But the embargo also meant that a section of the Non-Aligned Movement saw power as a source of hope for their developing countries. This arrangement serves as an informal mechanism for coordinating policies. Vous pouvez composer ici votre itinéraire myVienna personnalisé. [117] Another remarked that the Saudis can produce oil at as low a price as $3 per barrel, whereas Russia needs $30 per barrel to cover production costs. The UAE was founded in December 1971. [163][164], The OPEC Reference Basket of Crudes has been an important benchmark for oil prices since 2000. Despite strong US opposition: "Together with Arab and non-Arab producers, Saudi Arabia formed the Organization of Petroleum Export Countries (OPEC) to secure the best price available from the major oil corporations. Although Saudi delegates officially endorsed the new quotas, they stated anonymously that they would not observe them. [64], In the 1990s, OPEC lost its two newest members, who had joined in the mid-1970s. Delivered by HRH Prince Abdul Aziz Bin Salman, Saudi Arabia's Minister of Energy and Chairman of the OPEC and non-OPEC Ministerial Meeting, at the 13th OPEC and non-OPEC Ministerial Meeting, 4 January 2021, via videoconference. Prices fluctuated around US$50/bbl, and in May 2017 OPEC decided to extend the new quotas through March 2018, with the world waiting to see if and how the oil-inventory glut might be fully siphoned-off by then. OPEC Secretary General holds video meeting with Brazil’s Minister of Energy. The self-named "Arm of the Arab Revolution" group declared its goal to be the liberation of Palestine. OPEC, société à responsabilité limitée, au capital social de 8000,00 EURO, dont le siège social est situé au 87 RUE DE RICHELIEU, ... Parcourez les réseaux d'influence de plus de 4 millions de dirigeants français ! [44], Some time after the attack, Carlos's accomplices revealed that the operation was commanded by Wadie Haddad, a founder of the Popular Front for the Liberation of Palestine. Expand your Outlook. OPEC’s plan will reduce global crude stocks and revive U.S. shale drilling, says EIA World Oil 18:57 10-Mar-21. OPEC’s 8th International Seminar postponed to 29-30 June 2022. Une liste aide-mémoire individuelle avec des conseils intéressants sur Vienne, des curiosités et événements. [77] It rejoined the organization in January 2016,[2] but announced another "temporary suspension" of its membership at year-end when OPEC requested a 5% production cut. [29][30] Even after the embargo ended in March 1974, following intense diplomatic activity, prices continued to rise. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance. [120] Another analyst claims that "it’s about assaulting the Western economy, especially America’s. [112], In October 2019 Ecuador announced it would withdraw from OPEC on January 1, 2020 due to financial problems facing the country. [22], A number of non-OPEC member countries also participate in the organisation's initiatives such as voluntary supply cuts in order to further bind policy objectives between OPEC and non-OPEC members. Naimi argued that the oil market should be left to rebalance itself competitively at lower price levels, strategically rebuilding OPEC's long-term market share by ending the profitability of high-cost US shale oil production. [117][118][119][120] Saudi Arabia had in March 2020 $500 billion of foreign exchange reserves, while at that time Russia's reserves were $580 billion. The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. OPEC and the oil men", "Exportador de petróleo, Brazil is invited to join OPEC, says Bolsonaro", "Joining Opep is not an option for Brazil, says Petrobras", "How OPEC Won the Battle and Lost the War", "Angola, Sudan to ask for OPEC membership", "OPEC: Fifty Years Regulating Oil Market Roller Coaster", "British Economics and Trade Union politics 1973–1974", "Europe car ban becoming a real traffic stopper", "Cables Released by WikiLeaks Reveal Saudis' Checkbook Diplomacy", "The Agreement Establishing the OPEC Fund for International Development", "Oil Prices Pass Record Set in '80s, but Then Recede", "It's Saudi Arabia's World. Le monde entier, y compris les États-Unis, a pris la douleur jusqu'à ce que la fin pacifique du conflit soit mise en place. [19], During 1961–1975, the five founding nations were joined by Qatar (1961), Indonesia (1962–2008, rejoined 2014–2016), Libya (1962), United