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A PROJECT REPORT ON
Economic Performance Of OPEC During And Post Global Financial
Crisis Period (2008-20!"#
SUBMITTED BY
MR/MISS $EE%A $A&'$)*%A &A*AD'.
ROLL NO: +22,
M.Com. SEM- I
(ADVANCE ACCOUNTANCY)
ACADEMIC YEAR: 2015-1
U!"#$ % '"*!+# o, PROJECT UIDE
PRO. S.A.PAAR.
SUBMITTED TO UNIVERSITY O MUMBAI
MULUND COLLEE O COMMERCE
S N ROAD MULUND (EST)
MUMBAI - 0000
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Declaration from te )tudent
I $EE%A $A&'$)*%A &A*AD'. R.No. +22,S%"#!% o, M3!" Co33#'# O, Comm#$+#
S. N. Ro*" M3!" (#4%) 0000 4%"!' ! M.Com P*$%- I $#6 "#+3*$# %&*% I &*7#
+om83#%#" % 8$o9#+% o! Economic Performance Of OPEC During And Post Global
Financial Crisis Period (2008-20!"# !"#$ % '"*!+# o, 8$o9#+% '"# P$o,.
S.A.PAAR "$!' % *+*"#m+ #*$ 2015-1. T !,o$m*%o! 46m%%#" 4 %$# %o % 6#4% o,
m !o;3#"'#.
D*%#: S'!*%$#
P3*+#:
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CE$.FCA.E
I P$o,. S.A.PAAR $#6 +#$%, %&*% M$/M44 $EE%A $A&'$)*%A &A*AD' / R.No.
+22,o, M3!" Co33#'# o, Comm#$+# S. N. Ro*" M3!" (#4%) Mm6* -0000 o, M.+om
P*$% I (A"7*!+#" A++o!%*!+) &*4 +om83#%#" $ 8$o9#+% o! Economic Performance Of
OPEC During And Post Global Financial Crisis Period (2008-20!"# "$!' %
*+*"#m+ #*$ 2015-1. T !,o$m*%o! 46m%%#" 4 %$# *!" o$'!*3 %o % 6#4% o, m
!o;3#"'#.
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I ;o3" 3# %o #=8$#44 m 4!+#$# '$*%%"# %o P$!+8*3 o, M3!" Co33#'# o,
Comm#$+# DR. (M$4.) P*$7*%& V#!*%#4& Co$4# - Coo$"!*%o$ P$o,. R*!# *!" o$ 8$o9#+%
'"# P$o,. S.A.PAAR ,o$ 8$o7"!' m# *! o88o$%!% %o "o m 8$o9#+% ;o$ o!
Economic Performance Of OPEC During And Post Global Financial Crisis
Period (2008-20!"# I *34o ;4& %o #=8$#44 m 4!+#$# '$*%%"# %o % !o! - %#*+&!'
4%*,, o, o$ +o33#'#. I 4!+#$#3 %&*! %o *33 o, %m ! &!' m# %o +*$$!' o% %&4
8$o9#+% ;o$. L*4% 6% !o% % 3#*4% I ;4& %o *7*3 m4#3, o, %&4 o88o$%!% %o #=8$#44 *
4#!4# o, '$*%%"# *!" 3o7# %o m ,$#!"4 *!" m 6#3o7#" 8*$#!%4 ,o$ %$ m%*3 488o$%
4%$#!'%& & *!" ,o$ #7#$%&!'.
PLACE: S'!*%$#
DATE:
%DE
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CHAPTER 1
%.$OD3C.O%
C$"# O3 4 * '3o6*3 $#4o$+# ;&+& &*4 ,o!" $#3#7*!+# ! % #+o!om o, !*%o!4 4!+# %4
"4+o7#$ *!" &*4 %$#,o$# 6#+om# *! !"48#!4*63# +ommo"% ! % 4o+o-#+o!om+8o3%+*3 *!" #!7$o!m#!%*3 8o3+ 8$o$%#4 o, % mo"#$! ;o$3". I! % '3o6*3 +o!%#=% %
"4%$6%o! #=83o%*%o! *!" 4*3#4 o, o3 $#4o$+#4 *,,#+% !%#$$#3*%o!4&8 *mo!' +o!%$#4
8*$%+3*$3 m*9o$ o3 #=8o$%!' *!" o3 m8o$%!' !*%o!4 (Y#$'! 1>>1). T 8$o"+%o! o,
+$"# o3 S#+$% o, "#m*!" *!" 4883 ,!*!+*3 *!" !o;3#"'# 4%$+%$#4 &*7# +$#*%#"
!%#$"#8#!"#!+#4 ! % '3o6*3 o3 m*$#% ;&+& *$# o,%#! !#7#! *!" 8$o"+# 8o3+
m4m*%+& 6#%;##! 4%*%#4 (S%$*!'# 1>). ?o;#7#$ % 4%*%# 4o7#$#'!% 4 *% % +#!%$# o,
)$/
%O/PA$.C31A$)
PAGE
%O/
Ca4ter ntroduction Of OPEC
Ob5ecti6es Of OPEC
*74otesis Of OPEC
$easearc OF &etodolog7
$ational Of )tud7
$e6ie Of 0 1iteratures
1imitations Of )tud7
+-+
Ca4ter 2 *istor7 OF OPEC 9-:,
Ca4ter : Anal7sis Of DA.A :+
Ca4ter ! $ecommendation Of )tud7 :9
Ca4ter , Conclusion :8-:;
Ca4ter +
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!%#$!*%o!*3 3*; *!" $#3*%o! *!" %&4 ,o$m4 % 6*44 ,o$ 8o3+ !%*%7#4 *!" *+%o!4 o,
#*+& 4%*%#.
T&4 4%*%o! '*7# $4# %o % ,o$m*%o! o, O$'*!@*%o! o, P#%$o3#m E=8o$%!' Co!%$#4
(OPEC) o! S#8%#m6#$ 1 1>0 ! B*'&"*" I$* 6 % ,7# ,o!"!' m#m6#$4 (S*"
;*% I$*! I$* *!" V#!#@#3*) *!" % $#4% o, OPEC m#m6#$4 9o!#" *,%#$;*$"4 ;%& %
3*%#4% 6#!' A!'o3* ! 200. I% 4 8*$*"o=+*3 %&*% *6o% > o, % '3o6*3 o3 $#4#$7#4 *$#
+o!+#!%$*%#" ;%&! %# ,#; OPEC 4%*%#4 ;&3# 21 4 4&*$#" 6 % $#4% o, % ;o$3".
S!+# % S#+o!" o$3" *$ o3 &*4 83*#" * 4'!,+*!% $o3# ! % '3o6*3 #+o!om. A4 *
$#43% 4o+o-#+o!om+ *+%7%#4 *$# "#8#!"#!% o! % 8$o"+%o! *!" m*$#%!' o, +$"#
o3. T 73!#$*63# OPEC +o!%$#4 ;%& 3*$'# $#4#$7#4 *!" m*$#% 4&*$# 4# % *4
!4%$m#!% %o !+$#*4!' %$ 6*$'*!!' 8o;#$ 6 !,3#!+!' % m*$#% 4%$+%$# *!"
"!*m+4 % 8o3+ "#+4o!4 o, % "#7#3o8#" +o!%$#4 *!" % '3o6*3 #+o!om %&$o'&
%$ #!#$' 8o3+#4.
T&4 8*8#$ 4##4 %o #=*m!# ;%$ OPEC *+%4 *4 * +*$%#3 6 *!*34!' % !,3#!+# o, %4
#!#$' 8o3+#4 o! % '3o6*3 o3 m*$#%. T&4 8*8#$ 4 "7"#" !%o 4= 4#+%o!4 % ,$4%
4#+%o! 4 % o7#$7#; o, OPEC. T 4#+o!" 4#+%o! "4+44#4 % 3%#$*%$# $#7#; ;&3#
% %&$" 4#+%o! %*#4 % +*4# *!*344 o, OPECF4 #!#$' 8o3+#4 *!" % !,3#!+#4 o! %
'3o6*3 o3 m*$#%. T ,o$%& 4#+%o! ,o+4#4 o! % m*9o$ 6*$$#$4 %o OPECF4 8o3+
m83#m#!%*%o! *!" % ,,%& 4#+%o! 8$#4#!%4 * 6$#, "4+44o! o! % m8*+%4 o, OPEC
8o3+ o! % o3 m*$#% *!" % '3o6*3 #+o!om. !*33 % 4=%& 4#+%o! ;o3" +o7#$
+o!+34o!.
OE) OF OPEC
A++o$"!' %o OPEC (201G) %$# *$# %&$## +*$"!*3 o69#+%7#4 6#&!" % ,o$m*%o! o,
OPEC ;&+& *$#
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1) To +oo$"!*%# *!" !, % 8#%$o3#m 8o3+#4 o, % m#m6#$ +o!%$#4 *!" %o
"#%#$m!# % 6#4% m#*!4 ,o$ 4*,#'*$"!' %$ !"7"*3 *!" +o33#+%7# !%#$#4%4.
2) To 4## ;*4 *!" m#*!4 o, #!4$!' % 4%*63@*%o! o, 8$+#4 ! % !%#$!*%o!*3 o3
m*$#%4 ;%& * 7#; %o #3m!*%!' &*$m,3 *!" !!#+#44*$ ,3+%*%o!4 *!"
G) To 8$o7"# *! #,,+#!% #+o!om+ *!" $#'3*$ 4883 o, 8#%$o3#m %o +o!4m!'
!*%o!4 *!" * ,*$ $#%$! o! +*8%*3 %o %&o4# !7#4%!' ! % 8#%$o3#m !"4%$. $om
% ,o$#'o!' o69#+%7#4 % 8o3+ "$#+%o!4 o, OPEC $#7o37# *$o!" ,o$ #
!%#$#4%4 % $#48o!463% %o %4 m#m6#$4 6 8$o%#+%!' %$ !%#$#4%4 #%$
!"7"*33 o$ +o33#+%7#3 8$o%#+%!' % m*$#% 6 4%*63@!' % 8$+#4 *!"
