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( OPEC)
The Organization of Petroleum Exporting Countries (OPEC) is a cartel of 12 countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. The organization has maintained its headquarters in Vienna since 1965,[2] and hosts regular meetings among the oil ministers of its Member Countries. Indonesia's membership from OPEC was voluntarily suspended recently as it became a net importer of oil. [3] According to its statutes, one of the principal goals is the determination of the best means for safeguarding the Organization's interests, individually and collectively. It also pursues ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; giving due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry."[4] OPEC's influence on the market has been widely criticized. Several members of OPEC alarmed the world and triggered high inflation across both the developing and developed world when they used oil embargoes in the 1973 oil crisis. OPEC's ability to control the price of oil has diminished somewhat since then, due to the subsequent discovery and development of large oil reserves in the Gulf of Mexico and the North Sea, the opening up of Russia, and market modernization. OPEC nations still account for two-thirds of the world's oil reserves, and, as of March 2008, 35.6% of the world's oil production, affording them considerable control over the global market. The next largest group of producers, members of the OECD and the Post-Soviet states produced only 23.8% and 14.8%, respectively, of the world's total oil production.[5] As early as 2003, concerns that OPEC members had little excess pumping capacity sparked speculation that their influence on crude oil prices would begin to slip.[6][7] As a result, OPEC was founded to unify and coordinate members' petroleum policies. Original OPEC members include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Between 1960 and 1975, the organization expanded to include Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), and Nigeria (1971). Ecuador and Gabon were members of OPEC, but Ecuador withdrew on December 31, 1992[8] because they were unwilling or unable to pay a $2 million membership fee and felt that they needed to produce more oil than they were allowed to under the OPEC quota. [9] Similar concerns prompted Gabon to follow suit in January 1995 [4]. Angola joined on the first day of 2007.Russia and Norway joined as non-permanent members in the organisation in early 2000. [10] Indicating that OPEC is not averse to further expansion, Mohammed Barkindo, OPEC's Secretary General, recently asked Sudan to join.[11] Iraq remains a member of OPEC, though Iraqi production has not been a part of any OPEC quota agreements since March 1998.
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OPEC Subcategories
OPEC Articles
BUY XENICAL ONLINE TO LOSE WEIGHT by Tom Maxpharm
If you look observe people around you yourself, you will find out that everyone is behaving like a fitness freak these days. Gone are those days when people could eat what they wanted without caring much abandon, ; now everybody wants a perfectly ton...
What Causes Baldness - Alopecia, Hair Loss? by Donald Urquhart
Hair Loss Today
Hair loss has been a common happenstance throughout human history.
So widespread and complex that it confounds human medical research even today, with hair loss often regarded as a minor problem at worst. ...
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Hormonal Imbalance And Baldness by Sarika Kabra
Usually when we are busy blaming our hair oil and shampoo for hair loss, little do we realize that it may also be due to the hormonal imbalance in our body. Such kind of hormonal imbalance referred to as androgenic alopecia, leads to thinning of hair...
Hair Loss by Linzi Beuselinck
When I was first invited to take over this column, I was very excited because there were a myriad of topics that I wanted to cover, none more so than one on hair loss. My main reason for wanting to do so was the fact that I myself have been greatly ...
How To Treat Alopecia Hair Loss by Francis Adam
Alopecia is the pathological loss of hair connected with hormonal disorders, physical or emotional overloads, hereditary predisposition, etc.
Causes of Alopecia Areata
There are several different hypotheses as to what causes alopecia ...
Alopecia - Causes, Symptoms and Treatment by Juliet Cohen
Alopecia areata is a form of hair loss from areas of the body, usually from the scalp . Because it causes bald spots on the head, especially in the first stages, it is sometimes called spot baldness. Alopecia areata affects both males and females. Th...
What is Alopecia Areata by Lauw Yenny
Hair loss is something that is really annoying, it could affect your appearance, people could think that you're not in good health. This loss is the cause of great concern to those who are affected, since the hair is the most important part of ...
Hypnosis may Cure Alopecia Areata by alan payne
I wanted to pass on this very latest information for anyone with the condition Alopecia Areata or just anyone interested in this condition. This article has summarised a press release by the Journal of the American Academy of Dermatology, August 2006...
1-Testosterone by Naveen Kumar
1-Testosterone is a supplement thats is currently almost as effective as steroids. In fact, it is technically a steroid. However 1-Testosterone is legal. There are two primary things that determine if a supplement is a legal steroid. It has to be nat...
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