The Organization of the Petroleum Exporting Countries (OPEC) was founded on September 14th, 1960, at the initiative of the Venezuelan Energy and Mines minister Juan Pablo Pérez Alfonso and the Saudi Arabian Energy and Mines minister Abdullah al-Tariki. The initial goal was to increase the price of the crude oil barrel, which was worth a mere $5 USD back then.
OPEC was formed at a time when the international oil market was largely separate from centrally planned economies, and was dominated by multinational companies. OPEC's ‘Policy Statement' states that there is a right of all countries to exercise sovereignty over their natural resources.
However, since the crash of 1983, OPEC members no longer control prices.
They are:
- Saudi Arabia (1960);
- Iran (1960);
- Iraq (1960);
- Kuwait (1960);
- Venezuela (1960);
- Qatar (1961);
- Indonesia (1962-2008);
- Libya (1962);
- Abu Dhabi (1967, now United Arab Emirates);
- Algeria (1969);
- Nigeria (1971);
- Ecuador (1973-1992; 2007);
- Gabon (1975-2006);
- Angola (2007).
Source : wikipedia.org
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| Photo: Wikipedia |
Huge blow to the IndyCar Series as Andretti Sports Management announced that the Baltimore Grand Prix would not return to the IndyCar schedule in 2014 after all parties involved failed to agree on a date.
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| IndyCar racing in the streets of Baltimore (Photo:facebook.com/BaltimoreGP) |
Race On, the owner of the Grand Prix of Baltimore, was unable to coordinate a workable date for the 2014 event with the multiple entities involved in scheduling, although it appears that Race On's decision took both the IndyCar Series and Andretti Sports Management by surprise.
With the loss of Baltimore, IndyCar forfeits its only event on the eastern seaboard. The race drew its biggest (paying) crowd to date, attracting approximately 150,000 fans over the three-day event.
Ford's newest board member, Steelcase CEO Jim Hackett, first met Ford Executive Chairman Bill Ford at a Michigan business conference.
Ford's newest board member, Steelcase CEO Jim Hackett, first met Ford Executive Chairman Bill Ford at a Michigan business conference.
We can't say that the Datsun 280ZX is our favorite Z-Car -- we far and away prefer the clean lines of the 240, 260 and even the
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