The OPEC (Organization of the Petroleum Exporting Countries) was originated in Baghdad, Iraq, in September 1960, with the signing of an agreement by five countries those are Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. They are Founder Members of the Organization.These countries were amalgamated by Qatar (1961), Libya (1962), Indonesia (1962),the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007). Ecuador officially prohibited its membership,from December 1992 until October 2007.In January 2009 Indonesia officially prohibited its membership. However,this was revived in January 2016. Gabon discharged its membership in January 1995. However, rejoined the Organization in July 2016. This clarifies that currently, this Establishment has 14 member countries in total.
According to OPEC Secretariat reports, on November 22, 2016, the price of OPEC basket of fourteen crude oil raised at $44.34 a barrel on Monday, as compared with $42.33 the last Friday the highest hike in oil prices. However,researchers notified that a failure to comply on a cut could lead to an expanded supply glut by initial 2017. It was anticipated that on Tuesday International Brent crude oil futures prices rose in as high as $49.63 a barrel , increase 1.5 percent from the previous settlement and the highest since Oct. 31, before plunge back to $49.22 per barrel at 0735 GMT, still up 32 cents, or 0.65 percent. West Texas Intermediate (WTI) united states, crude oil futures contracts were up 35 cents, or 0.73 percent, at $48.59 a barrel.
As the matter of fact, the Organization of the Petroleum Exporting Countries (OPEC) is trying hard by Nov.30 to bring its 14 member states as well as non-OPEC producer Russia to agree on a coordinated production cut to boost up the market by bringing production parallel with consumption.But more importantly,on Monday crude oil prices increased by 4 percent to a three-week high , supported by growing opinion that major oil producing countries will agree next week to restraint productivity. In addition to this,Saudi Arabia,leader de facto of petroleum Exporting countries of the Organisation, have started diplomatic criteria to convinced more unwilling members to join its prospective output plan as the London benchmark risen 11 percent from the previous week.
What else to be delineated, Shinzo Abe the Japanese Prime Minister said on Tuesday that after U.S. President-elect Donald Trump vowed in a video to withdraw from the trade deal, the Trans-Pacific Partnership agreement would have no meaning. Further, Goldman Sachs economists opine that Federal officials were willingly sending strong gestures regarding elevating interest rates in September when they met at Jackson Hole, Wyoming, and September remains stable with a disappointing jobs report.Most economists are of the opinion that weakish jobs report of August has dominated a price hike in the month of September.