3m%!' 7o3*%3% % 8$o%#+%o! o, +o!4m#$ !%#$#4%4 6 #!4$!' % 4#+$% o,
4883 ! *! #,,+#!% *!" #+o!om+ $*%# *!" 3*4%3 % 8$o%#+%o! o, !7#4%o$4F
!%#$#4%4 6 #!4$!' % 8$o,%*63% o, %$ !7#4%m#!%4 ! % m*$#%. O!# +o3"
*$'# ,$om %&4 8o4%o! %&*% % 8o3+ o69#+%7#4 o, OPEC *$# !o7#3 *!" 4#$7# %#4% !%#$#4% o, *33 4%*#&o3"#$4 ! % #!#$' m*$#% +o!%$*$ %o 4om# 7#;4 %&*%
OPEC 4 %$# %o m*=m@# % $#7#!# ,o$ %4 m#m6#$4 6 !+$#*4!' 8$+#4
*?PO.*E))
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T O$'*!@*%o! o, P#%$o3#m E=8o$%!' Co!%$#4 (OPEC) +o!44%4 o, 12
;o$3"F4 3*$'#4% o3 8$o"+!' 4%*%#4 ;%& % 8$o"+%o! +*8*+% o, 43'&%3 mo$#
%&*! 1/G o, % '3o6*3 o3 +*8*+% *!" % 8$o7#" o3 $#4#$7# o, o7#$ > o, %
;o$3" %o%*3. B +oo$"!*%!' *!" !,!' 8#%$o3#m 8o3+#4 *mo!' m#m6#$4 4%*%#4
OPEC 4#%4 #=8o$% o%*4 ,o$ !"7"*3 m#m6#$ +o!%$#4 *!" +o!4##!%3 #=#$% *
'$#*% "#*3 o, !,3#!+# o7#$ % !%#$!*%o!*3 o3 8$+#4. ?o;#7#$ 4om# $#4#*$+$4
*!" 8o3+ m*#$4 6#3#7# %&*% OPEC +*!!o% *!" "o#4 !o% !,3#!+# % '3o6*3 o3
8$+# *4 * +*$%#3.
T&4 8*8#$ 4##4 %o #=*m!# ;%$ OPEC *+%4 *4 * +*$%#3 6 *!*34!' %
!,3#!+# o, %4 #!#$' 8o3+#4 o! % '3o6*3 o3 m*$#%. !"!'4 $#7#*3 %&*% OPEC4 * +*$%#3 *!" 8o%#!%*33 8o44#44#4 #!o$mo4 8o;#$ %o "$7# % ,%$# o, % #!#$'
4#+%o$ '7!' %4 !%*88#" $#4#$7#4 *!" 8o3+ 4%$*%#'#4. T&4 8*8#$ 4 "7"#" !%o
4= 4#+%o!4: T ,$4% 4#+%o! 4 % o7#$7#; o, OPEC. T 4#+o!" 4#+%o! "4+44#4
% 3%#$*%$# $#7#; ;&3# % %&$" 4#+%o! %*#4 % +*4# *!*344 o, OPECF4 #!#$'
8o3+#4 *!" % !,3#!+#4 o! % '3o6*3 o3 m*$#%. T ,o$%& 4#+%o! ,o+4#4 o! %
m*9o$ 6*$$#$4 %o OPECF4 8o3+ m83#m#!%*%o! *!" % ,,%& 4#+%o! 8$#4#!%4 * 6$#,
"4+44o! o! % m8*+%4 o, OPEC 8o3+#4 o! % o3 m*$#%. !*33 % 4=%&
4#+%o! ;o3" +o7#$ +o!+34o!.
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$EA)EA$C* &E.*ODO1OG?
Definition of 4rimar7 Data/
D*%* 4#" ! $#4#*$+&o$'!*33 o6%*!#" %&$o'& % "$#+%#,,o$%4 o,
% $#4#*$+$%&$o'& 4$7#4 !%#$7#;4 *!" "$#+% o64#$7*%o!. P$m*$ "*%* 4
mo$# +o4%3%o o6%*! %&*! 4#+o!"*$ "*%* ;&+& 4 o6%*!#" %&$o'& 8634" 4o$+#4 6%
% 4 *34o mo$# +$$#!% *!" mo$# $#3#7*!% %o % $#4#*$+&8$o9#+%.
&eaning Of Primar7 data
P$m*$ "*%* 4 %&*% ;&+& 4 +o33#+%#" 6 4o+o3o'4%4 %m4#37#4 "$!' %$ o;! $#4#*$+&
4!' $#4#*$+& %oo34 4+& *4 #=8#$m#!%4 4$7# #4%o!!*$#4 !%#$7#;4 *!" o64#$7*%o!.
P$m*$ "*%* +*! %*# * *!%%*%7# o$ 4%*%4%+*3 ,o$m #.'. +&*$%4 '$*8&4 "*'$*m4 *!"
%*63#4. I% 4 #44#!%*3 %o !%#$8$#% *!" #7*3*%# %&4 %8# o, "*%* ;%& +*$#. I! 8*$%+3*$ 3oo
*% &o; % "*%* 4 o$'*!4#" ! %#$m4 o, 4+*3#. I4 % o$'*!4#" !%o 8#$+#!%*'#4 &!"$#"4
%&o4*!"4 #%+.H I4 % * 4!*84&o% o, * 8*$%+3*$ #*$ o$ 4 % ,o+4!' o! %$#!"4 *+$o44 *
!m6#$ o, #*$4H
P$m*$ "*%* +*! *34o 6# *3%*%7# #.'. #=%$*+%4 ,$om % +o!7#$4*%o!4 o, %&o4# 6#!'4%"#". Som# $#4#*$+$4 8$#4#!% %$ *$'m#!%4 7$%*33 #!%$#3 ! % ;o$"4 o, %$
469#+% m*%%#$. Co!4##!%3 % "*%* 48#*4 ,o$ %4#3, *!" $#*"#$4 *$# #!+o$*'#" %o m*#
%$ o;! 9"'#m#!%4.
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Definition Of )econdar7 Data
D*%* %&*% &*4 8$#7o43 6##! +o33#+%#" (8$m*$ "*%*) %&*% 4 %3@#" 6 *8#$4o!o%$ %&*!
% o!# ;&o +o33#+%#" % "*%*. S#+o!"*$ "*%* 4 o,%#! 4#" ! 4o+*3 *!" #+o!om+
*!*344 #48#+*33 ;! *++#44%o 8$m*$ "*%* 4 !*7*3*63#. o$ #=*m83# *4$7#o, *
'$o8 o, #+o!om4%4(8$m*$ "*%*) +*!!o% 6# $#8#*%#" 4o %4 $#43%4*$# 4#" !
464##!% $#4#*$+&8$o9#+%4. O$ "*%* +o33#+%#" 6 % D#8*$%m#!% o, L*6o$(8$m*$ "*%*)
%&*% 4 4#" ! #+o!om+ *!*344.
&eaning Of )econdar7 Data
S#+o!"*$ "*%* *$# % S#+o!" &*!" !,o$m*%o!4. T "*%* ;&+& &*7# *3$#*" 6##!
+o33#+%#" *!" 8$o+#44#" 6 4om# *'#!+ o$ 8#$4o!4 *!" *$# !o% 4#" ,o$ % ,$4% %m# *$#
%#$m#" *4 4#+o!"*$ "*%*. A++o$"!' %o M. M. B3*$ S#+o!"*$ "*%* *$# %&o4# *3$#*" !
#=4%#!+# *!" ;&+& &*7# 6##! +o33#+%#" ,o$ 4om# o%$ 8$8o4#. S#+o!"*$ "*%* m* 6#
*64%$*+%#" ,$om #=4%!' $#+o$"4 8634" 4o$+#4 o$ !8634" 4o$+#4.
Ad6antages of )econdar7 data
I% 4 #+o!om+*3. I% 4*7#4 #,,o$%4 *!" #=8#!4#4.
I% 4 %m# 4*7!'.
I% %o m*# 8$m*$ "*%* +o33#+%o! mo$# 48#+,+ 4!+# ;%& % & o, 4#+o!"*$ "*%*
;# *$# *63# %o m*# o% ;&*% *$# % '*84 *!" "#,+#!+#4 *!" ;&*% *""%o!*3 !,o$m*%o!
!##"4 %o 6# +o33#+%#".
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I% %o m8$o7# % !"#$4%*!"!' o, % 8$o63#m.
I% 8$o7"#4 * 6*44 ,o$ +om8*$4o! ,o$ % "*%* %&*% 4 +o33#+%#" 6 % $#4#*$+$.
Disad6antages of )econdar7 Data
S#+o!"*$ "*%* 4 4om#%&!' %&*% 4#3"om ,%4 ! % ,$*m#;o$ o, % m*$#%!' $#4#*$+&
,*+%o$4. R#*4o!4 ,o$ %4 !o!-,%%!' *$#:-
U!% o, 4#+o!"*$ "*%* +o33#+%o!-S88o4# o ;*!% !,o$m*%o! o! "48o4*63# !+om# 6%
% "*%* 4 *7*3*63# o! '$o44 !+om#. T !,o$m*%o! m* !o% 6# 4*m# *4 ;# $#$#.
.is Pro5ect is totall7 based on )econdar7 data/
$A.O%A1 OF ).3D?
I *m 8$#8*$!' %&4 8$o9#+% 6#+*4# O$'*!@*%o! o, P#%$o3#m E=8o$%!' Co!%$#4.
B#+*4# %&4 '7#4 %o%*3 !,o$m*%o! *6o% o3 *!" 8#%$o3#m. T&4 ;33 "$#+%3 *,,#%4
To o$ o7#$*33 #+o!om. I, o3 *!" 8#%$o3#m 8$+# ;33 !+$#*4#4 %! % +o!%$ ;33
S,,#$ *7 +o4% o, #*+& 8$o"+%. P#%$o3#m *,,#+% % %$*!48o$%*%o! +o4%. I, %
P#%$o3#m 8$+# ;33 %! %4 "$#+%3 *,,#+% % %$*!48o$%*%o! o, #*+& 8$o"+%.
A!" OPEC 4 % 6#4% %o8+ %o 8$#8*$# * E+o 8$o9#+%. T&4 33 '7#4 ,33 !,o$m*%o! *6o%
E+o!om+ P#$,o$m*!+# ! OPEC ! 200-201. T&4 ;33 *,,#+% % ,!*!+*3 +$44 o, o$
+o!%$.
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T# 8o3+#4 *$# R#4o$+# !*%o!*3@*%o! "$#+% 8*$%+8*%o! ! o3 !7#4%m#!% 8$+#
4#%%!' *!" *"94%m#!% *!" 8$o"+%o! +% *!" *33o+*%o!/o%*. T# OPEC 8o3+#4 &*7#
%$#m#!"o43 !,3#!+#" % '3o6*3 o3 m*$#% *!" #+o!om *3%&o'& !o% ;%&o%
+&*33#!'#4 ,$om 6o%& ;%&! *!" o%4"# % o$'*!@*%o!.
