Editing Organization of the Petroleum Exporting Countries

From ProleWiki, the proletarian encyclopedia
Warning: You are not logged in, comrade. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be instead attributed to your username.

The edit can be undone. Please check the comparison below to verify that this is what you want to do, and then publish the changes below to finish undoing the edit.

Latest revision Your text
Line 1: Line 1:
[[File:OPEC map.png|thumb|372x372px|OPEC (dark blue) and OPEC+ (light blue)]]
[[File:OPEC map.png|thumb|372x372px|OPEC (dark blue) and OPEC+ (light blue)]]
The '''Organization of the Petroleum Exporting Countries''' ('''OPEC''') is an international organization of 13 oil-producing countries. OPEC+ contains 11 additional countries, including the [[Russian Federation]].  
The '''Organization of the Petroleum Exporting Countries''' ('''OPEC''') is an international organization of 13 oil-producing countries. OPEC+ contains 11 additional countries, including the [[Russian Federation]]. In October 2022, against the wishes of the [[United States of America|USA]], OPEC announced it would reduce oil production by 2 million barrels (318 million liters) per day.<ref>{{Web citation|author=Prabhat Patnaik|newspaper=[[Peoples Democracy]]|title=The OPEC’s Decision to Cut Oil Output|date=2022-10-16|url=https://peoplesdemocracy.in/2022/1016_pd/opec%E2%80%99s-decision-cut-oil-output|archive-url=https://web.archive.org/web/20221014124457/https://peoplesdemocracy.in/2022/1016_pd/opec%E2%80%99s-decision-cut-oil-output|archive-date=2022-10-14|retrieved=2022-10-16}}</ref>


== History ==
== History ==
Line 6: Line 6:


In October 1973, because of the [[Yom Kippur War]], OPEC increased the price of oil, which rose from $3 to $36 by 1981.<ref name=":122">{{Citation|author=[[Vijay Prashad]]|year=2008|title=The Darker Nations: A People's History of the Third World|chapter=Caracas|page=183–8|pdf=https://cloudflare-ipfs.com/ipfs/bafykbzaceascnzh26r5d6uitjjs2z7rflhaxlt7rboz5whzdf76qg6xxvecqq?filename=%28A%20New%20Press%20People%27s%20history%29%20Vijay%20Prashad%20-%20The%20darker%20nations_%20a%20people%27s%20history%20of%20the%20third%20world-The%20New%20Press%20%282008%29.pdf|publisher=The New Press|isbn=9781595583420|lg=https://libgen.rs/book/index.php?md5=9B40B96E830128A7FE0E0E887C06829F}}</ref>
In October 1973, because of the [[Yom Kippur War]], OPEC increased the price of oil, which rose from $3 to $36 by 1981.<ref name=":122">{{Citation|author=[[Vijay Prashad]]|year=2008|title=The Darker Nations: A People's History of the Third World|chapter=Caracas|page=183–8|pdf=https://cloudflare-ipfs.com/ipfs/bafykbzaceascnzh26r5d6uitjjs2z7rflhaxlt7rboz5whzdf76qg6xxvecqq?filename=%28A%20New%20Press%20People%27s%20history%29%20Vijay%20Prashad%20-%20The%20darker%20nations_%20a%20people%27s%20history%20of%20the%20third%20world-The%20New%20Press%20%282008%29.pdf|publisher=The New Press|isbn=9781595583420|lg=https://libgen.rs/book/index.php?md5=9B40B96E830128A7FE0E0E887C06829F}}</ref>
== 2020s ==
=== 2022 ===
In October 2022, against the wishes of the [[United States of America|USA]], OPEC announced it would reduce oil production by 2 million barrels (318 million liters) per day.<ref>{{Web citation|author=Prabhat Patnaik|newspaper=[[Peoples Democracy]]|title=The OPEC’s Decision to Cut Oil Output|date=2022-10-16|url=https://peoplesdemocracy.in/2022/1016_pd/opec%E2%80%99s-decision-cut-oil-output|archive-url=https://web.archive.org/web/20221014124457/https://peoplesdemocracy.in/2022/1016_pd/opec%E2%80%99s-decision-cut-oil-output|archive-date=2022-10-14|retrieved=2022-10-16}}</ref>
=== 2023 ===
In July 2023, Saudi Arabia announced an oil production cut of approximately 1 million barrels per day,<ref>{{Web citation|author=Maha El Dahan|newspaper=Reuters|title=Saudi plans new oil cuts as part of OPEC+ deal: sources|date=2023-06-04|url=https://www.reuters.com/business/energy/opec-meets-debate-production-quotas-new-cut-sources-2023-06-04/|archive-url=https://archive.ph/BUY4T|archive-date=2023-06-04|retrieved=2023-10-07}}</ref> which resulted in oil prices generally increasing until the autumn of 2023.
As of September 2023, oil prices approached but did not breach $100 per barrel, instead reaching a peak of $95 per barrel before falling.<ref>{{Web citation|author=Irina Slav|newspaper=Oil Price|title=Saudi Arabia’s Oil Gamble Pays Off With $95 Brent|date=2023-09-30|url=https://oilprice.com/Energy/Crude-Oil/Saud-Arabias-Oil-Gamble-Pays-Off-With-95-Brent.html|archive-url=https://archive.ph/AI6Xt|archive-date=2023-10-06|retrieved=2023-10-07}}</ref>


== References ==
== References ==
[[Category:Intergovernmental organizations]]
[[Category:Intergovernmental organizations]]
ProleWiki upholds the abolition of private property, including intellectual property, so feel free to publish any work at will.
Cancel Editing help (opens in new window)

Templates used on this page:

Retrieved from "https://en.prolewiki.org/wiki/Organization_of_the_Petroleum_Exporting_Countries"
This page has been accessed 1,191 times.