Arab Emirates (originally just the Emirate of Abu Dhabi, 1967), Algeria (1969), Nigeria (1971), Ecuador (1973–1992, 2007–2020), and Gabon (1975–1994, rejoined 2016). Russia, which foresaw continuing cuts as American shale oil production increased, rejected the demand, ending the three-year partnership between OPEC and major non-OPEC providers. [2] By the early 1970s, OPEC's membership accounted for more than half of worldwide oil production. [2], For countries that export petroleum at relatively low volume, their limited negotiating power as OPEC members would not necessarily justify the burdens imposed by OPEC production quotas and membership costs. Forme juridique : Société à responsabilité limitée. Letting Iraq's oil minister attend an OPEC meeting may violate the Sherman Antitrust Act", "Iraq to Attend Next OPEC Ministerial Meeting", "Oil producers agree to cut production by a tenth", "Is U.S. Energy Dominance Coming To An End? [121], In April 2020, OPEC and a group of other oil producers, including Russia, agreed to extend production cuts until the end of July. Poorer members have pushed for production cuts from fellow members, to increase the price of oil and thus their own revenues. Saudi Arabia, which has absorbed a disproportionate amount of the cuts to convince Russia to stay in the agreement, notified its buyers on 7 March that they would raise output and discount their oil in April. OPEC, société en nom collectif est en activité depuis 8 ans. Fellow militants Bassam Abu Sharif and Klein claimed that Carlos received and kept a ransom between US$20 million and US$50 million from "an Arab president". GECF joined as an eighth partner in 2014, enabling JODI also to cover nearly 90% of the global market for natural gas. 05 marzo 2021, 07:10; Petrolio record, Opec e sauditi non riaprono i rubinetti. Acte du 06/10/2008. The Organization of the Petroleum Exporting Countries (OPEC, /ˈoʊpɛk/ OH-pek) is an intergovernmental organization of 13[ref] countries. Le programme OPE Contactez-nous Politique ESS Témoignages Distinctions Cas de réussite FAQ. [75] OPEC's annual oil export revenue also set a new record in 2008, estimated around US$1 trillion, and reached similar annual rates in 2011–2014 (along with extensive petrodollar recycling activity) before plunging again. All the hostages and terrorists walked away from the situation, two days after it began. "[78], The differing economic needs of OPEC member states often affect the internal debates behind OPEC production quotas. Centre des médias et logos OPEQ Emplois, stages et bénévolat Trucs et astuces Infolettre Envoyer mon CV Garantie et service après-vente. [Joint Press Release] The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (OPEC) today hosted the 11th IEA-IEF-OPEC Symposium on Energy Outlooks to examine the impact of the COVID-19 pandemic on global energy markets and the outlook for global energy security and market stability. The United States had established the Interstate Oil Compact Commission to join the Texas Railroad Commission in limiting overproduction. ", "NOPEC ('No Oil Producing and Exporting Cartels Act'): A Presidential Issue and a Test of Political Integrity", "What Have We Learned about the Resource Curse? [62], Leading up to his August 1990 Invasion of Kuwait, Iraqi President Saddam Hussein was pushing OPEC to end overproduction and to send oil prices higher, in order to help OPEC members financially and to accelerate rebuilding from the 1980–1988 Iran–Iraq War. [148][149], OPEC has not been involved in any disputes related to the competition rules of the World Trade Organization, even though the objectives, actions, and principles of the two organizations diverge considerably. Delivered by HE Dr Diamantino Pedro Azevedo, Angolaâs Minister of Mineral Resources and Petroleum and President of the OPEC Conference, at the 13th OPEC and non-OPEC Ministerial Meeting, 4 January 2021, via videoconference. That is the operative principle in all capitalist countries... One thing is for sure: Current prices [roughly US$60/bbl] do not support all producers. [126][127], Ecuador announced that it would leave OPEC on 1 January 2020. [65] But these two Iraqi wars against fellow OPEC founders marked a low point in the cohesion of the organization, and oil prices subsided quickly after the short-term supply disruptions. [114], In early March 2020, OPEC officials presented an ultimatum to