$E>E OF 1.E$A.3$E)
T #4%o! o, ;%$ OPEC 4 * +*$%#3 &*4 6##! * 469#+% o, +o!%$o7#$4 ! m*!
3%#$*%$#4. S!+# % ,$4% o3 4&o+ ! 1>G ;! % +$"# o3 8$+# *"$83#" m*!#m8$+*3 *!" %o$#%+*3 4%"#4 &*7# #7*3*%#" % 4%$+%$# o, +$"# o3 m*$#% % 8*%%#$!
o, OPECF4 6#&*7o$ *!" % !,3#!+# o, %4 8o3+#4 ! % '3o6*3 m*$#%. I! %&4 3%#$*%$#
$#7#; 7*$o4 mo"#34 ;33 6# #=*m!#" ! *!*34!' OPEC 6#&*7o$ ,o$ % 8*4% ,o$
"#+*"#4. T&4 4 m8o$%*!% ! !"#$4%*!"!' % !,3#!+# o, OPECF4 8o3+ "#+4o!4 ! %
'3o6*3 o3 m*$#%.
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O3 4 % "om!*!% #!#$' m*%#$*3 ! &m*! 4#. I! $#+#!% #*$4 % &*4 *++o!%#" ,o$
*3mo4% 0 o, ;o$3" 8$m*$ +o!4m8%o! o, +omm#$+*3 #!#$'. O3 4 *34o * 3#*"!'
+ommo"% ! ;o$3" %$*"#. T *!!*3 #=8o$% 7*3# o, %&4 m*%#$*3 (!+3"!' o3 8$o"+%4)
! % 3*%# 1>04 #=+##"#" USK250 633o! *!" *++o!%#" ,o$ mo$# %&*! 10 o, '3o6*3
!%#$!*%o!*3 %$*"#. D4%$6*!+#4 ! o3 4883 *!" 4&,%4 ! o3 8$+#4 &*7# m8o$%*!%
$#8#$+44o!4 ,o$ % ;o$3" #+o!om. 7#! % M""3# E*4%4 #=+#8%o!*3 o3 $#4o$+#
;#*3%& % 4 m8o$%*!% %o *44#44 % "m#!4o!4 o, % ;o$3"4 "#8#!"#!+# o! o3 ,$om %&*%
*$#* *!" %o +3*$, % 8$o63#m4 o, *!" 8$o48#+%4,o$ M""3# E*4%4883.
T&4 4 % 8$8o4# o, % 8$#4#!% 8*8#$. I! % ,o33o;!' *!*344 % M""3# E*4% 4
"#,!#" %o !+3"# A6 D&*6 B*&$*! D6* I$*! I$* I4$*#3 Jo$"*! ;*% L#6*!o!
Om*! *%*$ S*" A$*6* *!" S$* (BP S%*%4%+*3 R#7#; 1>>1). N!# o,%# 1G
+o!%$#4 *$# o3 8$o"+#$4 o, !%#$!*%o!*3 4'!,+*!+#. T 8*8#$ 6#'!4 6 8$#4#!%!'
!m6#$4 %&*% "#8+% % m8o$%*!+# o, % M""3# E*4% o3 $#4o$+# 6*4# ! *!%%*%7# *4
;#33 *4 #+o!om+ %#$m4. T $#'o!4 $o3# *4 4883#$ ! * '3o6*3 +o!%#=%
2/ =A&E) 1/ )&.*
A3%&o'& OPEC 4 +ommo!3 7#;#" *4 * 4!"+*%# o, 8$o"+#$4 #!'*'#" ! +oo8#$*%7#
#,,o$%4 %o $#4%$+% 8$o"+%o! *!" $*4# 8$+# %o "*%# %$# 4 * 4$8$4!' "#*$%& o, 488o$%!'
4%*%4%+*3 #7"#!+# %o %&*% #,,#+%. I 4&o; %&*% 4%*!"*$" 4%*%4%+*3 %#4%4 o, OPEC 6#&*7o$
&*7# 7#$ 3o; 8o;#$ *+$o44 * ;"# $*!'# o, *3%#$!*%7# &8o%#4 $#'*$"!' m*$#%
4%$+%$#. Co!4##!%3 % 4 ",,+3% '7#! % +$$#!% *7*3*63% *!" 8$#+4o! o, "*%* o!
"#m*!" *!" +o4%4 %o "4%!'4& +o3347# ,$om +om8#%%7# 6#&*7o$ ! % ;o$3" o3
m*$#%. I *883 * !#; 8$o"+%o!-6*4#" *88$o*+& ,o$ #=*m!!' *3%#$!*%7# &8o%#4 *!"
,!" 4%$o!' #7"#!+# o, +oo8#$*%7# 6#&*7o$ *mo!' OPEC m#m6#$4. M $#43%4 *34o
4''#4% %&*% OPECF4 ,o$m*3 o%* m#+&*!4m !%$o"+#" ! 1>2 %o $#83*+# * 44%#m 6*4#"o! 8o4%#" 8$+#4 !+$#*4#" %$*!4*+%o!4 +o4%4 ;%&! % o$'*!@*%o!. S%*%4%+*3 #7"#!+# 4
m=#" o! % #4%o! o, ;%$ S*" A$*6* *!" o%$ +o$# 8$o"+#$4 &*7# 83*#" *
48#+*3 $o3# ;%&! % +*$%#3.
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E4%m*%# "#7#3o8m#!% *!" o8#$*%!' +o4% (K/6*$$#3) o! *! *!!*3 6*44 o7#$ % !%#$7*3
1>0-5 ,o$ #*+& OPEC m#m6#$ +o!%$.G1 I! ,*+% % 8$o7"# %;o ,'$#4 o!# #4%m*%#
*"94%#" ,o$ % 8$#7*3#!+# o, o,,4&o$# o8#$*%o!4 ! #*+& +o!%$ (4## %$ T*63# 10.5) *!"
o!# #4%m*%# !*"94%#" 6 %&4 ,*+%o$ (T*63# 10.). T #4%m*%#4 ,o$ #*+& +o!%$ 7*$
,$om #*$ %o #*$ 464%*!%*33 ! 4om# +*4#4. A4 A"#3m*! *!" S&*& 8o!% o% *!!*3
7*$*%o!4 m* 6# "# ! 8*$% %o % 8!om#!o! o, $#4#$7o$ "#83#%o! *!" ! 8*$% %o
!!o7*%o!4 ! %#+&!o3o'. A!o%$ 4o$+# o, 7*$*%o! +om#4 4m83 ,$om % $*!"om
,3+%*%o!4 ! "$33!' $#43%4 #=8#!"%$# 3#7#34 ,*+%o$ 8$+#4 $#8o$%!' m#%&o"4 *!"
+3*44,+*%o! #$$o$4 #%+. %&*% #!%#$ #*+& #*$ "$#+%3 o$ !"$#+%3 !%o % +o4% #4%m*%o!
8$o+#44.
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OPEC 4#%4 #=8o$% o%*4 ,o$ !"7"*3 m#m6#$ +o!%$#4 *!" +o!4##!%3 #=#$% * '$#*%
"#*3 o, !,3#!+# o7#$ % !%#$!*%o!*3 o3 8$+#4. ?o;#7#$ 4om# $#4#*$+$4 *!" 8o3+
m*#$4 6#3#7# %&*% OPEC +*!!o% *!" "o#4 !o% !,3#!+# % '3o6*3 o3 8$+# *4 * +*$%#3.
T&4 8*8#$ 4##4 %o #=*m!# ;%$ OPEC *+%4 *4 * +*$%#3 6 *!*34!' % !,3#!+# o, %4
#!#$' 8o3+#4 o! % '3o6*3 o3 m*$#%. !"!'4 $#7#*3 %&*% OPEC 4 * +*$%#3 *!"
8o%#!%*33 8o44#44#4 #!o$mo4 8o;#$ %o "$7# % ,%$# o, % #!#$' 4#+%o$ '7!' %4
!%*88#" $#4#$7#4 *!" 8o3+ 4%$*%#'#4. T&4 8*8#$ 4 "7"#" !%o 4= 4#+%o!4: T ,$4%4#+%o! 4 % o7#$7#; o, OPEC. T 4#+o!" 4#+%o! "4+44#4 % 3%#$*%$# $#7#; ;&3#
% %&$" 4#+%o! %*#4 % +*4# *!*344 o, OPECF4 #!#$' 8o3+#4 *!" % !,3#!+#4 o! %
'3o6*3 o3 m*$#%. T ,o$%& 4#+%o! ,o+4#4 o! % m*9o$ 6*$$#$4 %o OPECF4 8o3+
m83#m#!%*%o! *!" % ,,%& 4#+%o! 8$#4#!%4 * 6$#, "4+44o! o! % m8*+%4 o, OPEC
8o3+#4 o! % o3 m*$#%. !*33 % 4=%& 4#+%o! ;o3" +o7#$ +o!+34o!.
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6#&*7o$ o, OPEC *!" %4 8o3+#4 *4 ,*+%o$4 o, !,3#!+# ! % #!#$' m*$#% %# *$#
+*$%#3 "om!*!% ,$m *!" %*$'#% 6#&*7o$4. T 4#+o!" 4#'m#!% +o!4"#$4 +om8#%%7#
,o$+#4 *!" m*$#% +o!"%o!4 *4 ,*+%o$ o, !,3#!+# $*%$ %&*! m*$#% 8o;#$ o, OPEC. T&4
4#'m#!% 4 ! %;o 8*$%4 % 8$o8#$% $'&% mo"#3 *!" % 8o3%+*3 mo"#3
+/ ACCO$D%G1?B =O*A%? (;80"
A$'#" %&*% % 8$+# !+$#*4# ! 1>G-1> ;*4 "# %o 8$o8#$% $'&%4 +&*!'#4 ;$#
!"7"*3 8$o"+!' +o!%$#4 $#8$#4#!%#" 6 % NOC4 4%*$%#" "#%#$m!!' %$ o%8% *%
",,#$#!% m*$#% 8$+#4 $*%$ %&*! % IOC4 ;&+& &*" #=#$+4#" %&*% $'&% !"#$ *
+o!+#44o!*$ *$$*!'#m#!% ! % 8*4% (O"#3 *!" Ro4!' 1>G)
9/ G$FF% (;8,"
S''#4%4 %&*% 8*$%*3 m*$#%-4&*$!' +*$%#3 +o3" !o% 6# $#9#+%#" ,o$ OPEC ;&3# %
+om8#%%7# mo"#3 +o3" !o% 6# $#9#+%#" ,o$ No!-OPEC m#m6#$4. A++o$"!' %o Lo"#$#$
(1>5) % !,3#!+# o, OPEC ;*4 #7"#!% ,$om 1>0 1>G 6% %&*% % o3 4&o+4 o,
1>G *!" 1>> &*7# !o%&!' %o "o ;%& OPEC 8o3+#4 *!" "#+4o!4.
