WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-09-15 Time: 12:00:02 Posted By: News Poster
By Hamisu Muhammad
As the Organization of Petroleum Exporting Countries (OPEC) celebrated its golden Jubilee yesterday, the world energy demand is currently increasing rapidly as a result of the industrial boom in different parts of the world.
In the late 1950s, the amount of oil produced worldwide was greater than demand. The price of oil, which was controlled by the oil companies, dropped and with it dropped the amount of money the oil companies paid the oil-producing nations.
OPEC was formed in reaction to this drop in payments. In addition to joining OPEC, some oil-producing countries nationalized the oil production and refining equipment of the oil companies, which generated large amounts of income for those countries.
In the 1950s, very few countries out of Europe and Americas had strong economic presence and high industrial activities, but the situation is not the same now where a number of economies have picked up – even trying to compete with other developed countries.
The increase in oil and gas demands in the last three decades has changed the look of energy market and the struggle by the industrial giants like the United States of America, United Kingdom, France, Germany and Japan among others to control the resources through their strong economic and political powers.
The organization was formed on September 14, 1960 in Iraq, with five member countries – Iran, Iraq, Kuwait, Saudi Arabia and Venezuela with a commitment to safeguard their legitimate national interests and to ensure order and stability in the international oil market.
Before the formation of OPEC, there was strong domination of oil activities by companies mainly from the west with strong political backing from their nations. The main catalyst, according to OPEC secretariat, for its birth came when a group of multinational oil companies, the so-called Seven Sisters (Exxon, Shell, BP, Gulf, Texaco, Mobil, Chevron) which, at that time were the dominant force in the oil market, unilaterally reduced the posted prices of the crude they supplied.
These firms effectively controlled the quantity of oil extracted and decided how much was sold, to whom, and at what price. In reality, it was a time when the international petroleum industry, outside of the former Soviet Union, was under the control of the established industrialized powers.
The establishment of OPEC therefore came as a strong challenge to these companies and their host countries which initially posed great obstacle to free their oil business.
The organization has been under attacks from western media for trying to fight for its resources, seeing it as a cartel that struggled to monopolize the oil supply to the world market, but the OPEC members instead believe that their unity is to stabilize and ensure regular supplies of oil to the market; expand its role on the global stage; helpe enhance and build better cooperation and dialogue among producers and consumers, and create a facility such as the OPEC Fund for International Development – – for channeling aid to developing nations.
“That is not to say that the organization can sit back and rest on its successes and achievements. It recognizes that the global oil market is an ever-evolving entity; one that requires constant monitoring and appropriate actions. The past 50 years have been important, but it is the next 50 years that the organization is now focusing on”, OPEC secretariat said.
OPEC is now wearing a new look in the world, especially with the emergence of new industrial powers like China and India who are thirsty for oil to power their industrial growth. To them OPEC is an opportunity for them to secure more oil at stable rates.
When OPEC was formed 50 years back, the world energy demand was stable although the suppliers were not pumping as much oil as now. This is a result of the slow performance of industrial activities in many countries in the world.
At 50, OPEC deserves commendations being among the oldest surviving group by which developing countries to fought the super powers in order to take control of their resources. The only challenge for OPEC is to develop capacity in technology to tap more benefits of it vital resources.
With what is going on now, some of the OPEC members like Nigeria are still relying on the developed world refined fuel after selling to them the crude oil. This is not the best way to benefiting from the oil they have.
Besides the refining capacity, OPEC members should also invest heavily in oil exploration and production in order to create more presence in the global oil and gas industry.
Original Source: 
Original date published: 15 September 2010
Source: http://allafrica.com/stories/201009150449.html?viewall=1