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Import Of Dairy Products By Saudi Arabia By Pakistan

OPEC stands for Organization of Petroleum Exporting Countries, and it was founded in 1960. The members of OPEC include Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. OPEC has three separate categories for membership which include founder, full and associate. How does a country become a member? OPEC statute stipulates that "any country with a substantial net export of crude petroleum, which has fundamentally similar interests to those of member countries, may become a Full Member of the Organization, if accepted by a majority of three-fourths of Full Members, including the concurring votes of all Founder Members".


In both March and September OPEC holds its bi-annual conference where it determines policy and policy implementation. The members operate under principle of unanimity Each member receives one vote. During this time the organization reviews applications for membership. It also approves the appointment of Governors, votes on a Chairman of the Board, and reviews all matter concerning the board such as budgetary matters.


Saudi Arabia has the largest crude oil reserve followed by Iran, Iraq, Kuwait, United Arab Emirates, while Saudi Arabia is the largest crude producer within the organization. Cumulatively, OPEC countries produce 43% of the world’s crude oil and 18% of the world’s natural gas. OPEC oil exports account for 51% of the crude of the traded around the world. Consequently, OPEC plays a significant role in determining the price of crude oil based on the amount of oil produced. Decisions made by OPEC to either increase or decrease oil production can cause upheaval in the market. These changes have a ripple effect which extends into all consumer markets.


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Source: www.articlesbase.com