8/ ACCO$D%G1?B =O*A%? (;80"
A$'#" %&*% % 8$+# !+$#*4# ! 1>G-1> ;*4 "# %o 8$o8#$% $'&%4 +&*!'#4 ;$#
!"7"*3 8$o"+!' +o!%$#4 $#8$#4#!%#" 6 % NOC4 4%*$%#" "#%#$m!!' %$ o%8% *%
",,#$#!% m*$#% 8$+#4 $*%$ %&*! % IOC4 ;&+& &*" #=#$+4#" %&*% $'&% !"#$ *
+o!+#44o!*$ *$$*!'#m#!% ! % 8*4% (O"#3 *!" Ro4!' 1>G)
;/ ACCO$D%G .O *%?1C@A A%D P%D?C' (;9+"
OPEC 4 ! %;o +*%#'o$#4 % 4*7#$4FF *!" % 48#!"#$4FF +o!%$#4. T 48#!"#$4 *$#
'$o8 o, m#m6#$ +o!%$#4 ;%& 3*$'# mm#"*%# +*4& !##"4 *!" &'$ $*%# o, "4+o!%
;&3# 4*7#$4 +o!%$#4 *$# m#m6#$4 ;%& 3%%3# mm#"*%# +*4& !##" *!" 3o;#$ $*%# o,
"4+o!%.
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0/ ACCO$D%G .O DE1A? E. A1 (;82"
OPEC 4 '$o8#" !%o %&$## C*$%#3 +o$# +o!44%!' o, S*" ;*% UAE *%*$ *!"
L6* P$+# M*=m@#$4 (I$*! A3'#$* *!" V#!#@#3*) *!" O%8% m*=m@#$4 (N'#$*
I$* A!'o3* *!" I!"o!#4*). D*&3 *!" Y+#3 (1>>0) 4''#4%4 %&*% OPEC +o!44%4 o, !o!-
+om8#%%7# +o$# o, 4;!' 8$o"+#$4 *!" !o% * ;#* +*$%#3 *!" 488o$%#" 6 M*6$o (1>>1).
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1&.A.O%) OF ).3D?
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OPEC $#8$#4#!%4 *! !%$'!' %#4% +*4# ,o$ %o$#4 o, !%#$!*%o!*3 +oo8#$*%o!: 3# %
TO 6% !3# &m*! $'&%4 %$#*%#4 %$# 4 * "$#+% m*%#$*3 $#;*$" ,o$ +o33#+%7# *+%o!
! OPECF4 +*4# 4o ;# m'&% #=8#+% "##8 +oo8#$*%o!. Po83*$ ;4"om *34o &o3"4 %&*%
OPEC 4 !,3#!%*3 6% #+o!om+ 4%"#4 !7#4%'*%!' OPECF4 m*$#% m8*+% &*7# &*"
",,+3% ,!"!' +o!+347# #7"#!+#. T&4 '#!#$*%#4 %;o #4%o!4. $4% "o#4 OPEC
o8#$*%# *4 * +*$%#3 m#*!!' %&*% % 4'!,+*!%3 $#4%$+%4 %4 m#m6#$4F o3 8$o"+%o! ! o$"#$
%o *,,#+% 8$+#4H S#+o!" , OPEC 4 !o% *+%*33 * +*$%#3 ;& "o 4o m*! 8#o83# 6#3#7#
%&*% % 4H 5 U4!' 4om# o, % 4*m# %#4%4 4#" %o #7*3*%# % m8*+% o, % TO *!" o%$
o$'*!@*%o!4 I ,!" %&*% OPEC $*$#3 , #7#$ +o!4%$*!4 o$ !,3#!+#4 % o3 8$o"+%o! $*%#
o, %4 m#m6#$ 4%*%#4. T&4 8*8#$ 4 !o% % ,$4% %o #4%o! OPECF4 #,,#+%7#!#44 !
$#4%$+%!' % o3 4883.
Ro4# 200 200 o3"4%#! #% *3. 200 ?o;#7#$ %$# 4 4,,+#!% *m6'% *!" "#6*%# %o
44%*! OPECF4 m*'# #7#! *mo!' 4+&o3*$4 *4 * +*$%#3 %&*% m*!83*%#4 % 8$+# o, o3 6
$#4%$+%!' 4883. T$#,o$# I +o!"+% ,o$ #m8$+*3 %#4%4 ! 4#*$+& o, OPECF4 #,,#+% o! o3
8$o"+%o! *% 3#*4% %;o o, ;&+& *$# #!%$#3 !o7#3. I 4&o; %&*% OPEC m#m6#$4&8 4 !o%
4'!,+*!%3 +o$$#3*%#" ;%& 3o;#$ o3 8$o"+%o! o!+# o%$ $#3#7*!% ,*+%o$4 *$# +o!%$o33#"
,o$. I m*# !o +3*m *6o% ;%$ OPEC +o3" $#4%$+% o3 4883 ! 8$!+83# I 4m83
*$'# %&*% % "o#4 !o% "o 4o ! 8$*+%+#. T&4 4 "# ! 8*$% 6% !o% 8$!+8*33 %o #!"#m+
+*%!' 6 OPEC m#m6#$4
C*AP.E$ 2
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*).O$? OF OPEC
T O$'*!@*%o! o, % P#%$o3#m E=8o$%!' Co!%$#4 (OPEC) 4 * 8#$m*!#!%!%#$'o7#$!m#!%*3 O$'*!@*%o! +$#*%#" *% % B*'&"*" Co!,#$#!+# o! S#8%#m6#$ 101
1>0. OPEC &*" %4 *"*$%#$4 ! #!#7* S;%@#$3*!" ! % ,$4% ,7# #*$4 o, %4
#=4%#!+#. T&4 ;*4 mo7#" %o V#!!* A4%$* o! S#8%#m6#$ 1 1>5. I! *++o$"*!+# ;%& %4
S%*%%# % m44o! o, % O$'*!@*%o! o, % P#%$o3#m E=8o$%!' Co!%$#4 (OPEC) 4 %o
+oo$"!*%# *!" !, % 8#%$o3#m 8o3+#4 o, %4 M#m6#$ Co!%$#4 *!" #!4$# %
4%*63@*%o! o, o3 m*$#%4 ! o$"#$ %o 4#+$# *! #,,+#!% #+o!om+ *!" $#'3*$ 4883 o,
8#%$o3#m %o +o!4m#$4 * 4%#*" !+om# %o 8$o"+#$4 *!" * ,*$ $#%$! o! +*8%*3 ,o$ %&o4#
!7#4%!' ! % 8#%$o3#m !"4%$.
T O$'*!@*%o! o, P#%$o3#m E=8o$%!' Co!%$#4 (OPEC) 4 * 8#$m*!#!%!%#$'o7#$!m#!%*3 o$'*!@*%o! +$$#!%3 +o!44%!' o, 12 o3 8$o"+!' *!" #=8o$%!'
+o!%$#4 48$#*" *+$o44 %&$## +o!%!#!%4 L*%! Am#$+* M""3# E*4% *!" A,$+*. T
M#m6#$4 *$# S*" A$*6* I$*! I$* ;*% UAE *%*$ N'#$* A!'o3* L6* A3'#$*
E+*"o$ *!" V#!#@#3*. T# +o!%$#4 &*7# * 8o83*%o! o, *6o% 15 m33o! ;&+&
+o!4%%%#4 *6o% 5. o, % ;o$3" 8o83*%o! o, .2 633o! (U.S D#8*$%m#!% o, S%*%#4
201G OPEC 201G) *!" o3 4 % m*9o$ 4o$+# o, ,o$#'! #=+&*!'# #*$!#$ ,o$ m#m6#$
+o!%$#4. T$ 8*%& "#8#!"#!+ o! o3 #=8o$%4 m83#4 %&*% o3 4 * +$%+*3 ,*+%o$ ! %
4o+o-#+o!om+ *!" 8o3%+*3 "#7#3o8m#!% o, %$ 4%*%#4F 8o3+#4 *!" *+%o!4. o$
'o7#$!m#!%4 %o #=#+%# %$ 4o+*3 m*!"*%# 4+& *4 8$o74o! o, !,$*4%$+%$# +$#*%o! o,#m83om#!% *3% #"+*%o! *3%& +*$# "#37#$ "#+#!% *!" *,,o$"*63# 4%*!"*$" o,
37!' % o3 $#7#!# +o!4%%%#4 * m*9o$ !8%. T$#,o$# 4#+$!' #!o'& o, %&4 $#7#!#
,o$ OPEC m#m6#$ 4%*%#4 4 *! !%#$#4% ;o$%& 8$o%#+%!' ,o$ % 6#!#,% o, % 8#o83#. T*63# 1
6#3o; 4&o;4 % 34% o, OPEC +o!%$#4.
DEF%.O% OF O$GA%@A.O% OF PE.$O1E3&
EPO$.%G CO3%.$E) - OPEC1] A! o$'*!@*%o! +o!44%!' o, % ;o$3"4 m*9o$ o3-#=8o$%!' !*%o!4. T
O$'*!@*%o! o, P#%$o3#m E=8o$%!' Co!%$#4 (OPEC) ;*4 ,o!"#" ! 1>0 %o +oo$"!*%#
% 8#%$o3#m 8o3+#4 o, %4 m#m6#$4 *!" %o 8$o7"# m#m6#$ 4%*%#4 ;%& %#+&!+*3 *!"
#+o!om+ *". OPEC 4 * +*$%#3 %&*% *m4 %o m*!*'# % 4883 o, o3 ! *! #,,o$% %o 4#% %
8$+# o, o3 o! % ;o$3" m*$#% ! o$"#$ %o *7o" ,3+%*%o!4 %&*% m'&% *,,#+% %
#+o!om#4 o, 6o%& 8$o"+!' *!" 8$+&*4!' +o!%$#4.
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2 o$3"4 mo4% ,*mo4 +*$%#3 +om8$4!' o, 12
m*9o$8#%$o3#m8$o"+#$4;&o +o!%$o3*6o% 08#$+#!%o, % %o%*3 o3#=8o$%4.
o$m#" ! 1>0 *4 * ,o$m,o$ m%*3+o!43%*%o!o! ,=!'+$"#
o38$+#4*!"8$o"+%o!o%*4*mo!' %4 m#m6#$ 4%*%#4o, A3'#$* *6o!
