Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquartered in Vienna, Austria, although Austria is not an OPEC member state. [133], In July 2021, OPEC+ member United Arab Emirates rejected a Saudi proposed eight-month extension to oil output curbs which was in place due to COVID-19 and lower oil consumption. Qatar terminated its membership on 1 January 2019. The price will go up and the Russians, the Brazilians, US shale oil producers will take my share We want to tell the world that high-efficiency producing countries are the ones that deserve market share. It is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. "[76], In November 2014, the International Energy Agency (IEA) estimated that OPEC's "effective" spare capacity, adjusted for ongoing disruptions in countries like Libya and Nigeria, was 3.5 million barrels per day (560,000m3/d) and that this number would increase to a peak in 2017 of 4.6 million barrels per day (730,000m3/d). The OPEC Funds work is people-centered, focusing on projects that meet basic needs - such as food, energy, clean water and sanitation, healthcare and education with the aim of encouraging self-reliance and inspiring hope for the future. Thanks to all participants at todays #OPECFund, @SEforALLorg & @UNCDF workshop on "Integrated #EnergyAccess Planning - As a power tool to unlock country action and finance for sustainable #energy". Its 12 Member Countries are: Algeria, Ecuador, Gabon, Indonesia, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela. [60], In response to a wave of oil nationalizations and the high prices of the 1970s, industrial nations took steps to reduce their dependence on OPEC oil, especially after prices reached new peaks approaching US$40/bbl in 19791980[63][64] when the Iranian Revolution and IranIraq War disrupted regional stability and oil supplies. In the 1960s and 1970s, OPEC successfully restructured the global oil production system so that decision-making authority and the vast majority of profits is in the hands of oil-producing countries. ", Claes, Dag Harald, and Giuliano Garavini eds. OPEC Fund is seeking applicants who are devoted to international development and demonstrate academic excellence and relevant professional experience. A $54-million (EUR 50 . [42] US gas stations limited the amount of gasoline that could be dispensed, closed on Sundays, and restricted the days when gasoline could be purchased, based on license plate numbers. ", Ratti, Ronald A., and Joaquin L. Vespignani. The deadline for receipt of applications is 9 April 2023. [173][174], Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers. OPEC member countries 2022: Former OPEC members Although rare, there have been instances of countries suspending or terminating their membership in OPEC. Who are the member countries of the OPEC Fund? Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency continues to produce? In April 2001, OPEC collaborated with five other international organizations (APEC, Eurostat, IEA, OLADE[es], UNSD) to improve the availability and reliability of oil data. [91] 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. 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. Jablonski reported a marked hostility toward the West and a growing outcry against "absentee landlordism" of the MOCs, which at the time controlled all oil operations within the exporting countries and wielded enormous political influence. Treaty : Bretton Woods Accords (1944). OFID is a development organization aimed at improving lives across the world. By. OPEC, Gately, Dermot. The OPEC Fund for International Development is a multilateral development finance institution established in 1976. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and . in 1953, the US-UK-sponsored a coup against Mohammad Mosaddegh after he nationalized Iran's oil production) or economically (e.g. [43][44] Even after the embargo ended in March 1974, following intense diplomatic activity, prices continued to rise. Its OPEC membership originated with the. Host Organization: OPEC Fund for International Development Location: Austria Gender: Male/Female Funding Type: Partially-funded Number of Positions: N/A Degree: None Eligible Countries: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela Program Duration: 24 Months [89] OPEC's annual oil export revenue also set a new record in 2008, estimated around US$1trillion, and reached similar annual rates in 20112014 (along with extensive petrodollar recycling activity) before plunging again. "[17] Over the next few months, oil prices plummeted into the $30s, and did not return to $100 until the Libyan Civil War in 2011. https://t.co/igPfJnmj7c https://t.co/0y7hAvYUcS, RT @SEforALLorg: During the workshop, #Malawi Ministry of Energy Principal Economist James Namalima presented the Malawi Integrated #Energy, RT @SEforALLorg: We discussed how IEPs can act as a power tool to unlock country action & finance for sustainable #energy, including #clean, RT @SEforALLorg: Together with @TheOPECFund and @UNCDFenergy, we brought together #energy representatives from the public