Russia to cut production by 1.5% of world supply. Catalogue jeunesse et adultes: livres illustrés pour enfants, catéchèse, fêtes chrétiennes, prières et liturgie, théologie et spiritualité, protestantisme. [99][100][101][102][103][104][3] Longtime oil analyst Daniel Yergin "described the relationship between OPEC and shale as 'mutual coexistence', with both sides learning to live with prices that are lower than they would like. The New York Times quoted one such delegate as saying: "Saudi Arabia will meet the market's demand. [156][157] Internationally important conflicts in OPEC's history have included the Six-Day War (1967), Yom Kippur War (1973), a hostage siege directed by Palestinian militants (1975), the Iranian Revolution (1979), Iran–Iraq War (1980–1988), Iraqi occupation of Kuwait (1990–1991), September 11 attacks by mostly Saudi hijackers (2001), American occupation of Iraq (2003–2011), Conflict in the Niger Delta (2004–present), Arab Spring (2010–2012), Libyan Crisis (2011–present), and international Embargo against Iran (2012–2016). Capital : 7 622,45 € Adresse : 19 rue Saulnier 92800 Puteaux. This also resulted in 'OPEC plus' failing to extend the agreement cutting 2.1 million barrels per day that was set to expire at the end of March. When other OPEC nations failed to comply, Saudi Arabia first slashed its own production from 10 million barrels daily in 1979–1981 to just one-third of that level in 1985. This has occurred most recently from the organization's 2008 and 2016 decisions to trim oversupply. Carlos expressed his regret at not being able to murder Yamani and Amuzegar, then he and his comrades left the plane. Former OPEC members are Ecuador, Indonesia and Qatar.[9]. APERÇU Société : OPEC Accéder à la cartographie Trouver des prospects, des clients B2B . [115], Several pundits saw this as a Saudi-Russian price war, or game of chicken which cause the "other side to blink first". In May 2008, Indonesia announced that it would leave OPEC when its membership expired at the end of that year, having become a net importer of oil and being unable to meet its production quota. A Microsoft 365 subscription offers an ad-free interface, custom domains, enhanced security options, the full desktop version of Office, and 1 TB of cloud storage. For a time, the UK imposed an emergency three-day workweek. [5] This loose grouping of countries includes: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan. Faites notre connaissance! In December 2014, "OPEC and the oil men" ranked as #3 on Lloyd's list of "the top 100 most influential people in the shipping industry". Itinéraire myVienna . OPEC contributed 1.5 million barrels a day (mbpd) to the approximately 2 mbpd of cuts announced. This action should be viewed by the developing countries as an example and a source of hope. [55][57]:127–128,136–137 Faced with increasing economic hardship (which ultimately contributed to the collapse of the Soviet bloc in 1989),[58][59] the "free-riding" oil exporters that had previously failed to comply with OPEC agreements finally began to limit production to shore up prices, based on painstakingly negotiated national quotas that sought to balance oil-related and economic criteria since 1986. [2] Iraq has remained a member of OPEC since the organization's founding, but Iraqi production was not a part of OPEC quota agreements from 1998 to 2016, due to the country's daunting political difficulties. 11 Mar 2021 | Vienna, Austria, 11 March 2021--The price of OPEC basket of thirteen crudes stood at $65.60 a barrel on Wednesday, compared with $66.38 the previous day, according to OPEC … traduction OPEC dans le dictionnaire Anglais - Italien de Reverso, voir aussi 'open',opencast',operculum',OECD', conjugaison, expressions idiomatiques January … OPEC contre les États-Unis: qui contrôle les prix du pétrole? The US was simultaneously the world's largest producer and consumer of oil; and the world market was dominated by a group of multinational companies known as the "Seven Sisters", five of which were headquartered in the US following the breakup of John D. Rockefeller's original Standard Oil monopoly. This is especially helpful for a natural-resource industry whose smooth functioning requires months and years of careful planning. [145] In fact, economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, as in this definition from OECD's Glossary of Industrial Organisation