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The OPEC action is really the first illustration and at the same time the most concrete and most spectacular illustration of the importance of raw material prices for our countries, the vital need for the producing countries to operate the levers of price control, and lastly, the great possibilities of a union of raw material producing countries.
Thanks to the historic oil price increases of 2003–2008, OPEC revenues approximated an unprecedented US$1 trillion per year in 2008 and 2011–2014. [2] Beyond the OPEC countries, substantial surpluses also accrued to Russia and Norway, [8] and sovereign wealth funds worldwide amassed US$7 trillion by 2014–2015. [25]
"Petrocurrency" or (more commonly) "petrodollars" are popular shorthand for revenues from petroleum exports, mainly from the OPEC members plus Russia and Norway.Especially during periods of historically expensive oil, the associated financial flows can reach a scale of hundreds of billions of US dollar-equivalents per year – including a wide range of transactions in a variety of currencies ...
In its latest pitch to deepen its ties - and economic influence - in Africa, China will offer six countries, including Angola, tariff-free access to its massive consumer market on 98% of the goods ...
Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend ...
The first thought that comes to mind with OPEC is oil. This collection of countries is responsible for over 40% of all oil production around the world. For many of these countries, oil is far and ...
[106] Delegations from 35 countries and six international organisations participated. [107] Attendance included 22 heads of state or government and UN Secretary-General. [108] Discussions on membership and a new payments system aside, there were over 200 side meetings spread out through 2024. [108] [109] 17th: July 2025 Brazil: Luiz Inácio ...
The lower prices have been a good thing for U.S. drivers, who have been able to fill their gas tanks for less money in recent months but have hurt the bottom line of OPEC oil producers. The price ...