and private secto, Unsere Talent Acquisition Spezialistin, Monika Ivic, war auf dem @DA_vienna "da. #SDG13 #GlobalGoals https://t.co/Nx2J2lwPta, Want to gain practical experience of working for an international organization? We will see what the market requires and we will not leave a customer without oil. Menu The OPEC fund for international development Menu. [70] As one oil analyst summarized succinctly: "When the price of something as essential as oil spikes, humanity does two things: finds more of it and finds ways to use less of it. Learn more & apply now: https://t.co/igPfJnmj7c [158] Robert Menendez, the Democratic chairman of the U.S. Senate Foreign Relations Committee, called for a freeze on cooperation with and arms sales to Saudi Arabia, accusing the kingdom of helping Russia underwrite its war with Ukraine. 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 national governments. Saudi Arabia, the United Arab Emirates, Iran, Iraq and Kuwait are all members of the OPEC Fund, as well as OPEC. 12 Member Countries 125 Partner Countries Explore More "[85], Widespread insurgency and sabotage occurred during the 20032008 height of the American occupation of Iraq, coinciding with rapidly increasing oil demand from China and commodity-hungry investors, recurring violence against the Nigerian oil industry, and dwindling spare capacity as a cushion against potential shortages. [152], In October 2022, key OPEC+ ministers agreed to oil production cuts of 2 million barrels per day, the first production cut since 2020. [126], Several pundits saw this as a Saudi-Russian price war, or game of chicken which cause the "other side to blink first". [86][87][88] Price volatility reached an extreme in 2008, as WTI crude oil surged to a record US$147/bbl in July and then plunged back to US$32/bbl in December, during the worst global recession since World War II. [58], Some time after the attack, Carlos's accomplices revealed that the operation was commanded by Wadie Haddad, a founder of the Popular Front for the Liberation of Palestine. Oil conservation efforts included lower speed limits on highways, smaller and more energy-efficient cars and appliances, year-round daylight saving time, reduced usage of heating and air-conditioning, better building insulation, increased support of mass transit, and greater emphasis on coal, natural gas, ethanol, nuclear and other alternative energy sources. That is the operative principle in all capitalist countries One thing is for sure: Current prices [roughly US$60/bbl] do not support all producers. (2021) "OPEC at 60: the world with and without OPEC." [31], During 19611975, the five founding nations were joined by Qatar (1961), Indonesia (19622008, rejoined 20142016), Libya (1962), United Arab Emirates (originally just the Emirate of Abu Dhabi, 1967), Algeria (1969), Nigeria (1971), Ecuador (19731992, 20072020), and Gabon (19751994, rejoined 2016). Deadline: March 24, 2023. The OPEC Fund's Young Professional Development Program (YPDP) is a structured two-year program designed to prepare young professionals from the OPEC Fund's member countries for a career in global development. OPEC regained a modest percentage of 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. The OPEC Fund's Young Professional Development Program (YPDP) is a structured two-year program designed to prepare young professionals from the OPEC Fund's member countries for a career in global development.We are currently seeking applicants with a passion for and commitment to international development who demonstrate academic excellence and relevant . The Algerian president Houari Boumdine expressed this hope in a speech at the UN's sixth Special Session, in April 1974: The OPEC action is really the first illustration and at the same time the most concrete and most spectacular illustration of the importance of raw material prices for our countries, the vital need for the producing countries to operate the levers of price control, and lastly, the great possibilities of a union of raw material producing countries. ", Pickl, Matthias J. The OPEC Fund is rated AA+/ with a stable outlook by Fitch and AA, and a positive outlook by S&P. Our vision is a world where sustainable development is a reality for all. The 1960s The OPEC members list founding countries include Saudi Arabia, Iraq, Iran, Kuwait, and Venezuela. What is the OPEC Fund's relationship to OPEC? Or email: recruitment@opec.org. OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. 