I!"o!#4* I$*! I$* ;*% L6* N'#$* *%*$ S*" A$*6* U!%#" A$*6
Em$*%#4 (UAE) *!" V#!#@#3*. E+*"o$ o!# o, %4 o$'!*3m#m6#$4 "$o88#" o%
! 1>>"#%o !#*$ #=&*4%o! o, %4 o3 $#4#$7#4.
).$3C.3$E OF O$GA%@A.O%
T OPEC S#+$#%*$*% 4 % #=#+%7# o$'*! o, OPEC. Lo+*%#" ! V#!!* % *34o
,!+%o!4 *4 % ?#*"*$%#$4 o, % O$'*!@*%o!. T S#+$#%*$ #!#$*3 4 %
3#'*33 *%&o$@#" $#8$#4#!%*%7# o, % O$'*!@*%o! *!" C, E=#+%7# o, %
S#+$#%*$*%. I! %&4 +*8*+% *"m!4%#$4 % *,,*$4 o, % O$'*!@*%o! !
*++o$"*!+# ;%& % "$#+%o!4 o, % Bo*$" o, o7#$!o$4. T O,,+# o, %
S#+$#%*$ #!#$*3 4 *! #=#+%7# o,,+# %&*% 8$o7"#4 ,33 488o$% %o % S#+$#%*$
#!#$*3 #!*63!' &m %o ,3,33 &4 "%#4. T L#'*3 O,,+# &*4 % $#48o!463% o,
8$o7"!' 3#'*3 *"7+# %o % S#+$#%*$ #!#$*3 *!" 48#$74!' % S#+$#%*$*%F4
3#'*3 *!" +o!%$*+%*3 *,,*$4. T R#4#*$+& D74o! 4 $#48o!463# ,o$ * +o!%!o4
8$o'$*m o, $#4#*$+& *!" % S88o$% S#$7+#4 D74o! &*4 % $#48o!463% o,
8$o7"!' % $#$#" !,$*4%$+%$# *!" 4#$7+#4 %o % #!%$# S#+$#%*$*% ! 488o$%
o, %4 8$o'$*m4.
AD>A%.AGE) A%D D)AD>A%.AGE) OF &E&
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+$$#!%3 *34o * "4*"7*!%*'# *4 OPECF4 4&o$% %#$m 83*!4 &*4 +*4#" * +o!%!o4
4%$#*m o, ,3+%*%o!4 ! o3 $*%#4 *!" o,%#! "$*m*%+ $4#4 ! %# 8$+#4.
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OPEC 4 "#7o%#" %o #!4$!' % #+o!om+ *"7*!+#m#!% o, 8oo$#$ +o!%$#4 *!" *34o
#!7$o!m#!%*3 &*$mo!. T !,#" 8o3+#4 #!,o$+#" *+$o44 % m#m6#$ !*%o!4 m*#4
+#$%*! %&*% 8#o83# ;&o !7#4% ! % o3 !"4%$ *$# 'o!' %o &*7# ,*$ $#%$!4 o! %$
$#48#+%7# !7#4%m#!%4. T&4 m#*!4 !o +o!%$ 4 'o!' %o 6# 3#,% 6#&!" ;%& $#'*$"4 %o
#+o!om+ *"7*!+#m#!%.
4. Ensures market stability
OPEC 4 *34o +omm%%#" %o #!4$!' m*$#% 4%*63% %&$o'& 4#+$# 4883 *% $#*4o!*63#
8$+#4. I% ! m*!%*!!' *! *"#*%# *mo!% o, 48*$# o3 %&*% 4 4#" ,o$ 6*3*!+!' %
m*$#% *4 ;#33 *4 ##8!' % 4,,+#!%3 4883#".S!+# OPEC +*! #*43 ,3oo" % o3
m*$#% 4!' 7#$ +*8 8#%$o3#m % +o3" 3#*" %o &'# 3o44#4 ,o$ #4%#$! o3 ,$m4.
F%A%CA1 C$)E) OF 2008-20!
T ,!*!+*3 *!" #+o!om+ T4!*m %&*% #$8%#" *!" 4&oo % ;o$3" ! 200/200 4 6
!o; 3#'#!"*$. I, *!%&!' % &*4 !"#$4+o$#" % m8o$%*!+# o, 83*!!!' ! % $#+o7#$ o,% '3o6*3 #+o!om 6% 8#$&*84 mo$# m8o$%*!% ! +o!%*!!' % !#'*%7# +o!4##!+#4
o, ,%$# 4&o+4 *% % 3o+*3 3#7#3. ?o;#7#$ %&4 +*! o!3 6# "o!# o! % 6*44 o, 4o!"
!"#$4%*!"!' o, % +&*$*+%#$ o, % 8$#4#!% (200/200) +$44 *!" &o; % 4 3#3 %o
m8*+% o! N'#$* #+o!om ! % mm#"*%# ,%$#. U4!' m834# $#48o!4# ,!+%o!4 *!"
7*$*!+# "#+om8o4%o! %#+&!#4 %&4 8*8#$ ,o$#+*4%4 % "!*m+ $#48o!4# o, %
N'#$*! #+o!om %o m834#4 6o%& ,$om ;%&! *!" o%4"# % "om#4%+ #+o!om+ 44%#m
%$''#$#" 6 % 200/200 '3o6*3 ,!*!+*3 m#3%"o;!. I% ;*4 ,o!" %&*% % +$44 4 3#3
%o 6# mo$# 4#7#$# !o% ! % 4&o$%-$! 6% 4%*$%!' ,$om 2015. A34o %&*% ! o$"#$ %o +o!%*!
,%$# 4&o+4 %$# ;o3" % !##" %o ,!"*m#!%*33 $#4%$+%$# % #=%#$!*3 4#+%o$ o, %
#+o!om.
T m*'!%"# *!" "$*%o! o, % +$$#!% #+o!om+ %$mo3 % $#*% R#+#44o!F &*4 %4
+3o4#4% *!*3o' ! % $#*% D#8$#44o! o, % 1>G04. C$$#!% 8o3%+*3 *!" #+o!om+ "#6*%#
mo4% o,%#! 4#4 8o4%-II $#+#44o!4 *4 *!*3o'#4 %o o,,#$ 8$o'!o44 ,o$ % !,o3"!'
4%*%o! 6% $*$#3 #=*m!#4 % $#*% D#8$#44o! *4 * 4o$+# o, !"#$4%*!"!'. T 3*+
o, * "#,!%o! ,o$ #+o!om+ "#8$#44o! +o!%$6%#4 %o %&4 !*++$*%# *!*3o' 4#3#+%o! *!"
4 "4+44#" *4 * ;#*!#44 ! #+o!om+ %o$. T 3%#$*%$# o! o!"$*%#,, o$ Lo!'
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*7#4F o,,#$4 4om# !4'&% ,o$ %o"*. M#!4+& 8$o8o4#" %&*% ++3#4 ! 6*4+ !!o7*%o!4
"$o7# Lo!' *7# 64!#44 ++3#4 *!" M*$+% 8$o"+#" *++$*%# 20 #*$-,o$#+*4%4 o,
#!#$' 8$+#4 4!' %&4 ,$*m#;o$. O$ #+o!om+ 44%#m +o!%!#4 %o #7o37# *!" %o"* %
&*4 464%*!%*33 ",,#$#!% +om8o4%o! %&*! ! % 1>G04. D#8o4% !4$*!+# So+*3
S#+$% *!" &*7!' % ;o$3"4 4#+o!" 3*$'#4% #+o!om '$o;!' *% > %&$o'&o% %
#*$3 #*$4 o, % $#*% R#+#44o! *$# *33 4'!,+*!% ",,#$#!+#4 ,$om % 1>G04. T
!4'&%4 %&*% +o3" 6# "$*;! ,$om "4%*!% &4%o$+ #7#!%4 4 %$#,o$# 3m%#" %&4 8*8#$
*%%#m8%4 %o *$%+3*%# m83+*%o!4 o, 4+& ",,#$#!+#4.
F3%C.O%) OF OPEC
OPEC ,!+%o!4 *$# %o +oo$"!*%# *!" !, 8#%$o3#m 8o3+#4 ! 3!# ;%& % *6o7#
4%*%#" o69#+%7#4. T&4 4 *+#" %&$o'& $#8$#4#!%*%7#4 o, m#m6#$ !*%o!4 ;&o m##% *%
+o!,#$#!+#4 6*!!*33 %o 8$omo%# 4%*63% *!" &*$mo! ! % o3 m*$#% (OPEC 201G).
T m#m6#$ !*%o!4 #7*3*%# % +$$#!% 44#4 *!" 8$o9#+%o!4 o, m*$#% ,!"*m#!%*34
4+& *4 '$o;%& $*%#4 ! % #+o!om "#m*!" *!" 4883 4%*%o!4 *!" %! $#7#; %$
#!#$' 8o3+#4 *++o$"!'3 4+& *4 !+$#*4# o$ "#+$#*4# ! 8$o"+%o! %o m*!%*! 4%*63#
8$+#4 *!" $#'3*$ 4883 %o +o!4m#$4 ! % 4&o$% m#"m *!" 3o!' $! (OPEC 201G)
O1 &A$'E. CO&PE..>E &ODE1)
Co!%$*$ %o % m*$#% 8o;#$ mo"#34 *$# % +om8#%%7# mo"#34 ;&+& 4''#4% %&*% %
o3 m*$#% 4 mo$# +om8#%%7# *!" o%$ ,*+%o$4 +*4#4 8$+# +&*!'#4 $*%$ %&*! m*$#%
8o;#$ o, OPEC. T# ,*+%o$4 !+3"# 8o3%+*3 *!" 8$o8#$% $'&%4 mo"#34.
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G.2.1. P$o8#$% R'&% Mo"#34 T# mo"#34 4''#4% %&*% % 8$o"+!' 4%*%#4 7*3# ,%$#
8$o"+%o!4 mo$# %&*% % IOC4 *!" %$#,o$# ;33 8$#,#$ %o 8$o"+# %$ $#4#$7#4 ! %
,%$#. A++o$"!'3 Jo&*! (1>0) *$'#" %&*% % 8$+# !+$#*4# ! 1>G-1> ;*4 "# %o
8$o8#$% $'&%4 +&*!'#4 ;$# !"7"*3 8$o"+!' +o!%$#4 $#8$#4#!%#" 6 % NOC4
4%*$%#" "#%#$m!!' %$ o%8% *% ",,#$#!% m*$#% 8$+#4 $*%$ %&*! % IOC4 ;&+& &*"
#=#$+4#" %&*% $'&% !"#$ * +o!+#44o!*$ *$$*!'#m#!% ! % 8*4% (O"#3 *!" Ro4!' 1>G).
