Académique Documents
Professionnel Documents
Culture Documents
BY
CLIFFORD OGBEIDE
AAU/SPS/CSDS/2008/M.SC/2540
In the course of this research work, it was discovered that, some members of the
organization are “black sheep” as they deliberately frustrate the objectives of the
organization through some strategic partnership with major oil importers thereby
compromising on production quota. These major oil importers are also implementing
counter strategies and researching into alternative measures for sources of energy.
This paper establishes that, some non- OPEC members have managed adequately
well with this strategic resource. while some OPEC members have used this God-
given resource for the socio-economic advancement of its people and national
development, others have remained ‘’laggards’’ being unable to utilize it for the
overall economic growth and development of its people let alone distributing the
income, as well as providing a stable industrial resource base for the country.
Through official actions and defaults, widespread corruption exist among some
OPEC members in the management of this resource amidst the euphoria of an oil
boom.
To overcome all the above mentioned inadequacies, it is suggested that, unity and
adherence to OPEC’S objectives, transparency and accountability as a veritable tool
for the management of its strategic resource should be imbibe. Diversification of the
economy should be intensified while, Investment into priority social sectors,
especially education and health should be encouraged bearing in mind that these
strategic resources are exhaustible, adequate provision should be made for the
future generation.
Introduction:
Formation of OPEC:
Two series of events coincided to change this secure supply of cheap oil into an
insecure supply of expensive oil. In 1960, enraged by unilateral cuts in oil prices by
the seven big oil companies, the governments of the major oil-exporting countries
formed the Organization of Petroleum Exporting Countries [1], or OPEC. OPEC’s goal
was to try to prevent further cuts in the price that the member countries—Venezuela
and four countries around the Persian Gulf—received for oil. They succeeded, but
for a decade they were unable to raise prices. In the meantime, increasing oil
consumption throughout the world, especially in Europe and Japan; where oil
displaced coal as a primary source of energy, caused an enormous expansion in the
demand for oil products. [2]
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 1970s, as oil supplies in non-OPEC countries were reduced, the organization
raised the price of oil. Another price-control tactic used by OPEC is to set production
ceilings (Quota) that specify how much oil may be produced by each member
country. In the 1980s some OPEC nations ignored the production ceilings and this
resulted in overproduction and a drop in oil prices. The organization has also used
the supply of oil as a political tactic—for example, stopping delivery of oil to nations
supporting Israel in the Arab-Israeli War of 1973[4]a tactic that resulted in oil and
gasoline shortages in many Western nations.
Organizational structure:
The Organization of the Petroleum Exporting Countries (OPEC) has three organs
namely:
I. The Conference
II. The Board of Governors
III. The Secretariat.
I. The Conference:
The delegation to the conference may consist of one or more delegates, as well as
advisers and observers. When a delegation consists of more than one person, the
appointing country shall nominate one person as the Head of the delegation. During
meetings, deliberations take the following procedures:
B. Each Full Member Country shall have one vote. All decisions of the
Conference, other than on procedural matters, shall require the unanimous
agreement of all full Members.
D. In the case of a Full Member being absent from the Meeting of the
Conference, the Resolutions of the Conference shall become effective
unless the Secretariat receives a notification to the contrary from the said
Member, at least ten days before the date fixed for publication of he
resolutions.
7. Consider and decide upon the Statement of Accounts and the Auditor ’ s
Report, as submitted by the board f Governors;
8. Call a Consultative Meeting for such Member Countries, for such purposes,
and in such places, as the Conference deems it;
D. Each Governor shall have one vote. A simple majority vote of attending
Governors shall be required for decisions of the Board of Governors.
E. The term of office for each governor shall be two years.
4. Draw up the Budget of the Organization for each calendar year and submit
it to the conference for approval;
D. Ensure that the functions and duties assigned to the different departments of
the secretariat are carried out;
F. Informs the Chairman and other Members of the Board of Governors of all
activities of the Secretariat, of all studies undertaken and of the progress of the
implementation of the Resolutions of the Conference; and
G. Ensures the due performance of the duties which may be assigned to the
Secretariat by the Conference or the Board of Governors.
1. The principal aim of the Organization is the coordination and unification of the
petroleum policies of Member Countries and the determination of the best
means for safeguarding their Interests, individually and collectively, in order to
secure fair and stable prices for petroleum producers; an efficient, economic
and regular supply of petroleum to consuming nations; and a fair return on
capital to those investing in the industry.
2. The Organization devises ways and means of ensuring the stabilization of
prices in international oil markets with a view to eliminating harmful and
unnecessary fluctuations.
3. Due regard shall be given at all times to the interests of the producing nations
and to the necessity of securing a steady income for the producing
countries; an efficient, economic and regular supply of petroleum to
consuming nations; and a fair return on capital to those investing in the
industry.
5. The Member Countries also hold other meetings at various levels of interest,
including meetings of petroleum and economic experts, country
representatives and special purpose bodies such as committees to address
environmental affairs.
