Prior to June 16, 2005, the OPEC Basket did not include petroleum blends from all OPEC members. The earlier basket consisted of seven crudes: OPEC Reference Basket The OPEC Reference Basket (ORB), also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production. This makes the

neg: Trading nation many commodity exporters is dominated by a single commodity. Most least developed countries are reliant on agricultural exports. A 1998 statistical review by the Food and Agriculture Organization showed that 32 developing countries relied on a single commodity for more than half of their agricultural export earnings. Agricultural exporters are generally members of the Cairns Group, a coalition of 19 countries that lobby for more market access. Fossil fuel exporters, such the OPEC countries, are an important and influential subset of commodity exporters. Manufacturing exporters include many densely populated countries where human labour is the most important resource. They include

neg: OPEC Faced with increasing economic hardship (which ultimately contributed to the collapse of the Soviet bloc in 1989), the "free-riding" oil exporters that had previously failed to comply with OPEC agreements finally began to limit production to shore up prices, based on painstakingly negotiated national quotas that sought to balance oil-related and economic criteria since 1986. (Within their sovereign-controlled territories, the national governments of OPEC members are able to impose production limits on both government-owned and private oil companies.) Generally when OPEC production targets are reduced, oil prices increase. Leading up to his August 1990 Invasion of Kuwait, Iraqi President Saddam

neg: Big Oil gas reserves. Conversely, 88% of global oil and gas reserves are controlled by the OPEC cartel and state-owned oil companies, primarily located in the Middle East. A trend of increasing influence of the OPEC cartel, state-owned oil companies in emerging-market economies is shown and the "Financial Times" has used the label "The New Seven Sisters" to refer to a group of what it argues are the most influential national oil and gas companies based in countries outside of the OECD, namely CNPC "(China)", Gazprom "(Russia)", National Iranian Oil Company "(Iran)", Petrobras "(Brazil)", PDVSA "(Venezuela)", Petronas "(Malaysia)", Saudi Aramco "(Saudi Arabia)".

neg: OPEC prices and in the revenue and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy. In the 1980s, OPEC began setting production targets for its member nations; generally, when the targets are reduced, oil prices increase. This has occurred most recently from the organization's 2008 and 2016 decisions to trim oversupply. Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. In December 2014, "OPEC and the oil men" ranked as #3 on Lloyd's list

neg: Chronology of world oil market events Chronology of world oil market events "See: 1970–79 world oil market chronology" "See: 1980-1989 world oil market chronology" "Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted." "Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices." "Oil glut takes hold. Demand falls as a result of conservation, use of other fuels and recession.

neg: OPEC swing producer to balance the global market, it serves as "OPEC's de facto leader". At various times, OPEC members have displayed apparent anti-competitive cartel behavior through the organization's agreements about oil production and price levels. In fact, economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, as in this definition from OECD's "Glossary of Industrial Organisation Economics and Competition Law": International commodity agreements covering products such as coffee, sugar, tin and more recently oil (OPEC: Organization of Petroleum Exporting Countries) are examples of "international cartels" which have publicly entailed agreements between different

neg: OPEC the end of that year, having become a net importer of oil and being unable to meet its production quota. A statement released by OPEC on 10 September 2008 confirmed Indonesia's withdrawal, noting that OPEC "regretfully accepted the wish of Indonesia to suspend its full membership in the organization, and recorded its hope that the country would be in a position to rejoin the organization in the not-too-distant future." The differing economic needs of OPEC member states often affect the internal debates behind OPEC production quotas. Poorer members have pushed for production cuts from fellow members, to increase the price

neg: 1980–89 world oil market chronology quotas and cuts prices by $5 to $29 per barrel." "Average world oil prices fall by over 50 percent in 1986. There is wide use of netback pricing in 1986." 1980–89 world oil market chronology "Saudis flood market with inexpensive oil in 1981, forcing unprecedented price cuts by OPEC members. In October, all 13 OPEC members align on a compromise $32 per barrel benchmark. Later, benchmark price is maintained, but differentials are adjusted." "Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices."

neg: 1979 oil crisis behest of Prime Minister Shapour Bakhtiar (a longtime opposition leader himself), who sought to calm the situation. The rise in oil price benefited other OPEC members, which made record on profits. When oil exports were later resumed under the new Iranian government, they were inconsistent and at a lower volume, pushing the prices up. Saudi Arabia and other OPEC nations, under the presidency of Mana Al Otaiba, increased production to offset most of the decline, and in early 1979 the overall loss in worldwide production was about 4 percent. OPEC failed to hold on to its prominent position, especially after

neg: OPEC Reference Basket OPEC Reference Basket The OPEC Reference Basket (ORB), also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production. This makes the measure important for market analysts. The OPEC Basket, including a mix of light and heavy crude oil products, is heavier than both Brent crude oil, and West Texas Intermediate crude oil. Since January 1, 2017, the

neg: History of the United States (1964–1980) by suburbs (where large homes and automobile-ownership are more common), became an economic and political tool for Third World nations to begin fighting for their concerns. Following the 1973 Yom Kippur War, Arab members of OPEC announced they would no longer ship petroleum to nations supporting Israel, that is, to the United States and Western Europe. At the same time, other OPEC nations agreed to raise their prices 400%. This resulted in the 1973 world oil shock, during which U.S. motorists faced long lines at gas stations. Public and private facilities closed down to save on heating oil; and factories

neg: OPEC siege members of OPEC were taken hostage in Vienna, Austria, where the ministers were attending a meeting at the OPEC headquarters at Dr-Karl-Lueger-Ring 10 (renamed Universitätsring in 2012). The hostage attack was orchestrated by a six-person team led by Venezuelan terrorist Carlos the Jackal (which included Gabriele Kröcher-Tiedemann, Hans-Joachim Klein and Anis al-Naqqash). The self-named "Arm of the Arab Revolution" group called for the liberation of Palestine. Carlos planned to take over the conference by force and kidnap all eleven oil ministers in attendance and hold them for ransom, with the exception of Ahmed Zaki Yamani and Iran's Jamshid Amuzegar, who

neg: OPEC disruption-ridden members Libya and Nigeria) covered the first half of 2017 – alongside promised reductions from Russia and ten other non-members, offset by expected increases in the US shale sector, Libya, Nigeria, spare capacity, and surging late-2016 OPEC production before the cuts took effect. Indonesia announced another "temporary suspension" of its OPEC membership, rather than accepting the organization's requested 5 percent production cut. Prices fluctuated around US$50/bbl, and OPEC in May 2017 decided to extend the new quotas through March 2018, with the world waiting to see if and how the oil inventory glut might be fully siphoned-off by then.