G.2.2. Po3%+*3 Mo"#34 Po3%+*3 mo"#34 *$# ! 488o$% o3 m*$#% +om8#%%o! *4 ,*+%o$4 o,
8$+# +&*!'#4. A++o$"!' %o M*+A7o (1>2) *!" V#$3#'#$ (1>) O3 m*$#% 4
+om8#%%7# *!" O3 8$+# !+$#*4#4 o, 1>G- 1> *!" 1>>-1>0 ;*4 "# %o 4883
4&o$%*'#4 *!" +% 6*+4 o++*4o!#" 6 8o3%+*3 4%*%o!4 *!" *++"#!%4. Sm3*$3 E@@*%
(1>) *""#" %&*% % 44%#!*!+# o, % 8$+# ;*4 "# %o % 3m%#" *64o$8%7# +*8*+% o,
OPEC. T&4 3%#$*%$# $#7#; &*4 4&o;! %&*% %$# 4 * ;"# $*!'# o, 4%"#4 *%%#m8%!' %o
"#,!# % 6#&*7o$ o, OPEC *!" % !,3#!+# o, %4 8o3+#4 o! % m*$#% 4%$+%$# *!"
"!*m+4. T "7#$4% o, *$'m#!% ! %# 3%#$*%$#4 *34o 4''#4%4 %&*% %$# 4 !o+o!4#!44 o, o8!o! o! ;%$ OPEC 4 * +*$%#3 o$ !o%. ?o;#7#$ ,$om %&4 $#7#; %
+*$%#3 mo"#34 *$# "om!*!% *!" %&4 8*8#$ *3'!4 ;%& % 7#; %&*% OPEC &*4 % m*$#%
8o;#$ *4 * ;&o3# o$ ! 8*$% %o !,3#!+# % '3o6*3 o3 m*$#% ! % !%#$#4% o, *33
4%*#&o3"#$4
OPEC) E%E$G? PO1CE) A%D .) %F13E%CE O%G1O
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$#$#m#!%4 *$# % *63% %o +o!%$o3 8$o"+%o! $#'3*%# 4883 *!" #!,o$+# m#m6#$F4
o%*4 ! o$"#$ %o !,3#!+# 8$+#4 (I!7#4%o8#"* 201G). ?o;#7#$ 4om# *$'#" %&*% OPEC
4 !o% * +*$%#3 o! % '$o!" %&*% % &*4 !o% #,,#+%7#3 +o!%$o33#" o3 8$+#4 %&$o'& *
+o33#+%7# "#+4o! o$ *+%o! *4 *! o$'*!@*%o!.
/2I!,3#!+# o, OPEC Po3+#4 o! % 3o6*3 O3 M*$#% OPEC4 #!#$' 8o3+#4 *!" %4
!,3#!+# o! % '3o6*3 o3 m*$#% &*7# $#+#7#" ;"# +$%+4m 4!+# % 6#+*m# #,,#+%7#
!4%$m#!%4 ! % "#%#$m!*%o! o, o%8% *!" 8$+#4 ! % o3 m*$#%. $om 1>G %
A$*6 m#m6#$4 o, OPEC 4#" o3 *4 * ;#*8o!FF o, ;*$ "$!' % Yom 88$ *$ 6
m83#m#!%!' o3 #m6*$'o *'*!4% U.S *!" N#%$3*!" %&*% $#43%#" ! % ,$4% o3 4&o+
(Bo& *!" Tom*! 1>> B*43 2011). A3%&o'& 4om# $#4#*$+$4 *$# o, % o8!o! %&*%
8$+# !+$#*4# ;*4 *4 * $#43% o, 8o3%+*3 ,*+%o$4 (E@@*% 1> M*+A7o 1>2) ;&3#
O"#3 *!" Ro4!' (1>G) 6#3#7# % ;*4 "# %o +&*!'#4 ! 8$o8#$% $'&%4. 1>G #7#!%4&*7# *;*#! %4 +o!4+o4!#44 %&*% % 4# o, o%8% *!" 8$+!' 8o3+#4 ;o3" 6#
7*3*63# %oo34 ! 4%$#!'%!!' %4 6*$'*!!' 8o;#$ *!" !,3#!+# ! % o3 m*$#% *!"
;o$3" #+o!om (B*43 2011). T ,o33o;!' *$# % !,3#!+#4 o, %# 8o3+#4 &o;#7#$
% 4 m8o$%*!% %o 7#; % #,,#+%7#!#44 o, %# 8o3+#4 m83#m#!%*%o!4 ,$om %
8#$48#+%7# o, % +o33#+%7# *+%o!4 o, OPEC "$#+%3 o$ !"$#+%3 6 % *+%o! o, *
4#+%o! o$ 8*$% o, %4 m#m6#$4.
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2. $ack of #echanism of !unishment.
No! +om83*!+# %o $3#4 *!" % mo%7*%o! %o #=+##" *44'!#" o%* 6 OPEC m#m6#$4 4
m*!3 "# %o 3*+ o, #,,#+%7# +o!4##!+# m*!*'#m#!% 44%#m. A3%&o'& $,,! *!"
N#34o! (1>>) &*7# 4''#4%#" %&*% S*" A$*6* 83* * 7#$ 4'!,+*!% $o3# ! "4+83!!'
*!" $#;*$"!' +*$%#3 m#m6#$4 %&$o'& * %%-,o$-%*% 4%$*%#'. S!+# % !+#8%o! o, % o%*
44%#m +om83*!+# 4 $*$#3 o64#$7#" (Sm%& 200). S## ,'$# . T&4 %$#!" &*4 !#'*%7#
m83+*%o! o! 8o3+ m83#m#!%*%o! 6 ;#*#!!' %$ m*$#% 8o;#$ o, OPEC.
3. $ack of %imely and &ccurate 'nformation
T&4 4 *!o%$ ,*+%o$ %&*% *,,#+%4 % 8$+!' *!" o%8% 8o3+#4 o, OPEC *4 * +*$%#3.
M*!*'!' !,o$m*%o! *6o% +&*!'#4 ! % 3#7#3 o, "#m*!" *!" o%8% ,$om !o!-OPEC
4883#$4 &*4 6##! * 4#$o4 +&*33#!'# %o % +*$%#3. o$ !4%*!+# % 4$'# ! A4*! "#m*!"
%&*% %$''#$#" &'& o3 8$+#4 ! % m*$#% ! 2005 *!" % #+o!om+ $#+#44o! o, 200
;#$# !o% *!%+8*%#" (Sm%& 2005 B*43 2011).
4. (eterogeneity and Conflict of #embers 'nterest
&'$-+o4% $#4#$7#4 *$# +o!+#!%$*%#" ! +o!%$#4 ;%& 3*$'# 8o83*%o! *!" $#3*%7#3 3o; !+om#4
!o;! *4 A++o$"!' %o ?!3+@* *!" P!"+ (1>) OPEC C*$%#3 4 "7"#" !%o %;o
63o+4 % 4*7#$4 *!" % 48#!"#$4. T# 63o+4 *$# "#mo'$*8&+*33 *!" #+o!om+*33
%#$o'#!#o4.
). Effect of (igh Consumers !olicy
A,%#$ % o3 4&o+ o, 1>G OPEC 6#'*! %o '*! * +omm*!"!' '&% ! % '3o6*3 o3
m*$#% *!" % IOC4 4##m %o &*7# 3o4% o% "# %o 8o3+ o, $#4o$+# !*%o!*34m. T&4
8*$*"'m 4&,% "" !o% 3*4% 3o!' *4 % IOC4 8$4#" * 8o3+ o, !7#4%!' ! !#; o3
8$o7!+#4 o%4"# % 9$4"+%o! o, OPEC %o $#83*+# % $#4#$7#4 !*%o!*3@#" 6 OPEC.
O! % o%$ &*!" % m*9o$ +o!4m#$ 4%*%#4 !%*%#" +o!%#$ 8o3+#4 %o #!+o$*'# #!#$'
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#,,+#!+ 4%o+ 83!' !7#4%m#!% %o;*$"4 $#!#;*63# #!#$' *!" !+o!7#!%o!*3 $#4o$+#4
;&+& "#+$#*4#" "#m*!" *!" +o!4m8%o! o, o3.
*. Effects of +on,!EC producers.
A3%&o'& OPEC &*4 ! m*! o++*4o!4 !,3#!+#" 8$+#4 o, o3 ! % '3o6*3 m*$#%
&o;#7#$ *"94%!' 8$o"+%o! o%*4 "o;!;*$" 4om#%m# 8$o7#4 !4++#44,3. E7#! ;!
'3o6*3 "#m*!" ,*334 % !o!-OPEC 8$o"+#$4 ;33 +o!%!# %o 4883 *% m*=mm
8o%#!%*3. T&4 ;#*#!4 % 8o3+ 4%$*%#' o, o%8% +% *!" "m!4 OPECF4 m*$#%
8o;#$.
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&PAC. OF OPEC PO1CE) O% .*E O$1D
ECO%O&?
OPECF4 8o3+ "#+4o!4 &*7# +$#*%#" 8o4%7# m8*+%4 o! % !*%o!*3 *!" '3o6*3
#+o!om#4 4+& *4 +$#*%o! o, #!o$mo4 ;#*3%& %o o3 8$o"+#$4 *!" +o!4m#$4 *3#m!m@!' 8$+# 7o3*%3% 6 4%*63@!' o3 8$+#4 #!4$!' 4#+$% o, o3 4883 %o %
;o$3" ;&3# 8$o%#+%!' % 4#+$% o, "#m*!" 4"# *!" '*$*!%##!' 8$o,%*63% %o
!7#4%o$4 ! % o3 4#+%o$. ?o;#7#$ %$# *$# !#'*%7# m8*+%4 *4 "4+44#" 6#3o;.
