OPEC members

The Organization of Petroleum Exporting Countries, consisting of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, established in 1960, consists of organizers and 14 member countries including Qatar, Libya, the United Arab Emirates, Algeria and Nigeria . , Ecuador and Angola (OPEC) regulation, 2012). According to the OPEC Act, the main purpose of the organization is "the best way to determine the coordination and harmony of oil policy in member states, as well as the interests of individuals and groups" (p 1, 2012).

The United Arab Emirates became an OPEC member in 1967 and became an active member of the European Economic Community since 1974. Since that time, it has contributed greatly to the oil and gas industry of OPEC member countries. By supplying about 3 million barrels of oil a day, we will supply a certain source of oil to OPEC consumers. In addition to providing traditional energy sources, the United Arab Emirates also contributed to the provision of new energy alternatives through large-scale development. (The United Arab Emirates contributes to the global energy sector: Institute of Petroleum Exporting Countries, 2010)

Figure 4 shows the production / capacity of Member States of the Organization of Petroleum Exporting Countries between 1973 and 1994. The overproduction capacity is a big difference in the production capacity of Saudi Arabia, Kuwait and the United Arab Emirates. Other OPEC members are producing in most cases. OPEC does not control the surplus production capacity of these countries (Huettner, 2000). OPEC's oil production and market share declined to 30%, from 56 to 70% between 1970 and 1999. OPEC's current share is about 33% (OPEC *). This number is considerably smaller than other cartels. For example, a coffee cartel accounts for over 90% of the world's coffee production. Tin cartel manages over 80% of tin production in the world. Even failed cartels like international copper cartels dominate 70% of the world market share (Huettner, 2000).