neg: Ahmed Zaki Yamani initially by 10 percent alongside other OPEC members, followed by 5 percent reductions each month. This proposal was designed to gain the necessary attention from the West while preventing the tremendous economic damage that could be caused by more-radical reductions likely to be advanced by other OPEC members. On 16 October, the six Persian Gulf members of OPEC met in Kuwait and took the decision to raise oil prices from US$3 to $5.12. This was the first time the producer countries had independently set the price of their oil. On the next day, the ten OAPEC members agreed to Shiekh

neg: OPEC market share, saw the cancellation of many competing drilling projects, maintained the status quo at its June conference, and endorsed "prices at levels that are suitable for both producers and consumers", although many producers were still experiencing serious economic difficulties. As OPEC members grew weary of a multi-year supply contest with diminishing returns and shrinking financial reserves, the organization finally attempted its first production cut since 2008. Despite many political obstacles, a September 2016 decision to trim approximately 1 million barrels per day was codified by a new quota agreement at the November 2016 OPEC conference. The agreement (which exempted

neg: OPEC national governments. OPEC members strongly prefer to describe their organization as a modest force for market stabilization, rather than a powerful anti-competitive cartel. In its defense, the organization was founded as a counterweight against the previous "Seven Sisters" cartel of multinational oil companies, and non-OPEC energy suppliers have maintained enough market share for a substantial degree of worldwide competition. Moreover, because of an economic "prisoner's dilemma" that encourages each member nation individually to discount its price and exceed its production quota, widespread cheating within OPEC often erodes its ability to influence global oil prices through collective action. OPEC has not

neg: OPEC OPEC lost its two newest members, who had joined in the mid-1970s. Ecuador withdrew in December 1992, because it was unwilling to pay the annual US$2 million membership fee and felt that it needed to produce more oil than it was allowed under the OPEC quota, although it rejoined in October 2007. Similar concerns prompted Gabon to suspend membership in January 1995; it rejoined in July 2016. Iraq has remained a member of OPEC since the organization's founding, but Iraqi production was not a part of OPEC quota agreements from 1998 to 2016, due to the country's daunting political difficulties.

neg: OPEC of stones." On 10 September 2008, with oil prices still near US$100/bbl, a production dispute occurred when the Saudis reportedly walked out of a negotiating session where rival members voted to reduce OPEC output. Although Saudi delegates officially endorsed the new quotas, they stated anonymously that they would not observe them. "The New York Times" quoted one such delegate as saying: "Saudi Arabia will meet the market's demand. We will see what the market requires and we will not leave a customer without oil. The policy has not changed." Over the next few months, oil prices plummeted into the $30s,

neg: OPEC OPEC The Organisation of the Petroleum Exporting Countries (OPEC, ) is an intergovernmental organisation of nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria. the 15 countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so called "Seven Sisters” grouping of multinational oil companies. The stated mission of the organisation is to "coordinate and unify the petroleum policies

neg: OPEC of "the top 100 most influential people in the shipping industry". However, the influence of OPEC on international trade is periodically challenged by the expansion of non-OPEC energy sources, and by the recurring temptation for individual OPEC countries to exceed production targets and pursue conflicting self-interests. As of June 2018, OPEC has 15 member countries: six in the Middle East (Western Asia), seven in Africa, and two in South America. According to the U.S. Energy Information Administration (EIA), OPEC's combined rate of oil production (including gas condensate) represented 44 percent of the world's total in 2016, and OPEC accounted for

neg: 1973 oil crisis increase oil supplies, even in rugged terrain such as the Arctic. Finding oil and developing new fields usually required five to ten years before significant production. OPEC-member states raised the prospect of nationalization of oil company holdings. Most notably, Saudi Arabia nationalized Aramco in 1980 under the leadership of Saudi oil minister Ahmed Zaki Yamani. As other OPEC nations followed suit, the cartel's income soared. Saudi Arabia undertook a series of ambitious five-year development plans. The biggest began in 1980, funded at $250 billion. Other cartel members also undertook major economic development programs. US retail price gas prices rose from

neg: History of the Venezuelan oil industry OPEC had lost much of its influence compared to when it was first created. A combination of OPEC members, including Venezuela, regularly ignoring quotas and non-OPEC countries such as Mexico and Russia beginning to expand on their own petroleum industries resulted in record low oil prices to which hurt the Venezuelan economy. One of Chávez's main goals as president was to combat this problem by re-strengthening OPEC and getting countries to once again abide by their quotas. Chávez personally visited many of the leaders of oil producing nations around the world, and in 2000, he hosted the first summit of

neg: OPEC Hussein was pushing OPEC to end overproduction and to send oil prices higher, in order to help OPEC members financially and to accelerate rebuilding from the 1980–1988 Iran–Iraq War. But these two Iraqi wars against fellow OPEC founders marked a low point in the cohesion of the organization, and oil prices subsided quickly after the short-term supply disruptions. The September 2001 Al Qaeda attacks on the US and the March 2003 US invasion of Iraq had even milder short-term impacts on oil prices, as Saudi Arabia and other exporters again cooperated to keep the world adequately supplied. In the 1990s,

neg: Oil reserves formula_1for Venezuela. It is estimated that between 100 and 135 billion tonnes (which equals between 133 and 180 billions m of oil) of the world's oil reserves have been used between 1850 and the present. Since OPEC started to set production quotas on the basis of reserves levels in the 1980s, many of its members have reported significant increases in their official reserves. There are doubts about the reliability of these estimates, which are not provided with any form of verification that meet external reporting standards. The sudden revisions in OPEC reserves, totaling nearly 300 bn barrels, have been much

neg: Megacorpstate fix quotas for themselves. The members divide the shares of oil production among the nation states. Based on the quota system, the percentages of oil production are divided according to the stated reserves of each country. Consequently, in order to obtain larger percentage share, member nations often overstate their reserves. Following this system, OPEC endeavours to change the market. This is an indication that the OPEC petroleum traders exercise enough market power to influence oil prices around the world. They might increase oil prices much higher than the true economic price of the resources and reshape the Megacorpstate. There are