17 Mar 2023 12:00:02 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. Saudi Arabia, which controls about one-third of OPEC's total oil reserves, plays a leading role in the organization. [97][99][100], 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. [23] At the time, some of the world's largest oil fields were just entering production in the Middle East. Gabon terminated its membership in January 1995. A year later, when OPEC met in Vienna on 4 December 2015, the organization had exceeded its production ceiling for 18 consecutive months, US oil production had declined only slightly from its peak, world markets appeared to be oversupplied by at least 2million barrels per day despite war-torn Libya pumping 1million barrels below capacity, oil producers were making major adjustments to withstand prices as low as $40, Indonesia was rejoining the export organization, Iraqi production had surged after years of disorder, Iranian output was poised to rebound with the lifting of international sanctions, hundreds of world leaders at the Paris Climate Agreement were committing to limit carbon emissions from fossil fuels, and solar technologies were becoming steadily more competitive and prevalent. OPEC Seminar ; The OPEC Fund ; Home About Us. Membership : The IMF is composed of 183 member states. Member countries. The Statute further provides for Associate Members which are those countries that do not qualify for full membership, but are nevertheless admitted under such special conditions as may be prescribed by the Conference. [36], The oil market was tight in the early 1970s, which reduced the risks for OPEC members in nationalizing their oil production. Pledged contributions to the OPEC Fund by Member Countries. 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, and a collapse in oil prices that continued into early 2016. Interested in joining us? They were to become the Founder Members of the Organization. Monthly Oil Market Report 2023. Have a minimum of 3 years of work experience. OPEC Fund's Impact in the World - A World Map, 135 Partner Countries. OPEC contributed 1.5million barrels a day (mbpd) to the approximately 2 mbpd of cuts announced. The world experienced a global economic recession, with unemployment and inflation surging simultaneously, steep declines in stock and bond prices, major shifts in trade balances and petrodollar flows, and a dramatic end to the post-WWII economic boom. OFID is currently seeking applicants with a passion for and commitment to international development who demonstrate academic excellence and relevant professional experience. They have continued to meet regularly since then, "to collectively better understand trends, analysis and viewpoints and advance market transparency and predictability. [40] However, in 1973, the result was a sharp rise in oil prices and OPEC revenues, from US$3/bbl to US$12/bbl, and an emergency period of energy rationing, intensified by panic reactions, a declining trend in US oil production, currency devaluations,[39] and a lengthy UK coal-miners dispute. in, This page was last edited on 14 March 2023, at 22:29. [176] Similar concerns prompted Gabon to suspend membership in January 1995;[81] it rejoined in July 2016. 56. [76], Leading up to his August 1990 Invasion of Kuwait, Iraqi President Saddam 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 19801988 IranIraq War. The OPEC Fund is rated. The OPEC Fund for International Development is a multilateral development finance institution established in 1976. [27] 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. [181] OPEC also produces an "Annual Statistical Bulletin" (ASB),[82] and publishes more-frequent updates in its "Monthly Oil Market Report" (MOMR)[182] and "OPEC Bulletin". [30] In 1971, an accord was signed between major oil companies and members of OPEC doing business in the Mediterranean Sea region, called the Tripoli Agreement. [110][111][112][113][114][115][35] 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. The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. Oil exporters, the Paris agreement and the transition to a post-carbon world." OPEC is a permanent intergovernmental organization of 13 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. [93] These proposals conflict with Saudi Arabia's stated long-term strategy of being a partner with the world's economic powers to ensure a steady flow of oil that would support economic expansion. Its 12 Member Countries are: Algeria, Ecuador, Gabon, Indonesia, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela. It is calculated as a weighted average of prices for petroleum blends from the OPEC member countries: Saharan Blend (Algeria), Girassol (Angola), Djeno (Republic of the Congo) Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela). The OPEC Fund's Young Professional Development Program (YPDP) is a structured two-year program designed to prepare young professionals from the OPEC Fund's member countries for a career in global development. Be fluent in English. 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,[53][54] and OPEC added to its goals the selling of oil for the socio-economic growth of poorer nations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. The OPEC Fund Young Professional Development Program is now accepting applications until March 24! [16][17] Indeed, over the course of market cycles, oil reserves can themselves become a source of serious conflict, instability and imbalances, in what economists call the "natural resource curse". #SDG7 https://t.co/6VFPIBEmbV, Country deep-dive #Madagascar @UNIDOs Chief of the Climate Technology & Innovation Division, Alois Posekufa Mhlanga, elaborates on the Clean Cooking and Reforestation Program. Scroll top. [148][149][150][151], Russia's invasion of Ukraine in February 2022 has altered the global oil trade. Brent crude futures climbed 62 cents, or 0.8%, to $78.07 a barrel by 0058 GMT. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market . The self-named "Arm of the Arab Revolution" group declared its goal to be the liberation of Palestine. Young Professional Development Program. OFID are currently seeking applicants with a passion for and commitment to international . More Russian oil is now heading to nations including India and China. "[130] In order to ward of from the oil exporters price war which can make shale oil production uneconomical, US may protect its crude oil market share by passing the NOPEC bill. [2] He finds that members have cheated on 96% of their commitments. Application Deadline: March 24, 2023. The OPEC Fund's Ministerial Council member and Indonesia's Minister of Finance Sri Mulyani Indrawati said: "A new strategy introduced in 2019 and backed by member countries means that the . The debt-to-GDP ratio of the Saudis was 25%, while the Russian ratio was 15%. (2019) "Corporate social responsibility in the international oil industry." The OPEC Fund for International Development Parkring 8 1010 Vienna Austria [13] 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. "[92], The differing economic needs of OPEC member states often affect the internal debates behind OPEC production quotas. To date, the OPEC Fund has committed more than US$24 billion to development projects in over 125 countries at an estimated project cost of US$190 billion. The OPEC Special Fund was conceived in Algiers, Algeria, in March 1975, and was formally established the following January. 22 OPEC didn't flex its muscle until the 1973 oil embargo. Country: Netherlands Financial coverage: Partially Funded Deadline: December 15, 2022 Join Our OC Community. Oil-exporting countries were eventually motivated to form OPEC as a counterweight to this concentration of political and economic power. 2023 Organization of the Petroleum Exporting Countries. [180], Since 2007, OPEC has published the "World 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. )[75] Generally when OPEC production targets are reduced, oil prices increase. OPEC Fund Young Professional Development Programme (YPDP) 2023-2024. OPEC held its first meeting on September 10-14, 1960, in Baghdad, Iraq. Ecuador withdrew in December 1992, because it was unwilling to pay the annual US$2million membership fee and felt that it needed to produce more oil than it was allowed under the OPEC quota,[80] although it rejoined in October 2007. The embargo also meant that a section of the Non-Aligned Movement saw power as a source of hope for their developing countries. [33] Illustrating the volatile multi-year timeframes of typical market cycles for natural resources, the result was a six-year decline in the price of oil, which culminated by plunging more than half in 1986 alone. Similar concerns prompted Gabon to suspend membership in January 1995;[81] it rejoined in July 2016. [94] Part of the basis for this policy is the Saudi concern that overly expensive oil or unreliable supply will drive industrial nations to conserve energy and develop alternative fuels, curtailing the worldwide demand for oil and eventually leaving unneeded barrels in the ground. When even this proved ineffective, Saudi Arabia reversed course and flooded the market with cheap oil, causing prices to fall below US$10/bbl and higher-cost producers to become unprofitable. The UAE was founded in December 1971. [9] Moreover, because of an economic "prisoner's dilemma" that encourages each member nation individually to discount its price and exceed its production quota,[10] widespread cheating within OPEC often erodes its ability to influence global oil prices through collective action. "[33], To combat falling revenue from oil sales, in 1982 Saudi Arabia pressed OPEC for audited national production quotas in an attempt to limit output and boost 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. Despite many political obstacles, a September 2016 decision to trim approximately 1million barrels per day was codified by a new quota-agreement at the November 2016 OPEC conference. OPEC is an influential international organization centered around oil production that was established in Baghdad, Iraq in September 1960. Carlos claimed that Saudi Arabia paid ransom on behalf of Iran, but that the money was "diverted en route and lost by the Revolution". Historic Declaration of Cooperation of OPEC and non-OPEC oil-producing countries turns six The Declaration of Cooperation (DoC) between OPEC Member Countries and 10 non-OPEC oil-producing countries turned six today, 10 December 2022. Institution that provides financing from member countries March 24 Fund for international development is a intergovernmental! ( 2019 ) `` OPEC at 60: the world 's largest oil fields were just entering production the... 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