OPEC In The 1990s
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Petropolitics represents the jockeying for power among the members of the Organization of Petroleum Exporting Countries (OPEC). OPEC was formed in 1960 in order to help unite and coordinate the petroleum policies of the member nations and to protect their interests. While OPEC conducts research on energy, energy finance, economics and technology, its main purpose is to hold regular meetings where the oil ministers of each member nation meet to set production quotas and determine oil prices. The 1990s have been a time of change for OPEC members. Not only was the Gulf War responsible for a shifting dynamic among member nations, especially with regard to Iraq, but the spiraling of oil prices for most of the decade created additional animosity and conflict among the member nations. The result was an over-supply of oil on the market with the consequence of spiraling crude oil prices. Recently, OPEC’s decision to limited production has driven prices up significantly, with U.S. politicians urging President Clinton to take a harsher stance toward Middle East oil policies. OPEC is headquartered in Vienna, Austria. OPEC now consists of twelve members (Ecuador withdrew in 1992), listed here in order of size of their crude oil reserves:MEMBER NATION CRUDE RESERVES GAS RESERVES (Thousand million tons) (Trillion cubic meters)
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ompliance. The real issue is compliance. The market is looking for compliance. The acting oil minister for the United Arab Emirates said OPEC will take steps to better police the cheaters. ‘This is the reality: There is overproduction and everybody knows it,’ said Rakadh Bin Salem Bin Hamed Bin Rakadh. He promised that OPEC would employ ‘certain methods’ to bring the problem under control.
One of the most influential aspects of Petropolitics in the past decades has been the impact of the Gulf War on relations between some OPEC members and global powers like the U.S. and Britain. Against the threat of sanctions and common sense, Iraq has threatened to dramatically increase daily oil production. This is detrimental to its oil fields and it is detrimental to the global economy. The outcome of the Gulf War seriously injured the relationship among some OPEC member nations. The war was viewed as costly and an international embarrassment to the Middle East. Further, other OPEC countries like Saudi Arabia have often come to the aid of the global economy when disgruntled members like Iraq threaten to disrupt oil supplies. Just weeks ago, U.S. Energy Secretary Bill Richardson alleviated fears of a production drop from Iraq by
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Approximate Word count = 3446
Approximate Pages = 14 (250 words per page)
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