neg: OPEC Fund for International Development cooperation between OPEC Member Countries and other developing countries, by providing financial support to the latter for their socioeconomic development. The institution's central mission is to foster South-South Partnership with fellow developing countries worldwide with the aim of eradicating poverty. OFID's headquarters are located in Vienna, Austria. The current Director-General is Dr Abdulhamid Alkhalifa of Saudi Arabia. He assumed office as Director-General and Chief Executive Officer of OFID on November 1, 2018. The OFID Headquarters (located in Vienna's first district, on the Ringstraße) was the residential palace of the Austrian Archduke Wilhelm Franz Karl. Built between 1864 and 1868 to

neg: OPEC Longtime oil analyst Daniel Yergin "described the relationship between OPEC and shale as 'mutual coexistence', with both sides learning to live with prices that are lower than they would like." In December 2017, Russia and OPEC agreed to extend the production cut of 1.8million barrels/day until the end of 2018. Qatar announced it will withdraw from OPEC effective 1st of January 2019. According to the New York Times, this constitutes a strategic response to the ongoing Qatar boycott by Saudi Arabia, United Arab Emirates, Bahrain, and Egypt. OPEC The Organisation of the Petroleum Exporting Countries (OPEC, ) is an intergovernmental

neg: 1973 oil crisis oil had nearly doubled, reaching 6.2 million barrels per day in 1973. Until 1973, an abundance of oil supply had kept the market price of oil lower than the posted price. The Organization of the Petroleum Exporting Countries (OPEC), was founded by five oil producing countries at a Baghdad conference on September 14, 1960. The five founding members of OPEC were Venezuela, Iraq, Saudi Arabia, Iran and Kuwait. OPEC was organized after the oil companies slashed the posted price of oil, but the posted price of oil remained consistently higher than the market price of oil between 1961 and 1972.

neg: African Energy Commission of the AU, and includes such African nations such as Algeria, Angola, Libya and Nigeria among its founders, nations who are also members of OPEC. According to Chakib Khelil, Algerian energy minister and OPEC President, "Afrec is a framework of co-operation and co-ordination, but it is also a framework of action for Africans in the energy sector." African Energy Commission The African Energy Commission (Afrec) is a continental African structure with the responsibility to ensure, co-ordinate and harmonise the protection, preservation, development and the national exploitation, marketing and integration of the energy resources of the African continent. It was launched

neg: Gas Exporting Countries Forum members. Since the establishment of the GECF in 2001 there has always been speculation that some of the world's largest producers of natural gas, in particular Russia and Iran, intend to create a gas cartel equivalent to OPEC which would set quotas and prices. The idea of a gas OPEC was first floated by then Russian President Vladimir Putin and backed by Kazakh President Nursultan Nazarbaev in 2002. In May 2006 Gazprom deputy chairman Alexander Medvedev threatened that Russia would create "an alliance of gas suppliers that will be more influential than OPEC" if Russia did not get its way

neg: Invasion of Kuwait oil glut. Chalabi argued that higher oil prices would help Iraq increase its revenues and pay back its US$60 billion debt. However, given its large downstream petroleum industry, Kuwait was less concerned about the prices of crude oil and in 1989, Kuwait requested OPEC to increase the country's total oil production ceiling by 50% to 1.35 million bpd. Throughout much of the 1980s, Kuwait's oil production was considerably above its mandatory OPEC quota and this had prevented a further increase in crude oil prices. A lack of consensus among OPEC members undermined Iraq's efforts to end the oil glut and

neg: Ahmed Zaki Yamani and other OPEC members managed to increase production sufficiently to replace that lost from Iran, but this did not prevent panic buying of oil. OPEC also maintained an official price, although the spot market led to oil prices being negotiated upward. Yamani claimed that Saudi Arabia would not sell over the OPEC price but would remain committed to the reduction of oil prices. The panic buying during the 1979 energy crisis led to increased oil stocks which began to flood the market and resulted in price wars between oil-producing nations competing for market share. This in turn led to reduced

neg: 1980s oil glut output was around 3.5 million bpd, down from around 10 million in 1981. During this period, OPEC members were supposed to meet production quotas in order to maintain price stability; however, many countries inflated their reserves to achieve higher quotas, cheated, or outright refused to accord with the quotas. In 1985, the Saudis tired of this behavior and decided to punish the undisciplined OPEC countries. The Saudis abandoned their role as swing producer and began producing at full capacity, creating a "huge surplus that angered many of their colleagues in OPEC". High-cost oil production facilities became less or even not

neg: Megacorpstate member nations and to decrease the oil market volatility. As of May 2017, the organization consists of 14 countries which earn the majority of their income through oil revenues: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia (the dominant exporter), United Arab Emirates, Venezuela. According to OPEC, membership is open to any nation that has substantial oil resource and observes the same principles as the organization, subject to approval by the member governments. OPEC holds meetings with its members at least twice per year. During these meetings, the members usually examine market conditions and

neg: Foreign relations of Saudi Arabia the Saudi royal family. Islam is the main religion of Saudi. China and Saudi Arabia are major allies, with relationship between the two countries growing significantly in recent decades. Majority of Saudi Arabians also expressed a favorable view of China. As a founding member of OPEC, Saudi Arabia's long-term oil pricing policy has been to keep prices stable and moderate—high enough to earn large amounts of revenue, but not so high as to encourage alternative energy sources among oil importers, or jeopardise the economies of Western countries where many of its financial assets are located and which provide political and

neg: OPEC been involved in any disputes related to the competition rules of the World Trade Organization, even though the objectives, actions, and principles of the two organizations diverge considerably. A key US District Court decision held that OPEC consultations are protected as "governmental" acts of state by the Foreign Sovereign Immunities Act, and are therefore beyond the legal reach of US competition law governing "commercial" acts. Despite popular sentiment against OPEC, legislative proposals to limit the organization's sovereign immunity, such as the NOPEC Act, have so far been unsuccessful. OPEC often has difficulty agreeing on policy decisions because its member countries

neg: Petroleum industry in Nigeria in and around the delta of the Niger River, but off-shore rigs are also prominent in the well-endowed coastal region. Nigeria is one of the few major oil-producing nations still capable of increasing its oil output. Unlike most of the other OPEC countries, Nigeria is not projected to exceed peak production until at least 2009. The reason for Nigeria's relative unproductivity is primarily OPEC regulations on production to regulate prices on the international market. More recently, production has been disrupted intermittently by the protests of the Niger Delta's inhabitants, who feel they are being exploited. Nigeria has a total of

