The Southeast Asian economic downturn and mild Northern Hemisphere winter of 1998–99 saw the oil market return to mid-1980 conditions. Timely OPEC action reduced the market impact of Middle East issues in 1990–91, but excessive volatility dominated the decade. Environmental issues emerged on the international energy agenda. This was supported by OPEC introducing a group production adjustment divided among Member Countries and a Reference Basket for pricing, as well as significant progress with OPEC and non-OPEC dialogue and cooperation, seen as essential for market stability. In the final part of the decade, the oil market witnessed something of a recovery and OPEC’s share of newly growing world output began to recover. OPEC’s share of the smaller oil market fell heavily and its total petroleum revenue dropped, causing economic instability in many Member Countries. Membership grew to 13 by 1975.ĭemand for energy slumped and oil demand fell in the early part of 1980s, culminating in a market crash in 1986 in response to the oil glut and a consumer shift away from hydrocarbons. Member Countries embarked on ambitious socio-economic development schemes. This led to the establishment of the OPEC Fund for International Development in 1976. OPEC broadened its mandate with the first Summit of Heads of State and Government in Algiers in 1975, which addressed the plight of the poorer nations and called for a new era of cooperation in international relations, in the interests of world economic development and stability.
The decade witnessed several impactful events that caused volatility in the global oil market to rise steeply. OPEC rose to international prominence during this decade, as its Member Countries took control of their domestic petroleum industries and began to play a greater role in world oil markets. It adopted a ‘Declaratory Statement of Petroleum Policy in Member Countries’ in 1968, which emphasised the inalienable right of all countries to exercise permanent sovereignty over their natural resources in the interest of their national development. OPEC developed its collective vision, set up its objectives and established its Secretariat, first in Geneva and then, in 1965, in Vienna. The international oil market was dominated by the “Seven Sisters” multinational companies and was largely separate from that of the former Soviet Union (FSU) and other centrally planned economies (CPEs). OPEC’s formation by five oil-producing developing countries in Baghdad in September 1960 occurred at a time of transition in the international economic and political landscape, with extensive decolonisation and the birth of many new independent states in the developing world. OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers an efficient, economic and regular supply of petroleum to consuming nations and a fair return on capital to those investing in the industry. This was moved to Vienna, Austria, on September 1, 1965. OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. The five Founding Members were later joined by: Qatar (1961) – terminated its membership in January 2019 Indonesia (1962) – suspended its membership in January 2009, reactivated it in January 2016, but decided to suspend it again in November 2016 Libya (1962) United Arab Emirates (1967) Algeria (1969) Nigeria (1971) Ecuador (1973) – suspended its membership in December 1992, reactivated it in October 2007, but decided to withdraw its membership effective 1 January 2020 Angola (2007) Gabon (1975) - terminated its membership in January 1995 but rejoined in July 2016 Equatorial Guinea (2017) and Congo (2018).
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
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