Economics and Competition Law:[1]. The debt-to-GDP ratio of the Saudis was 25%, while the Russian ratio was 15%. Bloomberg estimates for OPEC+ compliance in 2020 include crude production only. Traductions en contexte de "OPEC" en espagnol-français avec Reverso Context : De momento la Comisión no puede concluir que los datos son fundamentalmente incorrectos puesto que a la OPEC todavía le queda una serie de ayudas por examinar. [80] Part of the basis for this policy is the Saudi concern that overly expensive oil or unreliable supply will drive industrial nations to conserve energy and develop alternative fuels, curtailing the worldwide demand for oil and eventually leaving unneeded barrels in the ground. [20] Illustrating the volatile multi-year timeframes of typical market cycles for natural resources, the result was a six-year decline in the price of oil, which culminated by plunging more than half in 1986 alone. [113], In December 2019 OPEC and Russia agreed one of the deepest output cuts so far to prevent oversupply in a deal that will last for the first three months of 2020. The attack, which killed three non-ministers, was orchestrated by a six-person team led by Venezuelan militant "Carlos the Jackal", and which included Gabriele Kröcher-Tiedemann and Hans-Joachim Klein. Live-Streams make it possible for you to follow up live press conferences, opening sessions, interviews, etc. The Live-Streaming facility is offered on OPEC website for the official meetings of the Organization and other related events. Table Des Matières: Les premières années; L'OPEP prend le dessus; L'avenir; The Bottom Line; Les prix du pétrole ont grimpé de plus de 100 dollars à moins de 45 dollars l'année dernière. Excluding condensate oil production of nearly 20 million bbl/day, national sovereignty over natural resources, Organization of Arab Petroleum Exporting Countries, unemployment and inflation surging simultaneously, Kuwait Fund for Arab Economic Development, Popular Front for the Liberation of Palestine, violence against the Nigerian oil industry, worst global recession since World War II, hostage siege directed by Palestinian militants, "Glossary of Industrial Organization Economics and Competition Law", "Oil falls ahead of OPEC+ Meeting to set new output levels", "Demand For OPEC Oil Falls To 30-Year Low", "Top 100 Most Influential People in the Shipping Industry: 3. La Vienna City Card – la plus-value pour votre visite de Vienne. (Pour en savoir plus, voir Opep contre les États-Unis: Qui contrôle les prix du pétrole ) 1979 - 1980 Crise pétrolière: Après l'Arabie saoudite, l'Iran et l'Irak sont les deux plus … [38], In the years after 1973, as an example of so-called "checkbook diplomacy", certain Arab nations have been among the world's largest providers of foreign aid,[39][40] and OPEC added to its goals the selling of oil for the socio-economic growth of poorer nations. Oil conservation efforts included lower speed limits on highways, smaller and more energy-efficient cars and appliances, year-round daylight saving time, reduced usage of heating and air-conditioning, better insulation, increased support of mass transit, and greater emphasis on coal, natural gas, ethanol, nuclear and other alternative energy sources. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. Boumédienne must also have offered Carlos asylum at this time and possibly financial compensation for failing to complete his assignment. myVienna. The agreement, signed on 2 April 1971, raised oil prices and increased producing countries' profit shares. OPEC members strongly prefer to describe their organization as a modest force for market stabilization, rather than a powerful anti-competitive cartel. For example, the Kuwait Fund for Arab Economic Development has operated since 1961. "[18] The Middle Eastern members originally called for OPEC headquarters to be in Baghdad or Beirut, but Venezuela argued for a neutral location, and so the organization chose Geneva, Switzerland. DoC JTC discusses oil market developments, 3. [3] Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers, as an informal mechanism for coordinating policies. Despite many political obstacles, a September 2016 decision to trim approximately 1 million barrels per day was codified by a new quota-agreement at the November 2016 OPEC conference. Ecuador withdrew in December 1992, because it was unwilling to pay the annual US$2 million membership fee and felt that it needed to produce more oil than it was allowed under the OPEC quota,[66] although it rejoined in October 2007. [Warning!] Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency continues to produce? Qatar left OPEC on 1 January 2019, after joining the organization in 1961, to focus on natural gas production, of which it is the world's largest exporter in the form of liquified natural gas (LNG). Its OPEC membership originated with the. [43], On 21 December 1975, Saudi Arabia's Ahmed Zaki Yamani, Iran's Jamshid Amuzegar, and the other OPEC oil ministers were taken hostage at their semi-annual conference in Vienna, Austria. )[61] Generally when OPEC production targets are reduced, oil prices increase. Il notiziario viene creato dal nostro algoritmo di classificazione automatica di testi con le ultimissime novità dai quotidiani e le agenzie di stampa online italiane. The publication provides articles on OPEC Secretariat activities, feature stories about the Organizationâs Member Countries and a review of energy market developments. The Seminar, originally scheduled for 16-17 June 2021, will now be held on 29-30 June 2022 at the Hofburg Imperial Palace in Vienna, Austria. On 1 September 1965, OPEC moved to Vienna, Austria, after Switzerland declined to extend diplomatic privileges. Similar concerns prompted Gabon to suspend membership in January 1995;[67] it rejoined in July 2016. OPEC, société civile immobilière, au capital social de 1400,00 EURO, dont le siège social est situé au 160 RTE DE PROULIEU, ... Parcourez les réseaux d'influence de plus de 4 millions de dirigeants français ! Argento il miglior trade per il 2021 Parola di CEO Materie Prime Commoditiestrading (ujat) Come aumenti i tassi mentre cerchi di stimolare… As of January 2020, OPEC has 13 member countries: five in the Middle East (Western Asia), seven in Africa, and one in South America. It is calculated as a weighted average of prices for petroleum blends from the OPEC member countries: Saharan Blend (Algeria), Girassol (Angola), Djeno (Republic of the Congo) Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela). The OPEC Special Fund was conceived in Algiers, Algeria, in March 1975, and was formally established the following January. [151][152] Despite popular sentiment against OPEC, legislative proposals to limit the organization's sovereign immunity, such as the NOPEC Act, have so far been unsuccessful. ", "Report to Congress: United States Gulf Environmental Technical Assistance", "Europe Brent Crude Oil Spot Price FOB (DOE)", "Iraq Threatens Emirates and Kuwait on Oil Glut", U.S. Senate Committee on Homeland Security and Governmental Affairs, "Opening address to the 159th Meeting of the OPEC Conference", "Saudi oil policy: stability with strength", "Saudi Arabia's Plan to Extend the Age of Oil", "Saudis Vow to Ignore OPEC Decision to Cut Production", "OPEC Won't Cut Production to Stop Oil's Slump", "Inside OPEC room, Naimi declares price war on US shale oil", "Interview With Saudi Oil Minister Ali Naimi", "OPEC discord fuels further oil price drop", "Despite Climate Concerns, OPEC Plans to Keep Pumping Oil While It Can", "Iran Says Post-Sanctions Crude Output Boost Won't Hurt Prices", "OPEC is very much alive as Saudis learn to tread softly", "OPEC Has Its Way as China Oil Output Cut by Most in 15 Years", "Net oil importer Indonesia leaves producer club OPEC, again", "OPEC Agrees to Cut Production in Drive to End Record Glut", "The World's Biggest Oil Kingdom Reverses Course", "Russian Energy Minister Says Oil Cuts to Start in January", "OPEC Said to Break Bread With Shale in Rare Show of Detente", "Where OPEC+ Oil Production Stands Now – Bloomberg", "Russia backs gradual, managed exit from oil cuts with OPEC", "OPEC to extend production cuts throughout 2018", "Qatar to withdraw from OPEC in January 2019", "Russia agrees with Saudi Arabia to extend OPEC+ oil output deal", "Ecuador to leave OPEC in 2020 due to fiscal problems – ministry", "OPEC, allies agree to deepen oil output cuts", "How a Saudi-Russian Standoff Sent Oil Markets Into a Frenzy", "Oil price war threatens widespread collateral damage", "Who will win the Saudi-Russia game of chicken in the new oil war? Big Oil Just Lives In It", "Oil and nuclear power: Past, present, and future", "Renewables in Global Energy Supply: An IEA Fact Sheet", "Renewable Energy: World