neg: Solute carrier family but rather functional (i.e., an integral membrane protein that transports a solute). The SLC group include examples of transport proteins that are: The SLC series does not include members of transport protein families that have previously been classified by other widely accepted nomenclature systems including: Most members of the SLC group are located in the cell membrane, but some members are located in mitochondria (the most notable one being SLC family 25) or other intracellular organelles. Names of individual SLC members have the following format: where: For example, is the first isoform of subfamily A of SLC family 1. An

neg: OPEC measures to strengthen cooperation between these countries... [The OPEC Special Fund's] resources are additional to those already made available by OPEC states through a number of bilateral and multilateral channels." The Fund became an official international development agency in May 1980 and was renamed the OPEC Fund for International Development (OFID), with Permanent Observer status at the United Nations. On 21 December 1975, Saudi Arabia's Ahmed Zaki Yamani, Iran's Jamshid Amuzegar, and the other OPEC oil ministers were taken hostage at their semi-annual conference in Vienna, Austria. The attack, which killed three non-ministers, was orchestrated by a six-person team led

neg: 2001 world oil market chronology 2001 world oil market chronology "Sources include: Dow Jones (DJ), New York Times (NYT), Wall Street Journal (WSJ), and the Washington Post (WP)." January 10 The White House announces that President Clinton will not designate the Arctic National Wildlife Refuge (ANWR) as a national monument prior to his departure from office. Environmentalist groups had been pressing for national monument status for the ANWR to prevent oil drilling. (DJ) January 17 OPEC agrees at a meeting of ministers in Vienna, to reduce members' production quotas by per day. The move comes in response to OPEC members' concerns about declining prices. Analysts

neg: Natural gas in Bolivia Mobil Corporation. Bolivia’s proven reserves of natural gas are variously estimated as 280 billion cubic meters, or 9.9 trillion cubic feet (BP, as of 31 December 2015), 281 billion cubic meters, or 9.91 trillion cubic feet (US Energy Information Administration), and 300.5 billion cubic meters, or 10.6 trillion cubic feet (OPEC, as of 31 December 2015). BP, US EIA, and OPEC all place Bolivia’s proven gas reserves as the sixth-largest in South America, behind those of Venezuela, Brazil, Peru, Argentina, and Trinidad and Tobago. Due to its geographic location, in the most prosperous southern part of the continent, Bolivia holds

neg: Megacorpstate of Megacorpstate. OPEC is the most dominant and influential entity in the Megacorpstate. Every economic fluctuation that is experienced by this organization affects the entire market structure. As a result, a crucial relationship between the two entities is to be observed. In order to fully understand the mechanism and functionality of Megacorpstate, OPEC has to be understood first. OPEC is a mnemonic for Organization of the Petroleum Exporting Countries. It was established in September 1960 in Baghdad by five founder nations, Iran, Iraq, Venezuela, Saudi Arabia and Kuwait. The initiative was taken to promote economic enrichment and stability among its

neg: Megacorpstate reserve the oil for future investments or as an alternative to generating current revenues. Other economists believe that its motivation to establish low prices is due to a force that is present within its own organization and call the force Saudi Arabia. Oil state Saudi Arabia has always been adamant in maintaining low prices. Saudi Arabia is by far the biggest producer in OPEC and supplies approximately 30% of total OPEC output. Consequently, it is the most influential member of the organization. OPEC claims to generate profits for oil firms by adjusting the petroleum supply and supporting prices. However, the

neg: 2001 world oil market chronology weekend). Also contributing to the price increase was the return of cold weather to the northeastern United States and forecasts that show that the cold weather pattern may continue. Nevertheless, prices are still considerably lower than one year ago. (NYT) December 28 OPEC oil ministers meeting in Cairo agree to reduce their crude oil output quotas by a combined per day (about 6.5%) for a six-month period beginning January 1, 2002. OPEC ministers also announce that they will meet again in March. OPEC received commitments for per day of the per day in cuts that it had requested from non-OPEC

neg: OPEC from 1 January 2019.. By continent, two are South American, seven African, and six are Asian (Middle East). Two-thirds of OPEC's oil production and reserves are in its six Middle-Eastern countries that surround the oil-rich Persian Gulf. The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil

neg: Emmanuel Ibe Kachikwu to four in a move that led to the appointment of four new Group Executive Directors, to run the four new Directorates. Kachikwu in a bid to provide employees with general updates on the Corporation's progress, launched a series of weekly podcasts which is sent to the over 13,000 members of staff. However, on March 8 2016, he increased the directorates from four to seven. He is the immediate past President of the OPEC Conference with a tenure that expired in January 2016. He has chaired the 168th Meeting of the OPEC Conference held in Vienna, Austria, on December 4,

neg: Israel–Venezuela relations key supporter of Iranian President Mahmoud Ahmadinejad. Although it's not unusual for OPEC members to maintain relations, Carlos Romero, a political scientist at the Universidad Central de Venezuela, says that 'since the foundation of Israel, Venezuela has maintained equilibrium between its interests in Israel and Arab countries. Chavez has broken this'." Venezuelan Oil Minister Rafael Ramirez said on August 13, 2006, that Venezuela would not endorse an OPEC oil embargo in response to the Middle East crisis, but did say, "What we have been warning and denouncing over the past two years is the permanent aggression of U.S. foreign policy

neg: Intergovernmental Council of Copper Exporting Countries the members to secure higher prices failed, particularly of increasing the price during the crisis of 1975-1976, and the subsequent change of behavior of Chile finally finished the cartel. Many experts consider that the market power of this cartel was negligible, because the residual demand that it faced was elastic (much higher than OPEC, for example). The inability of coordinating output cutbacks during the extensive period of life of CIPEC seems to validate this hypothesis. It was dissolved during the 1990s. There were three stages of the CIPEC that economists recognize: The OPEC embargo marked a turning point in the

neg: Economic policy of the Hugo Chávez administration of the 1990s, Chavez played a leading role within the Organization of the Petroleum Exporting Countries (OPEC) to reinvigorate that organisation and obtain members' adherence to lower production quotas designed to drive up the oil price. Venezuelan oil minister Alí Rodríguez Araque's announcement in 1999 that his country would respect OPEC production quotas marked "a historic turnaround from the nation's traditional pro-US oil policy." On 13 November 2001, under the enabling law authorized by the National Assembly, President Chávez enacted the Hydrocarbons Law, which came into effect in January 2002. The new Hydrocarbons Law required that a minimum of 51%

