Opec And Where We Get Oil From - 1279 Words

OPEC and Where we get oil from In the 21st century three leading producers of oil; United States with 13.7 million barrels per day, Saudi Arabia with 11.9 million barrels per day, and Russia is extracting 11 million barrels of oil per day in 2015. At the moment 50% of United State’s domestic consumption is met by the oil it produces while the other 50% must come from foreign oil to meet demands. The U.S. imports almost as much oil as we produce. Saudi Arabia is the world leading exporter of oil and heads OPEC (Organization of the Petroleum Exporting Countries). It is the world’s most powerful group because it controls 80% of the world’s oil and therefore is extremely influential in country’s economic system. The policies developed by OPEC directly affect the production of oil globally. It was formed at the Baghdad Conference in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Venezuela alone harbors 20% of the world’s oil. As OPEC memberships of countries were suspended o ther countries joined. Today, 13 member countries: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. These countries bare the unalienable right to manage their natural resources in the interest of their progress as a nation under the â€Å"Declaratory Statement of Petroleum Policy in Member Countries† adopted by OPEC in 1968. OPEC aims to â€Å"co-ordinate and unify petroleum policies among Member Countries, in order to secureShow MoreRelatedOil Producers vs. Oil Users1439 Words   |  6 PagesOil producers vs. Oil consumers The oil industry has very clear players, there are countries that consume the most of the oil production and there are countries that produce almost all oil. 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