Invests $244 billion in 2012, Geographic Shift to Developing Countries", "The Economics Behind the Fall of the Berlin Wall", "Energy & Financial Markets: What Drives Crude Oil Prices? WTI earns 1.7 % near target 1 of Target Geometry monthly long-long area. Pour en apprendre plus sur OPEQ et les gens qui y travaillent. – di Sissi Bellomo. [124] However, since Saudi Arabia is by far the largest and most-profitable oil exporter in the world, with enough capacity to function as the traditional swing producer to balance the global market, it serves as "OPEC's de facto leader". We will see what the market requires and we will not leave a customer without oil. "A Solemn Declaration 'reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment,' and called for measures to strengthen cooperation between these countries... [The OPEC Special Fund's] resources are additional to those already made available by OPEC states through a number of bilateral and multilateral channels. That is crooked logic. News of the last few hours have shown that Opec Plus is capable of moving with great discipline, unlike what often happened in the years back. en savoir plus. The September 2001 Al Qaeda attacks on the US and the March 2003 US invasion of Iraq had even milder short-term impacts on oil prices, as Saudi Arabia and other exporters again cooperated to keep the world adequately supplied. Russia's chances look good", "Russia and Saudi Arabia wait for the other side to blink first in the oil price war", "This crude war is about a lot more than oil prices and market share", "Trump's Ultimate Weapon To End The Oil War", "From The Economist Espresso: Minneapolis to disband its police force; New Zealand eliminates covid-19", "Production of Crude Oil including Lease Condensate 2016", "Sudan awaiting decision on its OPEC membership application: minister", "Qatar is pulling out of OPEC to focus on gas", "Qatar quit OPEC because of politics, not oil", "Ecuador to Leave OPEC in January Amid Efforts to Boost Income", United Nations Department of Economic and Social Affairs, "Congo Republic becomes OPEC oil cartel's newest member", "Is Bremer a Price Fixer? APERÇU Société : OPEC Accéder à la cartographie Trouver des prospects, des clients B2B . UBS has raised its WTI forecast to $ 72 per barrel. CNBC Indonesia menyajikan berita terkini, riset, dan analisis mendalam seputar Berita Tentang "Opec Plus" Terkini Dan Terlengkap - CNBC Indonesia. Sur l'année 2018 elle réalise un chiffre d'affaires de 728900,00 EU . [162], A "crude oil benchmark" is a standardized petroleum product that serves as a convenient reference price for buyers and sellers of crude oil, including standardized contracts in major futures markets since 1983. E poi ci sono le decisioni dell'Opec Plus. But in the 1970s, OPEC nations demonstrated convincingly that their oil could be used as both a political and economic weapon against other nations, at least in the short term.[25][33][34][35][36]. "[62], In November 2014, the International Energy Agency (IEA) estimated that OPEC's "effective" spare capacity, adjusted for ongoing disruptions in countries like Libya and Nigeria, was 3.5 million barrels per day (560,000 m3/d) and that this number would increase to a peak in 2017 of 4.6 million barrels per day (730,000 m3/d). After oil slumped to around US$10/bbl, joint diplomacy achieved a gradual slowing of oil production by OPEC, Mexico and Norway. Sheikh Ahmed Zaki Yamani: an OPEC and oil industry pioneer. [115] Another factor was weakening global demand resulting from the COVID-19 pandemic. [13][14][15][16], The following month, during 10–14 September 1960, the Baghdad Conference was held at the initiative of Tariki, Pérez Alfonzo, and Iraqi prime minister Abd al-Karim Qasim, whose country had skipped the 1959 congress. 7 aggiornamenti sono stati effettuati durante l'ultimo minuto. "[82], On 10 September 2008, with oil prices still near US$100/bbl, a production dispute occurred when the Saudis reportedly walked out of a negotiating session where rival members voted to reduce OPEC output. Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. In August 1960, ignoring the warnings, and with the US favoring Canadian and Mexican oil for strategic reasons, the MOCs again unilaterally announced significant cuts in their posted prices for Middle Eastern crude oil. The chief executive of the organization is the OPEC Secretary General.