neg: Petrodollar recycling contributed to the bloc's collapse in 1989. During the 2005–2014 petrodollar surge, OPEC member Venezuela played a similar role supporting Cuba and other regional allies, before the 2014–2017 oil downturn brought Venezuela to its own economic crisis. These images illustrate the diversity of major petrodollar recycling activities, in roughly chronological order: Petrodollar recycling Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). It generally refers to the phenomenon of major petroleum-exporting nations, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently

neg: Iran–Qatar relations good relation with Iran, both being members of the Organisation of Petroleum Exporting Countries (OPEC). Russia, Qatar, and Iran all control around 50% of the world's oil reserves. They have made agreements to develop their economic relationship especially within the OPEC. Both countries own the South Pars / North Dome Gas-Condensate field, the world's largest gas field, having a big influence in the Irani-Qatari relation. On 11 January 2009, representatives from the three countries (Qatar, Iran and Russia) met in Tehran, agreeing on the production of their gas reserves. Qatar has a difficult time when it comes to maintaining a

neg: OPEC and did not return to $100 until the Libyan Civil War in 2011. During 2014–2015, OPEC members consistently exceeded their production ceiling, and China experienced a slowdown in economic growth. At the same time, US oil production nearly doubled from 2008 levels and approached the world-leading "swing producer" volumes of Saudi Arabia and Russia, due to the substantial long-term improvement and spread of shale "fracking" technology in response to the years of record oil prices. These developments led in turn to a plunge in US oil import requirements (moving closer to energy independence), a record volume of worldwide oil inventories,

neg: Posted oil price an index that would be calculated by comparing value changes in the currencies of nine major industrialized countries relative to the dollar. However, this indexing arrangement was canceled after the 1973 oil crisis. The Tripoli Agreement of 1971 was signed by the OPEC members who exported across the Mediterranean, rather than through the Persian Gulf — namely Libya, Algeria and Iraq; not only did the posted price increase, but the profit sharing arrangement went from 50-50 to 55-45 in favor of the producing countries. During the 1973 oil crisis, OPEC turned down an offer to increase the posted price by

neg: Eni signed joint venture contracts with foreign companies to supply crude from Egypt to Iran and from Libya to Tunisia. In 1963, Eni acquired a majority stake in Italgas. In October 1973 after the Yom Kippur War and the OPEC embargo against the United States and the Netherlands by OPEC members and Arab countries, a serious his oil crisis occurred, causing Eni to consolidate its position in the international market by signing an agreement with Sonatrach, the Algerian state oil entity for natural gas supply. In 1974 Eni signed an agreement with the Libyan government, followed by additional agreements with Egypt,

neg: OPEC (1980–1988), Iraqi occupation of Kuwait (1990–1991), September 11 attacks by mostly Saudi hijackers (2001), American occupation of Iraq (2003–2011), Conflict in the Niger Delta (2004–present), Arab Spring (2010–2012), Libyan Crisis (2011–present), and international Embargo against Iran (2012–2016). Although events such as these can temporarily disrupt oil supplies and elevate prices, the frequent disputes and instabilities tend to limit OPEC's long-term cohesion and effectiveness. As one area in which OPEC members have been able to cooperate productively over the decades, the organization has significantly improved the quality and quantity of information available about the international oil market. This is especially helpful

neg: OPEC and a collapse in oil prices that continued into early 2016. In spite of global oversupply, on 27 November 2014 in Vienna, Saudi Oil Minister Ali Al-Naimi blocked appeals from poorer OPEC members for production cuts to support prices. Naimi argued that the oil market should be left to rebalance itself competitively at lower price levels, strategically rebuilding OPEC's long-term market share by ending the profitability of high-cost US shale oil production. As he explained in an interview: Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency continues to produce? That is

neg: OPEC Fund for International Development OPEC Fund for International Development The OPEC Fund for International Development (OFID) is the intergovernmental development finance institution established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries (OPEC). OFID was conceived at the Conference of the Sovereigns and Heads of State of OPEC Member Countries, which was held in Algiers, Algeria, in March 1975. A Solemn Declaration of the Conference "reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment", and called for measures to strengthen cooperation between these countries. OFID's objective is to reinforce financial

neg: OPEC suspension" of its membership at year-end when OPEC requested a 5 percent production cut. Some commentators consider that the United States was a de facto member of OPEC during its formal occupation of Iraq, due to its leadership of the Coalition Provisional Authority in 2003–2004. But this is not borne out by the minutes of OPEC meetings, as no US representative attended in an official capacity. Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers. This arrangement serves as an informal mechanism for coordinating policies. The OPEC Conference

neg: Economy of Venezuela high oil prices. Chávez also played a leading role within OPEC to reinvigorate the organization and obtain members' adherence to lower quotas designed to drive up the oil price. Alí Rodríguez Araque, the Venezuelan oil minister, gave an announcement in 1999 that his country would respect OPEC production quotas, which marked "a historic turnaround from the nation's traditional pro-US oil policy". In the first four years of the Chávez presidency, the economy grew at first (1999–2001), then contracted from 2001–2003 to GDP levels similar to 1997. At first, the economic decline was due to low oil prices, but it was

neg: Ba'athist Iraq the gap, an increasing number of women were hired. There was a shift in industrial production during the war from consumer to military goods. Social programmes that had been established in the previous decade began to deteriorate, and the average standard of living decreased. During the mid-to-late 1980s, international oil prices collapsed. The Organisation for Petroleum Exporting Countries (OPEC) established a quota system in which the international oil price (for its members) was set at USD$18 per barrel. This system did not work, as Kuwait and the United Arab Emirate (UAE) did not follow OPEC policy and continued to flood

neg: 2001 world oil market chronology Crude oil for December delivery on the New York Mercantile Exchange (NYMEX) falls to a two-year low after OPEC members warn that a downward price spiral could occur if major non-OPEC oil exporters do not reduce oil production. The NYMEX price settles at $19.92 per barrel, down 10 cents per barrel from the low of November 5, and the first time it has been under $20 per barrel since mid-1999. (NYT) November 10 An agreement is reached at talks in Marrakech, Morocco, on rules for implementation of the Kyoto climate change treaty. Rules for joint implementation projects, the Clean Development

