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At first, OPEC comprised Iraq, Saudi Arabia, Kuwait, Iran, and Venezuela only. Mr. Kubba became Iraq's first delegate to OPEC and represented Iraq numerous times between 1960 and 1966. After 1960, he attended OPEC meetings in Switzerland (OPEC HQ between 1961 and 1965) [ 3 ] and Vienna (OPEC HQ 1965–present) [ 4 ] while representing Iraq.
Iraq has remained a member of OPEC since the organization's founding, but Iraqi production was not a part of OPEC quota agreements from 1998 to 2016, due to the country's daunting political difficulties. [99] [100] Lower demand triggered by the 1997–1998 Asian financial crisis saw the price of oil fall back to 1986 levels.
OPEC and the international oil industry: a changing structure, 1980; The world oil price collapse of 1986: causes and implications for the future of OPEC, 1986 'OPEC and the Present Structural Limitations on its Oil Price Control', OPEC Review (Paris), Summer 1988; OPEC at the crossroads, 1989; The Gulf War and the emerging oil situation in the ...
List of OPEC secretaries general No. Name Country Tenure 1: Fuad Rouhani [A] Iran [B] 21 Jan 1961 – 30 Apr 1964 2: Abdul Rahman al-Bazzaz [A] Iraq [B] 1 May 1964 – 30 Apr 1965 3: Ashraf T. Lutfi Kuwait [B] 1 May 1965 – 31 Dec 1966 4: Mohammad Saleh Joukhdar Saudi Arabia [B] 1 Jan 1967 – 31 Dec 1967 5: Francisco R. Parra Venezuela [B]
Production in March 2016 stood at 4.55 million barrels a day. Which is a new all-time peak year for Iraq if OPEC talks about freezing or reduce production held in April 2016 will not led to a reduction. The old peak was 1979 with 171.6 million tons of oil compared to 136.9 million tons produced in 2011 and 152.4 million tons in 2012. [17]
Map of countries with proven oil reserves - according to US EIA (start of 2017) Trends in proven oil reserves in top five countries, 1980–2013 (data from US Energy Information Administration) A map of world oil reserves according to OPEC, January 2014
Iraq, [a] officially the Republic of Iraq, [b] is a country in the Middle East and West Asia. It is bordered by Turkey to the north , Saudi Arabia to the south , Iran to the east , Syria to the west , the Persian Gulf and Kuwait to the southeast , and Jordan to the southwest .
On 9 January 1968, three of the then–most conservative Arab oil states – Kuwait, Libya, and Saudi Arabia – agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War.