The Organisation of Petroleum Exporting Countries (OPEC):
OPEC is an intergovernmental organisation of countries whose role is to negotiate with the petroleum companies concerning the oil production.
The OPEC actually plays a regulatory role in the production and the price of oil by coordinating all the oil producing and exporting countries, notably through production quotas which directly influence the market prices.
The decisions made by OPEC are also influenced by different factors such as movements in the value of the American Dollar on the foreign exchange market, given that all the oil transactions are quoted in this currency. Therefore a falling dollar will also influence a general fall in the purchasing power of oil exporting countries for their purchases in foreign currencies.
Of course, the OPEC is not alone in influencing the variations in the oil price, the ICE and NYMEX markets where the barrels of crude oil are quoted equally play a role in determining the price of oil.
The list of oil exporting countries:
Let us now look at a list of oil exporting countries and the members of OPEC. We have chosen to classify them by continent:
- In Africa can be found Algeria, Angola, Libya and Nigeria.
- In the Middle East the major oil exporting countries are Saudi Arabia, the United Arab Emirates, Iraq, Iran, Kuwait and Qatar.
- In South America we find Ecuador and Venezuela.
Oil exporting countries that are not part of the OPEC group include Canada, Sudan, Mexico, the UK, Norway, the USA, Russia and Oman.
Note that certain countries that were originally on this list of oil exporting countries have been removed. This is the case for Indonesia where the volume of oil imports rose above the oil export amount in 2008, as well as Gabon which was a member of OPEC from 1975 to 1996.
Why learn about the oil exporting countries?
It is important to know the list of the oil exporting countries to succeed in anticipating the movements in the oil price on the petroleum market. In fact, the geopolitical situation of these countries has a strong influence on the price of black gold.
It is therefore important to follow the news and events of these countries to be able to anticipate a rise or fall in the oil price.