neg: Ahmed Zaki Yamani OPEC, Yamani decided on a compromise that put oil at $11.65, four times the price of a barrel prior to 16 October. Following progress with Arab-Israeli disengagement agreements, a decision was taken to end the embargo, which was formally lifted on 17 March 1974. Saudi Arabia continued to push for price reductions from the $11.65 level, opposed by other OPEC members. This increasingly came to be seen as a pro-American stance by the other producers, although defended by Yamani as a safer option for the world economy. Saudi Arabia has been criticised for using its dominant position to force its

neg: Lutheranism by region Church (CELC), primarily located in the lands of the former East Germany, has 1,470 baptised members. The German parishioners of the Moravian Church, which is a member of the Lutheran World Federation, are also confessionally counting as Lutherans. Lutheranism is the established church in most of the Nordic countries including Denmark, Norway, Sweden, Finland and Iceland. In these countries, where most people are Lutheran, the churches are supported by taxes, either indirectly through the general taxes paid by most citizens or directly in the form of a church tax. In Denmark, Finland, Iceland and Sweden citizens who are members of

neg: Petroleum in the future; when that happens, it will definitely curb oil sales, and both OPEC and the Energy Information Administration (EIA) kept lowering their 2020 consumption estimates during the past five years. A detailed review of International Energy Agency oil projections have revealed that revisions of world oil production, price and investments have been motivated by a combination of demand and supply factors. All together, Non-OPEC conventional projections have been fairly stable the last 15 years, while downward revisions were mainly allocated to OPEC. Recent upward revisions are primarily a result of US tight oil. Production will also face an

neg: Economic history of Somalia owed to centrally planned economies (mainly the Soviet Union, US$110 million; China, US$87.2 million; with small sums to Bulgaria and the German Democratic Republic (East Germany). Another one-third of the debt was owed to countries in the Organisation for Economic Cooperation and Development (OECD). Finally, one-third was owed to members of the Organization of the Petroleum Exporting Countries (OPEC) (principally Saudi Arabia, US$81.9 million; Abu Dhabi, US$67.0 million; the Arab Fund for Economic and Social Development, US$34.7 million; Kuwait, US$27.1 million; and smaller amounts to Iraq, Qatar, the OPEC special account, Libya, and Algeria, in that order). Many loans, especially

neg: OPEC Oil Outlook" (WOO) annually, in which it presents a comprehensive analysis of the global oil industry including medium- and long-term projections for supply and demand. OPEC also produces an "Annual Statistical Bulletin" (ASB), and publishes more-frequent updates in its "Monthly Oil Market Report" (MOMR) and "OPEC Bulletin". A "crude oil benchmark" is a standardized petroleum product that serves as a convenient reference price for buyers and sellers of crude oil, including standardized contracts in major futures markets since 1983. Benchmarks are used because oil prices differ (usually by a few dollars per barrel) based on variety, grade, delivery date and

neg: Istanbul Technical University total area of 2.64 km². The University Rectorate, swimming pool, stadium, along with most of the faculties, student residence halls and the central library of ITU are located there. Another suburban campus of ITU is the Tuzla Campus. It serves the Maritime Faculty students and faculty members. It is located in the Tuzla district of Istanbul, which is a dockyard area. The three urban campuses are near to one another and are situated close to Taksim Square. Taşkışla campus is where the Faculty of Architecture is located. The Taşkışla building is one of the most renowned historical buildings in Istanbul.

neg: Geology of Egypt poor grade. There is iron located in the Western Desert, and the railway linking the mines to a city near Cairo was restored in the early 1990s. Black sand placers, which are deposits of minerals formed by gravity separation due to sedimentary processes, that are located along the Mediterranean coast contain ilmenite, hematite, magnetite, zircon, garnet, and monazite. Egypt leads Africa in the extraction of both talc and gypsum. It is second in salt production, third for phosphate and vermiculite, and fourth for iron ore. Egypt also extracts oil, and is the largest non-OPEC producer of oil in Africa. Additionally,

neg: King Abdullah University of Science and Technology trustees is headed by the former Saudi oil minister and OPEC leader Ali Al-Naimi. Several current and former ministers serve on the board of trustees, like Al-Naimi's successor Khalid A. Al-Falih, Abdulaziz bin Abdullah bin Abdulaziz Al Saud, Mansour bin Abdulaziz Al Saud, and Mishaal bin Abdullah Al Saud. The president and CEO of Saudi Aramco Amin H. Nasser and the former president of the Islamic Development Bank Ahmed Mohammed Ali Al-Madani are among the Saudi board members. The international board members comprise the CEO of McKinsey & Company Dominic Barton, as well as Charles M. Vest (MIT), Shirley M.

neg: Girifna membership as “diverse” and “ a wide range of ages, and ethnic and religious backgrounds.” Most of its members are reportedly youth activists, primarily from central Sudan, and some sources identify it as “student-led.” The group welcomes members regardless of political beliefs and it purportedly has members belonging to “all the major political parties in the country.” Girifna's headquarters are located in Khartoum, where the movement is most active, as well as in Khartoum Bahri and Omdurman. It has also been active in the cities of Madani, Algadarif, Al Jazeera, Atbara, Al Obied, Meroe, Dongola, and Nyala. The organization seeks

neg: Ahmed Zaki Yamani the West for the first time, with Yamani described as "the man of the moment" in Newsweek International's 24 December 1973 cover article. US attempts at bringing together a consumer's cartel failed, and the EEC and Japan called on Israel to withdraw from Arab territories occupied in 1967. On 22 December, the Persian Gulf members of OPEC met again in Tehran where the Shah, backed by the other militant states, urged that the price of oil be raised to over $20 a barrel. Yamani opposed this extreme increase but could not contact Saudi Arabia from Tehran. Fearing a split in

neg: OPEC Fund for International Development seven of these countries from the sale of gold held on their behalf by the IMF, these resources were allocated to provide concessional balance of payments assistance to eligible low-income IMF member countries. OPEC Fund for International Development The OPEC Fund for International Development (OFID) is the intergovernmental development finance institution established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries (OPEC). OFID was conceived at the Conference of the Sovereigns and Heads of State of OPEC Member Countries, which was held in Algiers, Algeria, in March 1975. A Solemn Declaration of the Conference "reaffirmed