6. Decisions about matching oil production to expected demand are taken at the
Meeting of the OPEC Conference. Details of such decisions are
communicated in the form of OPEC Press Releases. [8]
Membership:
(A) Founder Members of the Organization are those countries which were
represented at the First Conference, held in Baghdad, and which signed the original
agreement of the establishment of the organization.
(B) Full Members shall be the Founder Members, as well as those Countries whose
application for membership has been accepted by the conference.
(C) Any other country with a substantial net export of crude petroleum, which has
fundamentally similar interests to those of Member Countries, may become a Full
Member of the Organization, if accepted by a majority of three-fourths of Full
Members, including the concurrent vote of all founder members.
(D) Associate Members may be invited by the Conference to attend any Meeting of
a Conference, the Board of Governors or Consultative Meetings and to participate in
their deliberations without the right to vote. They are, however, fully entitled to benefit
from all general facilities of the Secretariat, including its publications and library, as
any Full member. [9]
The OPEC Statute requires OPEC to pursue stability and harmony in the petroleum
market for the benefit of both oil producers and consumers. To this end, OPEC
Member Countries respond to market fundamentals and forecast developments by
coordinating their petroleum policies. Production regulations are simply one possible
response. If demand grows, or some oil producers are producing less oil, OPEC can
increase its oil production in order to prevent a sudden rise in prices. OPEC might
also reduce its oil production in response to market conditions. [11]
OPEC's influence on the market has been widely criticized, since it became effective
in determining production and prices. Arab members of OPEC alarmed the
developed world when they used the “oil weapon” during the Yom Kippur War by
implementing oil embargoes and initiating the 1973 oil crisis. Although largely
political explanations for the timing and extent of the OPEC price increases are also
valid, from OPEC’s point of view, these changes were triggered largely by previous
unilateral changes in the world financial system and the ensuing period of high
inflation in both the developed and developing world. This explanation encompasses
OPEC actions both before and after the outbreak of hostilities in October 1973, and
concludes that “OPEC countries were only “staying even” by dramatically raising the
dollar price of oil.” [12]
OPEC's ability to control the price of oil has diminished somewhat since then, due to
the subsequent discovery and development of large oil reserves in Alaska, the North
Sea, Canada, the Gulf of Mexico, the opening up of Russia, and market
modernization. OPEC nations still account for two-thirds of the world's oil reserves,
and, as of April 2009, 33.3% of the world's oil production, affording them
considerable control over the global market. The next largest group of producers,
members of the OECD and the Post-Soviet states produced only 23.8% and 14.8%,
respectively, of the world's total oil production. As early as 2003, concerns that
OPEC members had little excess pumping capacity sparked speculation that their
influence on crude oil prices would begin to slip. [13]
Criticism:
Quotas, like other trade restrictions, are used to benefit the producers of goods at
the expense of all consumers in that economy. Possible effects are corruption
(bribes to get a quota allocation) or smuggling (circumventing a quota) they are
thought to be less economically efficient than tariffs which in turn are less
economically efficient than free trade.
The economic, needs of the OPEC member states often affects the internal politics
behind OPEC production quotas. Various members have pushed for reductions in
production quotas to increase the price of oil and thus their own revenues. These
demands conflict with Saudi Arabia's stated long-term strategy of being a partner
with the world's economic powers to ensure a steady flow of oil that would support
economic expansion.[14] Part of the basis for this policy is the Saudi concern that
expensive oil or oil of uncertain supply will drive developed nations to conserve and
develop alternative fuels. To this point, former Saudi Oil Minister Sheikh Yamani
famously said in 1973: "The stone age didn't end because we ran out of stones."[15]
One such production dispute occurred on September 10, 2008, when the Saudis
reportedly walked out of OPEC negotiating session where the cartel voted to reduce
production. Although Saudi Arabian OPEC delegates officially endorsed the new
quotas, they stated anonymously that they would not observe them. The New York
Times quoted one such anonymous OPEC delegate as saying “Saudi Arabia will
meet the market’s demand. We will see what the market requires and we will not
leave a customer without oil. The policy has not changed.”[16]
Leading up to the 1990-91 Gulf War, Iraqi President Saddam Hussein advocated
that OPEC push world oil prices up, thereby helping Iraq, and other member states,
service debts. But the division of OPEC countries occasioned by the Iraq-Iran War
and the Iraqi invasion of Kuwait marked a low point in the cohesion of OPEC.
After oil prices slumped at around $15 a barrel in the late 1990s, concerted
diplomacy, sometimes attributed to Venezuela’s president Hugo Chavez, achieved a
coordinated scaling back of oil production beginning in 1998. In 2000, Chavez
hosted the first summit of heads of state of OPEC in 25 years. The next year,
however, the September 11, 2001 attacks against the United States, the following
invasion of Afghanistan, and 2003 invasion of Iraq and subsequent occupation
prompted a surge in oil prices to levels far higher than those targeted by OPEC
during the preceding period. Indonesia withdrew from OPEC to protect its oil supply
interests. On November 19, 2007, global oil prices reacted strongly as OPEC
members spoke openly about potentially converting their cash reserves to the euro
and away from the US dollar.[17]
On October 10, 2008, oil traded below $85 on the New York Mercantile Exchange. In
response OPEC has stated that it will meet November 18, 2008, a month ahead of
their regularly scheduled meeting to discuss cutting production as oil experiences
declining world demand.[18]
As a result of oil discovery outside the major OPEC members and some deliberate
polices coupled with possession of highly skilled manpower and technological
advantage, major oil importing nations are seeking different alternative sources for
their energy needs.
