Saudi Arabia records over 21,000 residency, labor, and border violations in latest inspections    PIF seeks to expand US investments despite restrictions, says governor Al-Rumayyan Saudi sovereign fund launched 103 companies across 13 sectors, aims to attract more foreign talent to Saudi Arabia    Saudi minister holds high-level talks at FII Miami to boost AI, tech, and space partnerships    Saudi Media Forum concludes with key industry partnerships and award recognitions    Hamas hands over six Israeli captives in latest prisoner exchange    US and Ukraine near deal granting US mineral rights in exchange for military aid    Israeli forensic institute confirms remains of hostage Shiri Bibas    Australia presses China for answers over reported live-fire exercises near its coast    Al-Ettifaq stuns Al-Nassr with late winner as Ronaldo protests refereeing decisions    King Salman: Our nation's path has remained steadfast since its founding    Imam Mohammed bin Saud: The founder of the First Saudi State and architect of stability    King Abdul Aziz: Founder of the Third Saudi State and leader of modern Saudi Arabia    'Neighbors' canceled again, two years after revival    Al-Tuwaijri: Not a single day has passed in Saudi Arabia in 9 years without an achievement Media professionals urged to innovate in disseminating Kingdom's story to the world    Proper diet and healthy eating key to enjoying Ramadan fast    Saudi Media Forum panel highlights Kingdom's vision beyond 2034 World Cup    AlUla Arts Festival 2025 wraps up with a vibrant closing weekend    Al Hilal secures top spot in AFC Champions League Elite, set to face Pakhtakor in Round of 16    Al-Ettifaq's Moussa Dembélé undergoes surgery, misses rest of the season    'Real life Squid Game': Kim Sae-ron's death exposes Korea's celebrity culture    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



The Crude Oil Barrel: From Two Dollars to Eighty Dollars
Published in AL HAYAT on 13 - 10 - 2010

Fifty years ago, the Western oil companies from countries such as the United States, the Netherlands and Britain were paying the oil producing countries less than two dollars per barrel of oil. Today, as OPEC will celebrate its fiftieth anniversary and hold its regular ministerial meeting in Vienna tomorrow (Thursday), one must recall the achievements of the producing countries with the inception of OPEC, which enabled these countries to achieve the current price range of 75-81 dollars per barrel.
There is no doubt that there is a vast difference between having an organization that defends the interests of its peoples, and having companies that exploit the natural resources of these countries. The latter have succeeded in creating an organization that can be said to have reached maturity after going through many pitfalls and political problems, pitfalls that this organization has managed in overcoming in order to defend its interests.
Since the year 2000 and specifically since OPEC's summit in Venezuela, the organization's ministers, on behalf of the monarchs and heads of states of its member countries, pledged to keep political issues away from their work, and this is an achievement that the Arab citizen almost cannot believe has happened.
Over the past ten years, and despite the existing state of war between the two member states Iraq and Iran, and then the Iraqi invasion of Kuwait and the removal of Saddam Hussein's regime in the wake of the U.S.-led war, OPEC continued to operate in spite of all these conflicts. This is because, as a prominent minister in the organization told Al-Hayat, “the interests of all these countries have superseded these issues”. Were it not for the fact that the producing countries succeeded in managing their production, OPEC would not have gained revenues at the level it requires. As to what OPEC does with these revenues, the disparities and differences in policies in this regard are a completely different matter.
For despite the presence of rogue regimes in Venezuela, Iran and Libya, the organization was able to withstand and overcome the political pitfalls that it has encountered.
Naturally, there is disagreement regarding the achievements of OPEC. There are those who benefited from these achievements and developed infrastructure in their countries and improved the standard of living of their peoples, while there were those who used oil revenues as a tool to spread their revolutions at the expense of the interests of a people that continued to live in misery and poverty, making some wish that such regimes did not have such oil revenues.
There is also no doubt that the establishment of OPEC is a milestone event in the history of developing nations. Today, the advanced level of OPEC's operations highlights the mature rationale of the representatives of OPEC member states, who are keen on preserving their interests despite the differences in their policies.
The two most senior ministers in the organization, the Saudi minister Ali Naimi, and the Qatari Deputy Prime Minister Abdullah al-Attiyah, played a key role in this direction. It was not easy to keep political disputes away from the organization's deliberations. However, those who have been closely following up the organization's work since 1977 can say that everything has changed in OPEC. In the past, conferences used to last days and even weeks in the hotels of Geneva or even London. For example, recall that once, OPEC's ministerial session convened at the Intercontinental Hotel in London for ten days. Today, a meeting cannot last more than one day.
However, the only thing that has not changed is the attention given by the global media to the comments of the Saudi oil minister, as the various media outlets distribute the reactions of the representative of the world's largest oil producer to the markets; these then exhibit a major influence on global oil markets.
Next week, Saudi Arabia will host a seminar to commemorate the fiftieth anniversary of the founding of OPEC, to be inaugurated by Minister Ali Naimi, and attended by the senior executives of several international oil companies and energy experts.
OPEC has succeeded in protecting the organization's interests and the resources of its member states, and also in issuing reports on the global economy, production and the markets. OPEC is in the process of organizing more seminars where dialogue between producers and consumers has become indispensable, since it has contributed to better understanding (albeit it still suffers from some shortcomings, especially when it comes to the major consuming countries that frequently attempt to put pressure on OPEC). Those who have for a long time witnessed the work of the organization, could never forget how the American Secretary of Energy once attempted to contact the head of OPEC during the conference to ask him not to cut production; however, he soon saw that the decisions taken by the conference ran contrary to his demands.


Clic here to read the story from its source.