neg: Energy policy of Russia Russia declined the offer. Russia has expressed its desire to become an observer to OPEC, which could lead to greater communication that Russia has sought since the oil price crash in 2014. In 2015, it was estimated that Russia working with OPEC would boost the cartel’s clout by nearly a third. Russia and OPEC have made several oil production cutback agreements to raise the price of oil since March 1999, when a deal was reached as part of an agreement between OPEC and non-OPEC oil producers to lift crude prices off their lows. In June 2015, Russian president Vladimir Putin

neg: OPEC Lower demand triggered by the 1997–1998 Asian financial crisis saw the price of oil fall back to 1986 levels. After oil slumped to around US$10/bbl, joint diplomacy achieved a gradual slowing of oil production by OPEC, Mexico and Norway. After prices slumped again in Nov. 2001, OPEC, Norway, Mexico, Russia, Oman and Angola agreed to cut production on 1 Jan. 2002 for 6 months. OPEC contributed 1.5 million barrels a day (mbpd) to the approximately 2 mbpd of cuts announced. In June 2003, the International Energy Agency (IEA) and OPEC held their first joint workshop on energy issues. They have

neg: OPEC siege serving life sentences for at least 16 other murders. The 1997 film "The Assignment" depicts the OPEC siege early in the film. The 2010 Olivier Assayas-directed series "Carlos" documented the life of Ramírez Sánchez. The film won a Golden Globe Award for Best Miniseries or Television Movie. Carlos was played by the Venezuelan actor Édgar Ramírez. OPEC siege On December 21, 1975, six militants attacked the semi-annual meeting of OPEC leaders in Vienna, Austria; the attackers took more than 60 hostages after killing an Austrian policeman, an Iraqi OPEC security officer, and a Libyan economist. Several other individuals were wounded.

neg: United Arab Emirates of $150 billion collectively as a family. The UAE has extensive diplomatic and commercial relations with other countries. It plays a significant role in OPEC and the UN, and is one of the founding members of the Gulf Cooperation Council (GCC). One of the main anchorers of the UAE's foreign policy has been building cooperation-based relations with all countries of the world. Substantial development assistance has increased the UAE's stature among recipient states. Most of this foreign aid (in excess of $15 billion) has been to Arab and Muslim countries. The UAE has long maintained close relations with Egypt and

neg: Petrodollar recycling the Managing Director of the IMF, said in 1974: "The international monetary system is facing its most difficult period since the 1930s." The IMF administered a new lending program during 1974–1976 called the Oil Facility. Funded by oil-exporting nations and other lenders, it was available to nations suffering from acute problems with their balance of trade due to the rise in oil prices, notably including Italy and the UK as well as dozens of developing countries. From 1974 through 1981, the total current account surplus for all members of OPEC amounted to US$450 billion, without scaling-up for the subsequent decades

neg: 2001 world oil market chronology Florida. (NYT) July 2 The United Nations (U.N.) Security Council, facing an almost certain Russian veto, agrees to postpone indefinitely a vote on the U.S.-led "smart sanctions" package for Iraq, despite support by the four other council members. Instead, it will extend, most likely through the end of the year, the program that allows Iraq to export oil and import food and other commodities under U.N. supervision (WSJ) July 3 At a meeting of its oil ministers, OPEC agrees to maintain current production quotas. Ministers indicate that, if Iraqi oil returns to the market, they may cut production in response

neg: Kuwait–Saudi Arabia relations Kuwait–Saudi Arabia relations Kuwait–Saudi Arabia relations are the relations between the State of Kuwait and the Kingdom of Saudi Arabia. Both are members of the Gulf Cooperation Council. Historically there was a Saudi–Kuwaiti neutral zone inhabited by coastal fishermen; however, with the discovery of oil, the countries agreed to divide the territory, and reached an agreement in 1969. In 1990, following the Iraqi invasion of Kuwait, Saudi Arabia participated in the Gulf War to expel Iraqi forces from the country. Although Kuwait and Saudi Arabia are allies and cooperate within OPEC and the GCC, Riyadh disputes Kuwait's ownership of the

neg: Kuwait–Saudi Arabia relations Qaruh and Umm al Maradim islands. Kuwait–Saudi Arabia relations Kuwait–Saudi Arabia relations are the relations between the State of Kuwait and the Kingdom of Saudi Arabia. Both are members of the Gulf Cooperation Council. Historically there was a Saudi–Kuwaiti neutral zone inhabited by coastal fishermen; however, with the discovery of oil, the countries agreed to divide the territory, and reached an agreement in 1969. In 1990, following the Iraqi invasion of Kuwait, Saudi Arabia participated in the Gulf War to expel Iraqi forces from the country. Although Kuwait and Saudi Arabia are allies and cooperate within OPEC and the GCC,

neg: The World Factbook list of developed countries the countries in its list are The CIA notes that these countries These descriptions are based on 2010 GDP per capita figures. As of 2017, four members of the OECD have a GDP per capita of less than $15,000 in nominal terms (Poland, Hungary, Turkey and Mexico) and, as of 2017, five OPEC countries have a GDP per capita that is higher than $20,000 (Qatar, Kuwait, Bahrain, UAE and Saudi Arabia). The CIA notes that the 31 DCs are as follows: The CIA concludes its definition with the note that this list is This description is based on an old

neg: Al Hazm, Yemen climate is hot and dry. Most rain falls in the winter. The Köppen-Geiger climate classification is Bwh. The average annual temperature in Al Hazm is . About of precipitation falls annually. Al Hazm, Yemen Al Hazm or al-Hazm () is the principal town of Al Jawf Governorate and Al Hazm District in Yemen. It is located northwest of the city of Ma'rib and southeast of Sa'dah. In the late 1980s a highway was built through Al Hazm, leading to Baraqish and Ma'in to the south to Ma'rib. Yemen was reported by OPEC to have received a $5m loan for the

neg: Rentier state in world trade in the 1970s brought a renewed interest in thinking on rentier economies in the aforementioned disciplines of political science and international relations. Examples of rentier states include oil-producing countries in the MENA region including Saudi Arabia, United Arab Emirates, Iraq, Iran, Kuwait, Qatar, Libya and Algeria as well as a few states in Latin America, all of whom are members of OPEC. African states such as Nigeria, Gabon, Angola, Ghana, Uganda and South Sudan are also important oil producers with rentier economies, earning income from trading natural resources. Rentier state theory has been one of several advanced

