Eco New Project 1

7/26/2019 Eco New Project 1

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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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3

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*$#%.

.ere are 0 literatures sare te o4inion about OPEC/


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/ &A$A% $ADE.@'

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.

:/ ADE1&A% A%D )*A* (;8;"


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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.

!/ E@E GE$A1D A=A*

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!.

,/ A1-A*.A%B


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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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21

+$$#!%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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23

*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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25

$#$#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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27

#,,+#!+ 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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28

&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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30

A$E DEC1%%G O1

P$CE) %C$EA)%G

.*E $)') .O OPEC


31/48

31

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

&o;#7#$ +*! 8o4# #+o!om+ *!" o%$ $44 %o m*! 8#%$o3#m o3 *!" *3%#$!*%7# ,#34

S883#$4. 33 "#+3!!' +$"# o3 m*$#% 8$+#4 +$#*%# 4'!,+*!% #+o!om+ *!"

44%*!*63% $44 %o % OPEC C*$%#3 U.S. E!#$' S#+$% o$ A3%#$!*%7# C3#*! #34

8$o'$*m4H

$ECE%. C$3DE A%D PE.$O1E3& O1 &A$'E.

P$CE) H

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*$#% 8$+#

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WHAT IS OPEC CRISIS


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HEADQUATER OF OPEC

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