The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 14 nations, founded on 14 September 1960 in Baghdad by the first five members, headquartered since 1965 in Vienna, Austria. As of September 2018, the 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were determined by the so-called "Seven Sisters" grouping of multinational oil companies. The stated mission of the organization is to "coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient and regular supply of petroleum to consumers, a steady income to producers, a fair return on capital for those investing in the petroleum industry." The organization is a significant provider of information about the international oil market. The current OPEC members are the following: Algeria, Equatorial Guinea, Iran, Kuwait, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela.
Ecuador and Qatar are former members. The formation of OPEC marked a turning point toward national sovereignty over natural resources, OPEC decisions have come to play a prominent role in the global oil market and international relations; the effect can be strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy. In the 1980s, OPEC began setting production targets for its member nations; this has occurred most from the organization's 2008 and 2016 decisions to trim oversupply. Economists 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 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".
However, the influence of OPEC on international trade is periodically challenged by the expansion of non-OPEC energy sources, by the recurring temptation for individual OPEC countries to exceed production targets and pursue conflicting self-interests. In 1949, Venezuela and Iran took the earliest steps in the direction of OPEC, by inviting Iraq and Saudi Arabia to improve communication among petroleum-exporting nations as the world recovered from World War II. At the time, some of the world's largest oil fields were just entering production in the Middle East; the United States had established the Interstate Oil Compact Commission to join the Texas Railroad Commission in limiting overproduction. The US was the world's largest producer and consumer of oil. Oil-exporting countries were motivated to form OPEC as a counterweight to this concentration of political and economic power. In February 1959, as new supplies were becoming available, the multinational oil companies unilaterally reduced their posted prices for Venezuelan and Middle Eastern crude oil by 10 percent.
Weeks the Arab League's first Arab Petroleum Congress convened in Cairo, where the influential journalist Wanda Jablonski introduced Saudi Arabia's Abdullah Tariki to Venezuela's observer Juan Pablo Pérez Alfonzo, representing the two then-largest oil-producing nations outside the United States and the Soviet Union. Both oil ministers were angered by the price cuts, the two led their fellow delegates to establish the Maadi Pact or Gentlemen's Agreement, calling for an "Oil Consultation Commission" of exporting countries, to which MOCs should present price-change plans. Jablonski reported a marked hostility toward the West and a growing outcry against "absentee landlordism" of the MOCs, which at the time controlled all oil operations within the exporting countries and wielded enormous political influence. In August 1960, ignoring the warnings, 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 following month, during 10–14 September 1960, the Baghdad Conference was held at the initiative of Tariki, Pérez Alfonzo, Iraqi prime minister Abd al-Karim Qasim, whose country had skipped the 1959 congress. Government representatives from Iran, Kuwait, Saudi Arabia and Venezuela met in Baghdad to discuss ways to increase the price of crude oil produced by their countries, ways to respond to unilateral actions by the MOCs. Despite strong US opposition: "Together with Arab and non-Arab producers, Saudi Arabia formed the Organization of Petroleum Export Countries to secure the best price available from the major oil corporations." The Middle Eastern members called for OPEC headquarters to be in Baghdad or Beirut, but Venezuela argued for a neutral location, so the organization chose Geneva, Switzerland. On 1 September 1965, OPEC moved to Vienna, after Switzerland declined to extend diplomatic privileges. During 1961–1975, the five founding nations were joined by Qatar, Libya, United Arab Emirates, A
"Bring It on Back" is a song by Australian rock band Jet, is the fourth track on their second album Shine On. It was released 20 November 2006 as the second single from that album in the UK. A music video was made for the single, it depicts Nic Cester in a relationship with a girl. There is a possibility. "Bring It on Back" had been used between April and August in advertisements for the 2007 AFL Season on Channel 10 in Australia, to promote the return of Saturday Night Football to 10. It was released on iTunes as the fourth single in Australia on 9 June 2007; the song failed to chart in Australia. 7" blue vinyl AT0263"Bring It on Back" "I Only Like You When I'm High"7" picture disc AT0263X"Bring It on Back" "Where Are All My Good Friends?"CD AT0263CD"Bring It on Back" "Jane Jones"
George Poddester Renouf was a politician in Manitoba, Canada. He served in the Legislative Assembly of Manitoba from 1932 to 1958 as a Conservative and as a Progressive Conservative, once the party changed its name. Renouf was educated at a private school in Jersey, came to Canada in 1896, moving to Winnipeg in 1898 and to Bowsman the following year. In 1906, he married Elsie Marie Le Salleur from Jersey, he worked as a farmer, was reeve of the Minitonas municipality from 1921 to 1932. He was president of the Minitonas Red Cross. Renouf farmed in the Swan River valley until 1955, he was first elected to the Manitoba legislature in the 1932 provincial election, defeating independent candidate S. Einarson by 419 votes in the Swan River constituency, he was re-elected in the 1936 election, defeating Liberal-Progressive D. Baldwin by only twelve votes; the Conservative Party, Manitoba's official opposition in the 1930s, joined the Liberal-Progressives in a coalition government in 1940. Renouf became a government backbencher, was returned in the 1941 election.
In the 1945 election, he defeated CCF candidate Robert Niven by over one thousand votes. Renouf appears to have left the Progressive Conservative caucus and the government coalition in 1948, after Douglas Campbell was chosen as Premier of Manitoba. In the 1949 provincial election, he ran as a Conservative opposing the coalition. Re-elected, he served as opposition house leader for the start of the parliament which followed; the Progressive Conservatives left the coalition government in 1950. Renouf rejoined the party caucus, was re-elected one final time in 1953, he did not seek re-election in 1958, in which the Progressive Conservatives won a minority government under Dufferin Roblin. Renouf seems to have tacitly endorsed Roblin's bid to become party leader in 1954, he retired to Victoria, British Columbia in 1959, died two years later