Titlebook: OPEC; Instrument of Change Ian Seymour Book 1980 OPEC 1980 economics.industrial organization

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Prices and Profits before OPECar as the major international oil companies and the industrialized consuming countries were concerned. Some of the implications of this momentous decision took a few more years to work themselves out. But basically it was clear that the time-span of control by the major multinationals over the oil r

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The Foundation of OPECal upheavals of the Korean and Suez crises. By 1958 the granting of substantial discounts off posted prices in arms-length sales to third parties had become widespread practice. Of course at that time the third-party market accounted for only a small proportion, probably no more than 10% of the whol

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The Turn of the Tide: Tripoli—Tehran—Tripolidecisions were still mainly in the hands of the international oil companies. Around 1970, however, the tide began to turn and by the end of the decade not only had the levers of decision-making for supply and prices been fully taken over by the exporting governments, but also the price problem itsel

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Some Problems of Controlime to go before the exercise of this power would translate itself into direct operational involvement at all levels — and then there were wide differences in the takeover experiences of the various individual OPEC Governments. For the time being most of the OPEC Countries continued to channel the b

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1975–78: The Erosion of Real Pricesl price level decided upon in Tehran at the end of 1973. The question was: how far, how fast, and where to draw the line? After the 1974 shakedown of government take, the whole of OPEC had agreed to a price freeze until the end of September 1975. This was as far as most of OPEC was prepared to go as

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Control of Productionlore, prospect, drill for, extract, treat, manufacture, transport, deal with, carry away and export” petroleum and other hydrocarbons found within the area of the concession. This particular wording happens to come from the 1933 agreement between Saudi Arabia and the Standard Oil Company of Californ

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Control of Management and Operationse foundation of OPEC. But this was a demand that the major oil companies always resisted with all the power and guile at their command, sensing no doubt that such a development would strike at the very roots of their control over the supply arteries of the world oil industry. In the end, it required