Christopher Lloyd appeared as a speaker at the Energy Institute event on oil prices and the future of OPEC as a price-setter today. He also introduced along with John Hall, whop has attended OPEC meetings for the past 10 years and been featured in such publications as the Wall Street Journal and The Independent.
OPEC members are (as the name suggests) important oil exporters; they are very large producers and very small consumers. This means that member’s interests are very different from most non-OPEC countries, which are oil importers.
OPEC was founded in 1960 by the first five members and now has 13 countries in its organisation. The organisation has been headquartered in Vienna, Austria since 1965.
OPEC countries account for some 40 percent of global oil production and 70 to 75 percent of the world's "proven" oil reserves. Hence its traditional position as the “swing” producer of crude oil and distillates.
- Left to right on the map: Ecuador, Venezuela
- Algeria, Angola, Nigeria, Libya,
- Saudi Arabia, Iraq, Iran, Kuwait, Qatar, the United Arab Emirates
- Then Indonesia, which re-joined OPEC in December 2015 after an 8-year absence.
Two-thirds of OPEC's oil production and reserves are in its six Middle Eastern countries that surround the Persian Gulf.
OPEC nations share some key characteristics compared to non-OPEC countries. Even more so compared to OECD countries, which are the world’s majority consumers.