tag:blogger.com,1999:blog-8170933399396423373.post6059896490585619798..comments2024-02-27T19:00:38.803+05:30Comments on Hyd&Spook: International Energy Agency (IEA)Hyd&Spookhttp://www.blogger.com/profile/18061172446704649416noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-8170933399396423373.post-75647892218719254072012-03-09T18:49:59.343+05:302012-03-09T18:49:59.343+05:30Reg cooperataion between the two:
OPEC and IEA w...Reg cooperataion between the two:<br /><br />OPEC and IEA were, in essence, set up according to contrasting agendas. OPEC was established in 1960 to reflect the concerns of oil-producing developing countries, while the IEA was formed 14 years later to represent the interests of oil-consuming advanced economies.<br /><br />Recently efforts have been made to increase cooperation between the two. This is because there was an increasing similarity in goals, “with both organisations striving to enhance the predictability, reliability and stability of the oil market.” <br /><br />However if news reports are to be believed then they they seem to be on different/opposing sides of issues mostly.<br /><br />1. http://www.opec.org/opec_web/en/press_room/846.htmHyd&Spookhttps://www.blogger.com/profile/18061172446704649416noreply@blogger.comtag:blogger.com,1999:blog-8170933399396423373.post-87540271980261902572012-03-09T18:34:49.025+05:302012-03-09T18:34:49.025+05:30OPEC (Organization of Petroleum Exporting Countrie...OPEC (Organization of Petroleum Exporting Countries)is an inter-governmental organization of 12 oil-exporting countries. Formed in 1965 its main task is to control oil production and prices. The stated aim is to :<br /><br />(a) give due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; <br />(b) maintain an efficient and regular supply of petroleum to consuming nations, and <br />(c) facilitate a fair return on capital to those investing in the petroleum industry<br /><br />In 1973 the OPEC implemented an oil embargo, i.e. they stopped oil shipments to the US (embargo was variously extended to Western Europe and Japan) , they raised the posted price of oil by 70% and also implemented a reduction of 5% in oil production monthly till their political objectives were met. <br />This oil embargo was a response to the US supply of arms to Israel in the Yom Kippur war (Egypt and Syria vs. Israel).<br /><br />The IEA was formed in response to this oil crisis of 1973-74. Over the long term, the oil embargo changed the nature of policy in the West towards increased exploration, energy conservation.<br /><br />It must be noted that OPECs ability to control oil has somewhat diminished from then due to the discovery and development of large oil reserves in Alaska, the North Sea, Canada, the Gulf of Mexico, the opening up of Russia, and market modernization. As of November 2010, OPEC members collectively hold 79% of world crude oil reserves and 44% of the world’s crude oil production, affording them considerable control over the global market.The next largest group of producers, members of the OECD and the Post-Soviet states produced only 23.8% and 14.8%, respectively, of the world's total oil production.<br /><br />Note: An embargo is the partial or complete prohibition of commerce and trade with a particular country, in order to isolate it. <br /><br />Source<br />http://en.wikipedia.org/wiki/1973_oil_crisis<br />http://en.wikipedia.org/wiki/OPEC <br />http://en.wikipedia.org/wiki/EmbargoHyd&Spookhttps://www.blogger.com/profile/18061172446704649416noreply@blogger.comtag:blogger.com,1999:blog-8170933399396423373.post-50257562117604685202012-03-07T21:53:22.924+05:302012-03-07T21:53:22.924+05:30how is OPEC different from IEA?
is there any coor...how is OPEC different from IEA?<br /><br />is there any coordination between the two?bharathhttps://www.blogger.com/profile/08255877213862290431noreply@blogger.com