neg: Differential accumulation and acquisitions is that can result in concentrating the power to limit supply among fewer entities. The supply shock theory in political economy has focused mainly on the effect of OPEC (Organization of Petroleum Exporting Countries) on the price of oil through the restriction of supply. This is similar to differential accumulation's look at the "weapondollar-petrodollar coalition" and OPEC. The similarity ends where differential accumulation places the cause of the price of oil in the creation of a global feeling of crisis and perceived scarcity because of conflicts in the Middle East, and not, as supply shock theories hold, on

neg: Oil reserves debated. Some of it is defended partly by the shift in ownership of reserves away from international oil companies, some of whom were obliged to report reserves under conservative US Securities and Exchange Commission rules. The most prominent explanation of the revisions is prompted by a change in OPEC rules which set production quotas (partly) on reserves. In any event, the revisions in official data had little to do with the actual discovery of new reserves. Total reserves in many OPEC countries hardly changed in the 1990s. Official reserves in Kuwait, for example, were unchanged at (including its share of

neg: OPEC is the supreme authority of the organization, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organization is the OPEC Secretary General. The Conference ordinarily meets at the Vienna headquarters, at least twice a year and in additional extraordinary sessions when necessary. It generally operates on the principles of unanimity and "one member, one vote", with each country paying an equal membership fee into the annual budget. However, since Saudi Arabia is by far the largest and most-profitable oil exporter in the world, with enough capacity to function as the traditional

neg: Petrocurrency in 1971. In the absence of fixed value convertibility to gold, compared to other currencies, the US dollar subsequently deteriorated in value for several years, making fixed USD to local currency exchange rates unsustainable for most countries. Since the agreements of 1971 and 1973, OPEC oil is generally quoted in US dollars, sometimes referred to as petrodollars. In October 1973, OPEC declared an oil embargo in response to the United States' and Western Europe's support of Israel in the Yom Kippur War. Since the beginning of 2003, Iran has required payment in euros for exports to Asia and Europe. The

neg: Nationalization of oil supplies industry. This created a further destabilizing factor for OPEC. The world refining capacity of the major oil companies in 1973 was . However, by 1982, their world refining capacity had decreased to . This decrease was a result of their decreased access to the oil reserves of OPEC countries and, subsequently, the rationalization of their world refining and distribution network to decrease their dependence on OPEC countries. The increase in the refining capacity of OPEC countries that wanted to sell not only crude oil but also refined products further reinforced this trend towards rationalization. The nationalization of oil supplies and

neg: Economy of Oman again reached 600,000 b/d by mid-1987, which helped increase revenues. By mid-2000, production had climbed to more than 900,000 b/d where they remain. Oman is not a member of OPEC. Natural gas reserves, which will increasingly provide the fuel for power generation and desalination, stand at 18 trillion ft³ (510 km³). The Oman LNG processing plant located in Sur was opened in 2000, with production capacity of 6.6 million tons/YR, as well as unsubstantial gas liquids, including condensates. Oman does not have the immense oil resources of some of its neighbors. Nevertheless, in recent years, it has found more oil

neg: OPEC price surge. For example, the Kuwait Fund for Arab Economic Development has operated since 1961. In the years after 1973, as an example of so-called "checkbook diplomacy", certain Arab nations have been among the world's largest providers of foreign aid, and OPEC added to its goals the selling of oil for the socio-economic growth of poorer nations. The OPEC Special Fund was conceived in Algiers, Algeria, in March 1975, and was formally established the following January. "A Solemn Declaration 'reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment,' and called for

neg: Guillaume Long the US presidential elections. Ecuador's Ministry of Foreign Affairs argued that it refused to meddle in other countries' internal affairs particularly in times of elections, but that this measure bore no relations with the asylum. Long was also in charge of Ecuador's oil negotiations within OPEC and represented Ecuador at the OPEC meetings in Algiers on 29 September 2016 and Vienna on 30 November 2016, and the 10 December 2016 OPEC-non OPEC meeting in Vienna that resulted in the commitment to cut oil production by just under 1.8 million barrels a day. After the election of Donald Trump in the

neg: Juan Pablo Pérez Alfonzo alliance with oil producing Arab nations to protect the continuous autonomy and profitability of Venezuela's oil (among other reasons), establishing a strong link between the South American nation and the Middle East region that survives to this day. His extensive notes of the TRC methods for regulation of production to maximize recovery served him well both in Venezuela and later when he took them translated into Arabic to the Cairo meeting that served as launching platform for OPEC, where Wanda Jablonski introduced him to then minister of petroleum of Saudi Arabia, Abdullah Tariki, co-founder of OPEC. After the 1973 oil

neg: Cold War (1962–1979) subregional economic groups similar in concept to the European Common Market. The OAU has also pursued a policy of political cooperation with other Third World regional coalitions, especially with Arab countries. Much of the frustration expressed by non-aligned nations stemmed from the vastly unequal relationship between rich and poor states. The resentment, strongest where key resources and local economies have been exploited by multinational Western corporations, has had a major impact on world events. The formation of the Organization of Petroleum Exporting Countries (OPEC) in 1960 reflected these concerns. OPEC devised a strategy of counter-penetration, whereby it hoped to make

neg: James E. Akins 1947. He joined the Foreign Service in 1954 and worked in Italy, France, Syria, Lebanon, Kuwait and Baghdad before being appointed to the State Department's top energy post in 1968. In 1971 after Libya demanded an increase of 40 cents a barrel, and the oil companies offered only a nickel, Akins took Libya's side. After the 40-cent price rise went through, it was later seen as an important step in the development of OPEC. After attending a meeting of Arab OPEC oil producers in May 1972 in Algiers, where he confirmed that they were eager to take advantage of the

neg: Economy of the Middle East gold standard, hurting oil-producing countries which collected revenue in US dollars. While the OPEC embargo exacerbated the deep recession and inflation in the United States, the economies of the Middle East witnessed rapid expansion and growth in GDP as well as an increase in the Middle East's share of global world trade from 3.6% in 1972 to 8% in 1979. In addition to experiencing economic growth, the Middle East also made improvements in development indicators such as infant mortality and life expectancy, and a decrease in unemployment across most sectors. Following the oil boom and the OPEC embargo of the