what OPEC stands for?
338078
Organisation of Petroleum Exporing Countries
1014266
Mmm...He's gonna ask his daddy first!\n\nAnd then check how are things with his own OIL companies!\n\nI do believe that N.Korea is next on the list, since he doesn't like competition. \n\nThen Venezuela, when he finds out that he's running out of oil, again!
486090
Actually it is EXXONMOBIL. It was formed several years ago by the merger of EXXON Corporation and Mobil Corporation.
438956
It used to be OPEC but as they now account for only 40% of supply (and 51% of the traded market) then it could be argued that they don't, though OPEC has a large influence on the price through witholding or increasing supplies. The days when OPEC would fix the price are gone\n\nOil futures and options contracts are increasingly used to price the physical stuff. And as traders are nervous to political risk and oil is located in "difficult" countries, then any adverse news will force up the price to discount the perceived additional cost of getting the stuff out of those 'difficult' countries. So everytime there is 'bad' news about Venezuala, Iraq, Iran, Russia or Saudi Arabia, the traders mark up the price on the exchanges and we pay more at the pump
1145791
The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela; since 1965 its international headquarters has been in Vienna, Austria.\n\nThe Organization now has 11 member countries. They are listed below with their affiliation dates.\n\nAfrica \n Algeria (July 1969) \n Libya (December 1962) \n Nigeria (July 1971) \n\nMiddle East \n Iran (September 1960) \n Iraq (September 1960) \n Kuwait (September, 1960) \n Qatar (December 1961) \n Saudi Arabia (September 1960) \n United Arab Emirates (November 1967) \n\nSouth America \n Venezuela (September 1960) \n\nSoutheast Asia \n Indonesia (December 1962. Membership currently under review as Indonesia is no longer considered by OPEC as a net oil exporter. See also current acting OPEC secretaries general) \n\nFormer Members \n Gabon (Full member from 1975 to 1995) \n Ecuador (Full member from 1963 to 1993) \n\nMain Countries:\nSaudi Arabia has an oil-based economy with strong government controls over major economic activities. Saudi Arabia possesses 25% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC.\n\nIran's economy is a mixture of central planning, state ownership of oil and other large enterprises, village agriculture, and small-scale private trading and service ventures. [2]\nAlthough petroleum plays a central part in Iran's economy, Iran's non-oil exports hit the $10 Billion mark in 2005 [3], as Iran continues to diversify its economy.\n\n\nA history Review :\n\nThe persistence of the Arab-Israeli conflict finally triggered a response that transformed OPEC from a mere cartel into a formidable political force. After the Six Day War of 1967, the Arab members of OPEC formed a separate, overlapping group, the Organization of Arab Petroleum Exporting Countries, for the purpose of centering policy and exerting pressure on the West over its support of Israel. Egypt and Syria, though not major oil-exporting countries, joined the latter grouping to help articulate its objectives. Later, the Yom Kippur War of 1973 galvanized Arab opinion. Furious at the emergency re-supply effort that had enabled Israel to withstand Egyptian and Syrian forces, the Arab world imposed the 1973 oil embargo against the United States and Western Europe. In the 1970s, the great Western oil conglomerates suddenly faced a unified block of producers.\nThis Arab-Israeli conflict triggered a crisis already in the making. They consistently drew the oil away from non-Arab nations. The West could not continue to increase its energy use 5% annually, pay low oil prices, yet sell inflation-priced goods to the petroleum producers in the Third World. This was stressed by the Shah of Iran, whose nation was the world's second-largest exporter of oil and the closest ally of the United States in the Middle East at the time. "Of course [the world price of oil] is going to rise," the Shah told the New York Times in 1973. "Certainly! And how...; You [Western nations] increased the price of wheat you sell us by 300%, and the same for sugar and cement...; You buy our crude oil and sell it back to us, redefined as petrochemicals, at a hundred times the price you've paid to us...; It's only fair that, from now on, you should pay more for oil. Let's say 10 times more. "[2]
467467
Oil - Rank Country Proved reserves \n(billion barrels) \n1.  Saudi Arabia 261.9 \n2. Canada 178.81 \n3. Iran 125.8 \n4. Iraq 115.0 \n5. Kuwait 101.5 \n6. United Arab Emirates 97.8 \n7. Venezuela 77.2 \n8. Russia 60.0 \n9. Libya 39.0 \n10. Nigeria 35.3 \n\n\nGas - Rank Country Proved reserves \n(trillion cu ft) \n1. Russia 1,680.0 \n2. Iran 940.0 \n3. Qatar 910.0 \n4. Saudi Arabia 235.0 \n5. United Arab Emirates 212.1 \n6. United States 189.0 \n7. Nigeria 176.0 \n8. Algeria 160.5 \n9. Venezuela 151.0 \n10. Iraq 110.0
478979
Lets see, the oil company's own the wells, then they sell to the refinery's which they own. So they are selling it to themselves. they make a profit no matter what it sells for but make a bigger profit if it sells high. My guess is that the prices will go higher. While I wouldn't put it past Bush to invade a country for its oil. I don't think even he can spin this one to invade Venezuela. I think Iran will be a better choice because not many country's like them.
345266
largest oil producer=saudi arabia(25-26% of the total global oil)
606266
Good question.  If it does, it will be for the oil, same as with Iraq.  Or at least, that is what it seems to most people in the world.
838730
I think you are on to something.  Who cares if OPEC cuts production.  We have oil in this country too.  There is no reason why they should have gone down then back up again.
228682
approx 24% is from the Persian Gulf, the rest is from other sources like venezuala and africa and here in the US.\n\nPlease see this chart that shows it all, at the bottom of the chart you can see total imported versus Persian Gulf:\n\nhttp://www.eia.doe.gov/neic/rankings/crudebycountry.htm\n\n\n\nhttp://www.eia.doe.gov/neic/quickfacts/quickoil.html\n35% from US\n17% from Middle east\n32% from OPEC\n\n\n\n\nGovernment supplied information.\n\nMark as best answer, thanks!!!
652905
The last I looked an organization called OPEC decides what they sell oil for; so how you can you say we loot the middle east?  We pay for the products we purchase, and not once have we used our military to secure assets.  Looting is a poor choice of words.  If you live in another nation we buy products from - get your government or companies to charge more for it - but recognize our companies will just buy it cheaper somewhere else.
55829
The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. The principal aim of the Organization, according to its Statute, is the coordination and unification of the petroleum policies of its member countries and the determination of the best means for safeguarding their interests, individually and collectively; devising 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 nations, 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.
504182
Israel actually has oil reserves. Thats where is natural resources will come from, granted its mainly Olive oil, but there is some black gold too.
474815
I can not locate the story but the economist.com had the exact numbers.  In terms of our imports of oil.  canada is the largest provider, then venezual, then mexico, niegera is next.  for the US.  Japan gets most form the opec region, europe i think russia is there largest supplier.
713998
ah DA petroleum MEANS oil . natral gas is methan and it come from decaing plant and animal matter. its usally found around coal and oil often found at same time coal an oil are from the same thing is why
1161278
so what the actual mean asi oil in europe market