The Organization Of The Petroleum Exporting Countries

In December 2014, OPEC was ranked third on Lloyd s list of the top 100 most influential people in the shipping industry.† It is important to understand the mission of OPEC is to better understand its influence and impacts on the world. According to the OPEC website, The mission statement of OPEC is as follows: In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. The 13†¦show more content†¦Nuclear energy is a big trend that many nations are strategically moving towards. As a result, the OPEC nations whose economies are reliant on oil exporting are taking a hit for the worse. For example, Saudi Arabia is cons idered the world’s largest oil producer. According to Investopedia it produces 13.24% of the oil-consumed daily for the world. It has the second largest oil reserve compared to Venezuela. However, the U.S. Energy Information Administration shows that the United States out produced the world in total petroleum and other liquids (biofuels, liquids derived from coal, oil shale, and refinery gain production in 2014. The production was as follows: United States 13,973,000 barrels per day (bbl/day), Saudi Arabia 11,624,000 bbl/day, Russia 10,853,000 bbl/day, China 4,572,000 bbl/day, and Canada 4,383,000 bbl/day. If one does the math: the United States produced 31% of the total petroleum and other fluids in a day whereas Saudi Arabia produced 25.6% (percentages out of top five producers only). It is important to note, in the top five producing countries, there is only one OPEC nation. United Arab Emirates, Iran, and Iraq are fourth, fifth, and sixth in the rankings. Currently, Saud i Arabia wants to continue producing a surplus of oil because it wants to still be a major player whereas smaller OPEC countries involved want to curb production so oil can be at the equilibrium point on the supply and demand graph. On November 27, 2014, Saudi Oil