/ Economic $ecession
S!+# % ,o$m*%o! o, OPEC ! 1>0 % !,3#!+# o, %4 8o3+#4 ! % o3 m*$#% &*4
m8*+%#" % ;o$3" #+o!om 4#7#$#3 ;%& % +o!4##!+#4 o, '3o6*3 #+o!om+ $#+#44o!4(OPEC 2010). T m*9o$ #+o!om+ +$4#4 4!+# 1>G &*7# +o$$#3*%o!4 ;%& % m*9o$ o3
4&o+4 o++*4o!#" 6 % o%8% *!" 8$+!' 8o3+ m83#m#!%*%o! o, OPEC o$ ! 8*$% 6
%4 m#m6#$4 (A4&o 200>). S## ,'$# 11. A++o$"!' %o $##!# *!" L#6 (1>>G) o3 8$+#
"4$8%o!4 *!" 4&o+4 +o4% U.S. %$33o!4 o, "o33*$4 "# %o !,3*%o! $#+#44o! *!" ;#*3%&
%$*!4,#$ %o 8$o"+!' +o!%$#4
2/ Decrease in 34stream n6estments/
T "#7#3o8#" #4%#$! ;o$3" +o!%$o34 % ,!*!+*3 *!" !o;3#"'# 4%$+%$#4 o, % o3
m*$#% ;&3# % 8$o"+%o! *!" 4#+$% 4%$+%$#4 *$# m*!3 +o!%$o33#" 6 % 8$o"+!'
!*%o!4 !+3"!' OPEC. T !,3#!+# o, OPECF4 o%8% *!" 8$+!' 8o3+#4 ! % '3o6*3
o3 m*$#% +o83# ;%& % 8o3+ o, $#4o$+# !*%o!*34m &*7# m8*+%#" !#'*%7#3 o! %
!7#4%m#!% "$7# o, % #4% ! % !"4%$ (S%#8! 200>). o$ !4%*!+# !7#4%m#!% !
"$33!' +om83#%o! *!" ;o$ o7#$ *+%7%#4 "#+$#*4#" ! 84%$#*m o3 !"4%$ *4 4&o;! 6
% $' +o!%
:/ m4act on Ecess Ca4acit7
I% &*4 6##! 4%*%#" %&*% % 8o3+#4 o, OPEC m3%*%#4 *'*!4% 4$834 +*8*+%. T&4 4
6#+*4# %$ 8$o"+%7# +*8*+% &*4 "#+3!#" o7#$ %m# *!" %$#,o$# !4,,+#!% %o
8$o%#+% m*9o$ o%8% "4$8%o!. T m83+*%o! 4 !*63% %o m##% '3o6*3 "#m*!"
&o;#7#$ !o% 6#+*4# % ;o$3" 4 $!!!' o% o, o3 6% 3*+ o, *"#*%# !7#4%m#!% %o
44%*! 8$o"+%o! (*3+ *!" o3";! 2005 S%#8! 200>).
!/ )ecurit7 $iss/
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I!"4%$*3@#" !*%o!4 *$# &'&3 "#8#!"#!% o, o3 m8o$%4 *!" %&4 "#8#!"#!+ 4 o! %
$4#. T&4 %$#!" m*#4 % ;#4%#$! ;o$3" 73!#$*63#
%o
%
8$+# ,=!' *!" o%8% *"94%m#!% 8o3+#4o, OPEC *!" %$ *%%#!"#!% o3 8$+# 4&o+4.
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A$E DEC1%%G O1
P$CE) %C$EA)%G
.*E $)') .O OPEC
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o$3" +$"# o3 8$+#4 &*7# "#+3!#" 6 o7#$ 20 4!+# J!# 201. &3# %&4 3#7#3 o,
8$+# 7o3*%3% 4 !o% ;%&o% &4%o$+ 8$#+#"#!% 8$+#4 *$# 8$o9#+%#" %o 8o4463 "#+3!# %o
m+& 3o;#$ 3#7#34 6 #*$F4 #!". $%$ "#+3!# ! +$"# o3 m*$#% 8$+#4 ;33 m8*+%
mo4% 8#%$o3#m o3 S883#$4 *!" Co!4m#$4. Lo;#$ o3 8$+#4 4&o3" "$#+%o!*33 6#!#,%
Co!4m#$4 *!" & 4%$''3!' #+o!om#4 *$o!" % o$3". T "#+3!# ! o3 8$+#4
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o! % "#+4o!. ;*% O3 M!4%#$ A3 S*3#& *3-Om*$ 4*" OPEC ;o3" &*7# %o *++#8%
*! m*$#% 8$+# #7#! , % ;#$# *4 3o; *4 K0.
O%$4 ;#$# #7#! mo$# 63!%. # !%#$8$#% %&4 *4 S*" A$*6* 4#33!' % "#* %&*%
o3 8$+#4 ! % 4&o$% %#$m !##" %o 'o 3o;#$ ;%& * ,3oo$ 4#% *% K0 8#$ 6*$$#3 ! o$"#$ %o
&*7# mo$# 4%*63% ! % #*$4 **" *% K0 834 O37#$ J*o6 ,$om P#%$om*=+o!43%*!+ %o3" R#%#$4. I! o%$ ;o$"4 % 4&o3" 6# ! % !%#$#4%4 o, OPEC %o 37# ;%&
3o;#$ 8$+#4 ,o$ * 3%%3# ;&3# ! o$"#$ %o 43o; "o;! "#7#3o8m#!% 8$o9#+%4 ! % U!%#"
S%*%#4.
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WHAT IS OPEC CRISIS
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T 1>G o3 +$44 4%*$%#" ! O+%o6#$ 1>G ;! % m#m6#$4 o, O$'*!@*%o! o,
A$*6 P#%$o3#m E=8o$%!' Co!%$#4 o$ % OAPEC (+o!44%!' o, % A$*6 m#m6#$4 o,
OPEC 834 E'8% S$* *!" T!4*) 8$o+3*m#" *! o3 #m6*$'o.
HEADQUATER OF OPEC
OPEC &*" %4 *"*$%#$4 ! #!#7* S;%@#$3*!" ! % ,$4% ,7# #*$4 o, %4
#=4%#!+#. T&4 ;*4 mo7#" %o V#!!* A4%$* o! S#8%#m6#$ 1 1>5.
WHO IS IN OPEC CRISIS
OPEC 4 *! !%#$'o7#$!m#!%*3 o$'*!@*%o! %&*% ;*4 +$#*%#" *% % B*'&"*"
Co!,#$#!+# o! 101 S#8%#m6#$ 1>0 6 I$* ;*% I$*! S*" A$*6* *!" V#!#@#3*.
L*%#$ % ;*4 9o!#" 6 !!# mo$# 'o7#$!m#!%4: L6* U!%#" A$*6 Em$*%#4 *%*$
I!"o!#4* A3'#$* N'#$* E+*"o$ A!'o3* *!" *6o!.
A! o$'*!@*%o! +o!44%!' o, % ;o$3"4 m*9o$ o3-#=8o$%!' !*%o!4. T
O$'*!@*%o! o, P#%$o3#m E=8o$%!' Co!%$#4 (OPEC) ;*4 ,o!"#" ! 1>0 %o +oo$"!*%#
% 8#%$o3#m 8o3+#4 o, %4 m#m6#$4 *!" %o 8$o7"# m#m6#$ 4%*%#4 ;%& %#+&!+*3 *!"#+o!om+ *". OPEC 4 *+*$%#3%&*% *m4 %o m*!*'# % 4883 o, o3 ! *! #,,o$% %o 4#% %
8$+# o, o3 o! % ;o$3" m*$#% ! o$"#$ %o *7o" ,3+%*%o!4 %&*% m'&% *,,#+% %
#+o!om#4 o, 6o%& 8$o"+!' *!" 8$+&*4!' +o!%$#4.
OPEC m#m6#$4&8 4 o8#! %o *! +o!%$ %&*% 4 * 464%*!%*3 #=8o$%#$ o, o3 *!" %&*% 4&*$#4
% "#*34 o, % o$'*!@*%o!. A4 o, 2011 OPEC &*" 12 m#m6#$ +o!%$#4 !+3"!'
,o!"#$ m#m6#$4 I$*! I$* ;*% *!" V#!#@#3*.
OPEC ;*4 ,o$m#" ;! % !%#$!*%o!*3 o3 m*$#% ;*4 3*$'#3 "om!*%#" 6 * '$o8
o, m3%!*%o!*3 +om8*!#4 !o;! *4 % 4#7#! 44%#$4. T ,o$m*%o! o, OPEC
$#8$#4#!%#" * +o33#+%7# *+% o, 4o7#$#'!% 6 o3 #=8o$%!' !*%o!4 *!" m*$#" * %$!!'
8o!% ! 4%*%# +o!%$o3 o7#$ !*%$*3 $#4o$+#4. I! % 1>04 OPEC #!4$#" %&*% o3 +om8*!#4
+o3" !o% !3*%#$*33 +% 8$+#4. I! D#+#m6#$ 201 OPEC *!" % o3 m#! ;#$# !*m#" !
% %o8 10 mo4% !,3#!%*3 8#o83# ! % 4&88!' !"4%$ 6 L3o"4.
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CO11AP)E OF O1 P$CE) 1EAD) O$1D ECO%O&?
%.O .$O3
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C*AP.E$ :
A%A1?)) OF DA.A
A!344 o, E+o!om+ P#$,o$m*!+# O, OPEC I &*7# *!*3*4 %&*% %&4 +o!+#8% 4 7#$ 'oo"
o$ #+o!om.
OPEC 4 &*88 %o 4## m8$o7#m#!%4 ! %$*!48o$%*%o! %#+&!o3o' %o m*# % +3#*!#$ 4*,#$
*!" mo$# #,,+#!%. # ;o3" 3# mo$# 8#o83# %o #!9o % 6#!#,%4 o, 8#$4o!*3 mo63%
*!" %o "o %&4 ! *! #!7$o!m#!%*33 44%*!*63# m*!!#$.O3 4 * 8$#+o4 3m%#" $#4o$+#
*!" ;# ;*!% 8#o83# %o 7*3# % *++o$"!'3.OPEC 488o$%4 4o!" #!7$o!m#!%*3 8o3+#4
%&*% *$# ,*$ *!" #%*63# 6*4#" o! 8$o7#! !##"4 *!" "#4'!#" %o *""$#44 %&o4#
!##"4.OPEC 4 +o!+#$!#" *6o% % #!7$o!m#!% *!" ;# ;*!% %o #!4$# %&*% % 4 +3#*! *!"
*3%& ,o$ ,%$# '#!#$*%o!4.
.OPEC 4 +o!+#$!#" %&*% 4om# +o!%$#4 m* m8o4# #!7$o!m#!%*3 *!" %*=*%o! 8o3+#4
%&*% *$# &*$m,3 %o %&o4# ;&o $#3 o! ,o443 ,#34 ,o$ * 464%*!%*3 8*$% o, %$ !+om#.
