However, a solid recovery followed and the oil market, which was adjusting to the post-Soviet world, became more integrated, with a focus on globalisation, the communications revolution and other high-tech trends.
As the United Nations-sponsored climate change negotiations gathered momentum, after the Earth Summit of , OPEC sought fairness, balance and realism in the treatment of oil supply. OPEC continued with its efforts to help strengthen and stabilize the global oil market in the early years of the decade.
But a combination of market forces, speculation and other factors transformed the situation in , pushing up volatility in a well-supplied crude market. Oil was used increasingly as an asset class.
Market volatility continued to increase in an unprecedented manner in early , before the collapse of the global financial sector that led to economic recession.
OPEC became prominent in supporting the oil sector, as part of global efforts to address the economic crisis. The global economy represented the main risk to the oil market early in the decade, as global macroeconomic uncertainties and heightened risks surrounding the international financial system weighed on economies.
Escalating social unrest in many parts of the world affected both supply and demand throughout the first half of the decade, although the market remained relatively balanced.
Opec Sentence Examples. Related articles. Initialism vs. Also Mentioned In. Word of the Day goodwill. Blog Outsets and onsets! Read More. November 08, To top. English Business. Sign up for free and get access to exclusive content:. Free word lists and quizzes from Cambridge.
Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. OPEC was founded in to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market , in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.
The chief executive officer of OPEC is its secretary-general. His Excellency Mohammad Sanusi Barkindo of Nigeria was appointed to the position for a three-year term of office on Aug. According to its statutes, OPEC membership is open to any country that is a substantial exporter of oil and shares the ideals of the organization. After the five founding members, OPEC added 11 additional member countries as of They are, in order of joining, as follows:. Ecuador withdrew from the organization on Jan.
Qatar terminated its membership on Jan. The organization is committed to finding ways to ensure that oil prices are stabilized in the international market without any major fluctuations. Doing this helps keep the interests of member nations while ensuring they receive a regular stream of income from an uninterrupted supply of crude oil to other countries. OPEC recognizes the founding nations as full members.
Any country that wishes to join and whose application is accepted by the organization is also considered a full member. These countries must have significant crude petroleum exports.
Membership to OPEC is only granted after receiving a vote from at least three-quarters of its full members. Associate memberships are also granted to countries under special conditions.
Oil prices and OPEC's role in the international petroleum market are subject to a number of different factors. As a result, worldwide oil production increased and prices dropped significantly, leaving OPEC in a delicate position.
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