What is OPEC?
Q: What is OPEC?
A: OPEC stands for the Organization of the Petroleum Exporting Countries. It is an international organization established in 1960 to coordinate and unify the petroleum policies of its member countries.
Q: Where is the headquarters of OPEC located?
A: The headquarters of OPEC has been located in Vienna, Austria since 1965.
Q: What is the purpose of OPEC's work?
A: The purpose of OPEC's work is to coordinate and unify the petroleum policies of its members and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.
Q: How does OPEC affect global oil prices?
A: According to the United States Department of Energy Energy Information Administration (EIA), OPEC crude oil production is an important factor affecting global oil prices. OPEC sets production targets for its member nations and generally, when OPEC production targets are reduced, oil prices increase. Projections of changes in Saudi production result in changes in the price of crude oil.
Q: When was OPEC established and where?
A: OPEC was established in Baghdad, Iraq on 10-14 September 1960.
Q: What was the impact of the formation of OPEC on state control over natural resources?
A: The formation of OPEC was a turning point in state control over natural resources. In the 1960s, OPEC made sure that oil companies could not unilaterally cut prices.
Q: What recognition did OPEC and the oil men receive in 2014?
A: In December 2014, OPEC and the oil men were named in the top 10 most influential people in the shipping industry by Lloyds.