# !##" %o !7#4% ! o3 #=83o$*%o! *!" "#7#3o8m#!% ! o$"#$ %o &*7# 8$o"+%o! +*8*+%
*7*3*63# *4 "#m*!" $4#4 ! % #*$4 **" 6% ;# *34o !##" %o 6# 4$# %&*% %$# ;33 6#
#!o'& "#m*!" ,o$ %&*% o3 *!" %&*% ;# ;33 '#% * $#*4o!*63# 8$+#.
o$'*!@*%o! 6#3#7#4 %&*% % o3 m*$#% 4 m8$o7!' 6*4#" o! % !+$#*4#" "#m*!" ,o$+$"# o3 ,$om % "#+3!# ! % '$o;%& o, % o$'*!@*%o! *!" % 4883 o, % 8$o"+!'
+o!%$#4 ,$om o%4"#.
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C*AP.E$ !
$ECO&&E%DA.O%
I! % O$'*!@*%o!
o, P#%$o3#m
E=8o$%!'
Co!%$#4
%$# &*4 6##!
4om#
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m8$o7#m#!%.O$'*!@*%o! o, 8#%$o3#m #=8o$%!' +o!%$#4 ;33 %o m8$o7# ,!*!+*3
8o4%o! o, % +o!%$. I% *,,#+%4 % o7#$*33 8#$,o$m*!+#.
OPEC 4##4 % o3 m*$#% m8$o7!' 6#+*4# o, &'$ "#m*!" ,o$ % '$o84 +$"# *!" *
"$o8 ! 4883 '$o;%& ,$om !o!-m#m6#$4 %4 4#+$#%*$ '#!#$*3 4*" % 3*%#4% 4'! %&*%
OPEC 6#3#7#4 %4 4%$*%#' o, "#,#!"!' m*$#% 4&*$# 4 ;o$!'.
O3 8$+#4 &*7# *3mo4% &*37#" ! % 3*4% #*$ o! o7#$4883 ! * "$o8 %&*% "##8#!#" *,%#$
% O$'*!@*%o! o, % P#%$o3#m E=8o$%!' Co!%$#4 ! 201 +&*!'#" 4%$*%#' %o 8$o%#+%
m*$#% 4&*$# *'*!4% &'$-+o4% 8$o"+#$4 $*%$ %&*! +% o%8% %o 8$o8 8 8$+#4 *4 % &*4
"o!# ! % 8*4%.
o$3" +$"# *!" 8#%$o3#m o3 8$+#4 *$# !o$m*33 ,*$3 7o3*%3# "# %o * ;"# 7*$#% o,
m*$#% *!" 8o3%+*33 $#3*%#" 4883 "#m*!" ,*+%o$4. R#+#!% ;o$3" +$"# m*$#% 8$+#
"#+3!#4 &*7# *88*$#!%3 6##! "# %o 43o;!' o$ $#"+#" "#m*!" 3#7#34 ,$om * +om6!*%o!
o, 43o;!' A4*! #+o!om#4 +&$o!+*33 43o; *!" "#%#$o$*%!' EU #+o!om#4 *!"464%*!%*3 '$o;%& ! U.S. "om#4%+ +$"# o3 8$o"+%o!.
C*AP.E$ ,
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CO%C13)O%
T&4 8*8#$ &*4 4&o;! %&*% +*$%#3 4 % mo4% *88$o8$*%# ;o$" %o "#4+$6# % 6#&*7o$ o,
OPEC *3%&o'& % &*4 %4 o;! !#!#44 *!" +&*33#!'#4 "# %o 4om# 4%$o!' +o!%#$7*3!'
,o$+#4 *'*!4% % 6o%& #=%#$!*33 *!" !%#$!*33.
E=%#$!*33 % "#7#3o8#" !*%o!4 +o!%$o3 % ,!*!+*3 *!" !o;3#"'# 4%$+%$#4 ! %
!"4%$ *!" %$#,o$# !7#4%m#!% !,o$m*%o! *!" %#+&!o3o'#4. B 4!' %#
!4%$m#!%4 % m8*+% o! % #,,#+%7#!#44 o, OPECF4 #!#$' 8o3+#4 %&$o'&
!,o$m*%o! m*!*'#m#!%. T *34o 4#" o3 *4 !4%$m#!% o, ,o$#'! 8o3+#4 ;&+& !+3"#
% "#+3*$*%o! o, ;*$ o! OPEC 8$o"+#$4 %o 8$o%#+% #+o!om+ *!" 8o3%+*3 !%#$#4%4 o,
m*9o$ +o!4m#$4 ;&3# 8o3*$@!' OPEC *!" ;#*#!!' % 8o;#$ o, m#m6#$4 %o 48#* !
o!# 7o+# "$!' 8o3+ "#+4o!4 *!" m83#m#!%*%o!.
Mo$#o7#$ % &'& +o!4m!' !*%o!4 &*7# ,o$m#" $#'o!*3 *!" !%#$!*%o!*3 o$'*!@*%o!4
*,%#$ % ,$4% o3 4&o+ ! 1>G 4+& *4 OECD EIA IEA E!#$' T$#*% #%+ *4 %&! %*!4
%o !%*%# *!" +oo$"!*%# 8o3+#4 ,o$ %$ m#m6#$4 ;&+& ;33 3%m*%#3 "#%#$ OPEC
+*$%#3 *!" ;#*#! %4 8o;#$ %o !,3#!+# % '3o6*3 o3 m*$#%. T# 6o"#4 &*7# !%*%#"
+o!%#$ 8o3+#4 4+& *4 #!#$' +o!4#$7*%o! *!" #,,+#!+ "7#$4,+*%o! o, #!#$' m=
*!" '#o'$*8&+ 4o$+#4 !!o7*%o! *!" !7#4%m#!% ! $#!#;*63# #!#$' *!" !+o!7#!%o!*3$#4o$+#4 ! o$"#$ %o *""$#44 % 4#+$% o, 4883 $44 o3 8#* +o!+#$!4 #!7$o!m#!%*3
44#4 +3m*%# +&*!'# #=%#$!*3%#4 *!" o7#$ "#8#!"#!+# o! OPEC +o!%$#4.
O! % o%$ &*!" OPEC &*4 ,*+#" !%#$!*3 +&*33#!'#4 4+& *4 !"4+83!# *!" +*%!'
*!" 3*+ o, +o!4##!+# m*!*'#m#!% 3*+ o, *++$*%# !,o$m*%o! %o 8$#"+% % !##"4 o,
% o3 m*$#% '#o'$*8&+*3 "7#$4%#4 o, m#m6#$ 4%*%#4 ;%& ",,#$#!% "#*34 +3%$*3
o$#!%*%o! 8o83*%o! #+o!om+ *!" 8o3%+*3 !%#$#4% '#o3o'+*3 4#%%!'4 $#4o$+# 4@#4
*!" 8o3+ 8$o$%#4 +o83# ;%& 3*+ o, &om# '$o;! %#+&!o3o'#4 %$#6 m*!' OPEC
4%33 73!#$*63# %o % ;#4%#$! ;o$3".
?o;#7#$ "#48%# %# +&*33#!'#4 OPEC &*4 "#mo!4%$*%#" %$#m#!"o4 !,3#!+# o! %
'3o6*3 o3 m*$#% 6 #,,#+%7#3 m83#m#!%!' #!#$' 8o3+#4 4+& *4 $#4o$+# !*%o!*34m
8$+# 4#%%!' *!" *"94%m#!% o%8% +% *!" 8$o"+%o! o%*4 44%#m. T# +*! 6# 4##!
,$om % 7*$o4 o3 8$+# 4&o+4 *!" +o!%#$ 4&o+4 *!" % m83+*%o!4 o! % 4o+o-
8o3%+*3 *!" #+o!om+ 37#4 o, % ;o$3".
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T&4 8*8#$ &*4 "#mo!4%$*%#" % !,3#!+# o, OPECF4 8o3+#4 "#+4o! *4 * 6o" o$ ! 8*$%4
6 %4 m#m6#$4 o! % '3o6*3 o3 m*$#% *!" % '$#*% $o3#4 %&*% % &*4 83*#" ! ,3,33!' %
,o$ +*$"!*3 o69#+%7#4 +o!%*!#" ! %4 4%*%%# ! % !%#$#4% o, *33 4%*#&o3"#$4.
T# 8o3+#4 &*7# +$#*%#" 8o4%7# m8*+%4 o! % !*%o!*3 *!" '3o6*3 #+o!om#4 4+& *4
+$#*%o! o, #!o$mo4 ;#*3%& %o o3 8$o"+#$4 m!m@!' 8$+# 7o3*%3% 6 4%*63@!' o3
8$+#4 #!4$!' 4#+$% o, o3 4883 8$o%#+%!' % 4#+$% o, "#m*!" 4"# *!"
'*$*!%##!' 8$o,%*63% %o !7#4%o$4 ! % o3 4#+%o$. ?o;#7#$ %$# *$# !#'*%7# m8*+%4
4+& *4 '3o6*3 #+o!om+ $#+#44o! "$!' o3 4&o+4 3m%#" !7#4%m#!% ! % o3 !"4%$
*!" 3*+ o, 4$834 +*8*+%.
A4 !7#4%o$4 +o!4m#$4 8o3+- m*#$4 *!" !"4%$ ;*%+$4 +o!%!# %o '$*883# ;%& %
!,3#!+# o, OPEC % 4
m8o$%*!% %o !o%# %&*%
OPEC &*4 3#,% *! !"#363#
,oo%8$!% o! % ;o$3"
#+o!om %&$o'& %4
8o3+#4 m8*+% o! %
'3o6*3 o3 m*$#% *!"
%$# *$# $#*4o!4 %o6#3#7# %&*% OPEC
8o%#!%*33
8o44#44#4 #!o$mo4
8o;#$ *4 * +*$%#3 %o "$7#
% ,%$# o, % #!#$'
4#+%o$ '7!' %4
!%*88#" $#4#$7#4 *!"
8o3+ 4%$*%#'#4.
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C*AP.E$ +
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&%%8://4%".+om/*+*"#m/3#44o!/;&*%-4-8$m*$-"*%*-!-m*$#%!'-$#4#*$+&-
"#,!%o!-4o$+#4-+o33#+%o!.&%m3
&%%8://;;;.64!#44"+%o!*$.+om/"#,!%o!/8$m*$-"*%*.&%m3
&%%8://$#74o!;o$3".+om/*2-3#7#3-3#7#3-$#74o!/4o+o3o'/$#4#*$+&-
m#%&o"4/8$m*$-"*%*-+o33#+%o!/;&*%-8$m*$-"*%*
&%%8://;;;.#!o%#4.+om/&om#;o$-&/;&*%-8$m*$-"*%*-4#+o!"*$-"*%*-2
&%%8://;;;.m*!*'#m#!%4%"'"#.+om/4#+o!"*$