I'm talking about OPEC oil.

The OPEC Oil Embargo at 40

OPEC Organization of Petroleum Exporting Countries

Friction or no friction, OPEC has been, and will always be, irrelevant to market forces on the ground. OPEC has never had market power, but Saudi Arabia has, and Saudi market power has always been assigned, mistakenly, to OPEC.

And one trillion of that goes to OPEC.

On Monday, OPEC Chairman and Qatar Energy Minister Sada said OPEC will hold an informal meeting during the International Energy Forum on September 26 28.

The monthly report of OPEC on Wednesday showed that the output of the entire OPEC organization in July, including Gabon, increased by 46,000 barrels day to 33.11 million barrels day.

And the OPEC nations are the ones that price the oil.

CIS Commonwealth of Independent States OPEC Organization of the Petroleum Exporting Countries.

Now if you look at the cost of OPEC, it cost seven trillion dollars on the Milken Institute study last year seven trillion dollars since 1976, is what we paid for oil from OPEC.

So you will cut 60 percent off of OPEC with eight million trucks.

And then we do the OPEC stimulus package also known as 200 dollars a barrel.

And yet what we proved then is the U.S. has more market power than OPEC.

61 42. Observer status for the OPEC Fund for International Development in the General Assembly

Wishing to promote cooperation between the United Nations and the OPEC Fund for International Development,

If you take the last 10 years and bring forward, you've transferred to OPEC a trillion dollars.

A European firm was contracted to supply electronic irrigation equipment worth 5,830,000 euros under an OPEC loan.

It was April when the oil producing countries had meeting. No agreement was reached among the OPEC member countries.

The report cannot prevent the market from doubting the credibility of OPEC. Oil recovery path is still bristled with thorns.

In view of the demand, the Organization of Petroleum Exporting Countries (OPEC) increased its production quota in the second quarter.

It is also correct that if OPEC had excess capacity, it would have already used it to flush out speculators to bring oil prices down. OPEC can regain control in one of two ways use its claimed excess capacity to flush out speculators, or use its financial surpluses to overtake them.

This is likely to further undermine the market confidence in OPEC. After all, this organization already staged a wolf is coming .

That said, OPEC members and oil consuming countries policymakers alike should not forget that nothing cures high prices like high prices.

So here we are using 20 million barrels a day producing eight, importing 12, and from the 12, five comes from OPEC.

For example, the Organization of Petroleum Exporting Countries (OPEC) had contributed some 7 billion to promote the development of low income countries.

Crude oil production in the ESCWA region States members of the Organization of Petroleum Exporting Countries, non OPEC member States and Iraq

The State ministry has secured loans from the Council of Europe Development Bank and OPEC, which have provided an early indicator of success.

These activities were funded by the Organization of Petroleum Exporting Countries (OPEC) and the Swiss Agency for Development Aid (SDC) through the GM.

Non traditional suppliers had increased their market influence, non OPEC producers continued to plan high output, and some OPEC members failed to adhere to their production ceilings. Given all this, Saudi Arabia could no longer be expected to incur the growing short and long term cost of being the stabilizing market force that it had been for decades.

And if we remember Sheikh Yamani when he formed OPEC, they asked him, When will we see the end of the age of oil?

With the assistance of a senior consultant, high level consultations were engaged with selected countries of OPEC (Organization of Petroleum Exporting Countries), the OPEC Fund for International Cooperation and other parties in order to define viable means for developing an enhanced framework of cooperation and identifying possible options in that regard, including on issues pertaining to institutional and financial matters.

Helima Croft, head of commodity strategy at Royal Bank of Canada, said OPEC changed the market sentiment by releasing signals that they would make an agreement.

With non OPEC oil producers following suit, oil production was approaching full capacity in the first quarter of 2005, thereby heightening speculative pressures for price increases.

1. Decides to invite the OPEC Fund for International Development to participate in the sessions and the work of the General Assembly in the capacity of observer

Eugen Weinberg, director of commodity research at the German commercial bank, said the possibility of OPEC trying to stabilize the market through the September meeting was low.

OPEC also said in a monthly report that low crude oil prices have prompted global refiners to produce more refined oil, thus increasing the degree of excess supply to the market.

With the exception of Iraq, in 2004 the OPEC member States Kuwait, Qatar, Saudi Arabia and the United Arab Emirates produced on average 4 per cent more crude oil than in 2003.

Lastly, the stress on oil importing developing countries caused by high energy prices had been mitigated by the 7.4 billion from the OPEC Fund for International Development which had been earmarked for development.

That price trend continued into the first quarter of 2005. The 2004 yearly average West Texas Intermediate (WTI) spot price was 41.51 per barrel and that of the OPEC reference basket was 36.05 per barrel.

So if I had one closing and modest suggestion, let's set a stable oil price in Europe and the United States. How do you do that? Well, let's put a tax on oil that is a non revenue tax, and it basically says for the next 20 years, the price of oil will be whatever you want, 35 bucks, 40 bucks. If the OPEC price falls below that, we tax it. If the OPEC price goes above that, the tax goes away.

The situation had been exacerbated by recent natural disasters and the refining capacity problem pointed out by the representative of the Islamic Republic of Iran, but South South and OPEC Fund initiatives were having positive effects.

Oil production in the non OPEC countries of the ESCWA region, namely, Bahrain, Egypt, Oman, the Syrian Arab Republic and Yemen, declined in 2004 by 5 per cent, and those countries are struggling to maintain their output.

But, as it turned out, developed countries did have options for reducing their dependence on Arab oil. They just had not recognized or had not cared to recognize the need for action until OPEC had them over a barrel.

A similar transformation can be seen in every successful non OPEC developing country. The success of a place is very much related to its people s ability to accomplish this transformation, as exemplified by places such as Singapore, Turkey, and Israel.

Speculative pressures are likely to have been at work, influencing the decisions of OPEC and many others. Although changes in market psychology are difficult to understand, the broad concerns that underlie such episodes of irrational exuberance are almost always clear.