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OPEC

The document discusses several OPEC member countries and their roles in global oil production and exports. It notes that OPEC was formed in 1960 and currently includes 13 oil exporting countries which collectively produce 30% of the world's crude oil. It provides details on how various OPEC members like Saudi Arabia, Iran, Iraq, Venezuela, and Russia have been impacted by sanctions, conflicts, and OPEC agreements to limit production in order to impact global oil prices.

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33 views10 pages

OPEC

The document discusses several OPEC member countries and their roles in global oil production and exports. It notes that OPEC was formed in 1960 and currently includes 13 oil exporting countries which collectively produce 30% of the world's crude oil. It provides details on how various OPEC members like Saudi Arabia, Iran, Iraq, Venezuela, and Russia have been impacted by sanctions, conflicts, and OPEC agreements to limit production in order to impact global oil prices.

Uploaded by

qj2rnqgzn7
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Organisation of the Petroleum

Exporting Countries (OPEC)

Chiara Wieser 20.10.2022


Lukas Heidenkampf
OPEC
General Information

o Formed in 1960
o Group of 13 oil exporting countries
o Today: producing 30% of tge world‘s crude oil
o 2016: OPEC joined forces à OPEC+

Chiara Wieser
2
Lukas Heidenkampf
OPEC
General Information

o Spring 2020: price of crude oil crashed


o OPEC+ cut production à price
o Slow increase of production as demand August
2022: OPEC+ cut production à boost cost of oil

Chiara Wieser
3
Lukas Heidenkampf
Russia

o Not a member of OPEC


o After invading Ukraine à price of Russian oil
o Russia is China’s biggest supplier of oil
o Russia profits from production cut

Chiara Wieser
4
Lukas Heidenkampf
Iran

o Member of OPEC, drilled first oil in 1908


o 2021: value of petroleum exports: $25 billion
o May 2018: sanctions against Iran by USA
o Iran cut crude oil production
o Iran wants to increase production

Chiara Wieser
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Lukas Heidenkampf
Iraq

o OPEC member, drilling oil since 1927


o 2021: value of petroleum exports: $79 billion
o Iraq cant afford to cut it‘s oil production

Chiara Wieser
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Lukas Heidenkampf
Venezuela

o Once biggest oil supplier in the world


o Now: 700.000 barrels a day
o 2021: value of petroleum exports: $9 billion
o In September: meeting within OPEC members
o Venezuela critisizes sanctioning Russia

Chiara Wieser
7
Lukas Heidenkampf
Saudi Arabia

o OPEC member, producing oil sind 1938


o Biggest producer within OPEC
o 2021: value of petroleum exports $202 billion
o Posseses about 17% of the worlds proven petroleum reserves
o Conflicts with the USA: reduscing oil export

Chiara Wieser
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Lukas Heidenkampf
USA

Chiara Wieser
9
Lukas Heidenkampf
Sources

Opec+ drosselt Ölförderung, Venezuela macht Westen für weltweite Energiekrise verantwortlich | amerika21
Opec plus hat sich mit Russland verbündet: Förderung gekürzt (faz.net)
https://www.bbc.com/news/business-61188579
https://www.wsj.com/articles/iraq-cant-afford-opec-mandated-oil-production-cut-senior-leader-says-11665427347
Saudi-Arabien und die USA: Riad reagiert auf Bidens Drohungen (fr.de)
OPEC : Iran
https://www.hartenergy.com/sites/default/files/styles/news_article_image/public/image/2020/04/opec-russia-reach-deal-cut-oil-production-1-1.jpg?itok=BeIBF9SP
OPEC : Saudi Arabia
OPEC : Venezuela
This OPEC Country Has the Largest Proven Oil Reserves (and It's Not Saudi Arabia) | The Motley Fool
Oil markets edgy ahead of OPEC meetings in May - Orbex Forex Trading Blog
Oil Down as Iraq Floods the Market, The Canadian Business Journal (cbj.ca)
Iran Approaches OPEC to Fight US Sanctions (thewire.in)
USA Wallpapers - Wallpaper Cave

Chiara Wieser
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Lukas Heidenkampf

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