OPEC's ability to control the price of oil has diminished due to the subsequent
discovery and development of large oil reserves in Alaska, the North Sea, Canada,
the Gulf of Mexico, the opening up of Russia, and market modernization. The next
largest group of producers is members of the Organization for Economic Co-
operation and Development (OECD) and the Post-Soviet states produced only
23.8% and 14.8%, respectively, of the world's total oil production. As early as 2003,
concerns that OPEC members had little excess pumping capacity sparked
speculation that their influence on crude oil prices would begin to slip. [19]
The infiltration of the rank of OPEC’s group by the major oil importers with their trade
and other deliberate policies has further weakened the cohesion within the cartel.
Most of the technology and manpower needed to develop these oil fields of OPEC
are sought from the western nations who are also the major oil importers. They could
use the relationship to their advantage and further break the monopoly enjoyed by
OPEC through granting of concession and waiver to them.
Saudi Arabia, Qatar, and Kuwait are major oil producers within the OPEC cartel and
has a very strong cordial economic and diplomatic ties with the United States Of
America and other western nations who are major importer of oil. These major oil
importers could also use the relationship to strike a balance.
The Saudi Arabia's stated long-term strategy of being a partner with the world's
economic powers to ensure a steady flow of oil that would support economic
expansion has been an advantage to the major oil importers. Part of the basis for
this policy is the Saudi concern that expensive oil or oil of uncertain supply will drive
developed nations to conserve and develop alternative fuels. To this point, former
Saudi Oil Minister Sheikh Yamani famously said in 1973: "The stone age didn't end
because we ran out of stones."[20]
Since worldwide oil sales are denominated in U.S. dollars, changes in the value of
the dollar against other world currencies affect OPEC's decisions on how much oil to
produce. For example, when the dollar falls relative to the other currencies, OPEC-
member states receive smaller revenues in other currencies for their oil, causing
substantial cuts in their purchasing power and therefore producing more oil into the
market in an attempt to make more earnings and thereby causing the oil price to
drop in favour of the importers.
After the introduction of the Euro pre-invasion, Iraq decided it wanted to be paid for
its oil in Euros instead of US dollars causing OPEC to consider changing its oil
exchange currency to Euros, although after Iraq's invasion, the interim government
reversed this policy, and the subsequent Iraq governments stuck to the US dollar.[21]
Member states; Iran [22] and Venezuela[23] have undergone similar shifts from the
dollar to the Euro. And owners of these currencies are major importers of oil.
Dispute among OPEC members on production quota, is quite alarming and causing
problems within the cartel. One such production dispute occurred on September 10,
2008, when the Saudis reportedly walked out of OPEC negotiating session where
the cartel voted to reduce production. Although Saudi Arabian OPEC delegates
officially endorsed the new quotas, they stated anonymously that they would not
observe them. The New York Times quoted one such anonymous OPEC delegate
as saying “Saudi Arabia will meet the market’s demand. We will see what the market
requires and we will not leave a customer without oil. The policy has not changed.”[24]
In an attempt to find alternatives source for their energy requirement, the major oil
importer has gone into research and development for alternatives energy to meet
their ever increasing demands.
Alternative energy is an umbrella term that refers to any source of usable energy
intended to replace fuel sources without the undesired consequences of the replaced
fuels.[25]
Over the years, the nature of what was regarded alternative energy sources has
changed considerably, and today because of the variety of energy choices and
differing goals of their advocates, defining some energy types as "alternative" is
highly controversial.
Princeton Word Net defined it as energy derived from sources that do not use up
natural resources or harm the environment.[27] Responding to Climate Change 2007
group says it is energy derived from nontraditional sources (e.g., compressed natural
gas, solar, hydroelectric, wind).[28]
Also in the views of Natural Resources Defense Council, alternative energy is
energy that is not popularly used and is usually environmentally sound, such as solar
or wind energy (as opposed to fossil fuels).[29]
Prior to shift to an alternative energy, supplies of the dominant energy type became
erratic, accompanied by rapid increases in energy prices. The result of this research
and development was a reaction to the monopolistic tendency of OPEC carte in the
area of oil energy supplies to the world.
In 1917, Alexander Graham Bell advocated ethanol from corn and other foodstuffs
as an alternative to coal and oil, stating that the world was in measurable distance of
depleting these fuels. For Bell, the problem requiring an alternative was lack of
renewability of orthodox energy sources[30].Since the 1970s, Brazil has had an
ethanol fuel program which has allowed the country to become the world's second
largest producer of ethanol (after the United States) and the world's largest exporter.
[31]
Brazil’s ethanol fuel program uses modern equipment and cheap sugar cane as
feedstock, and the residual cane-waste (Bagasse) is used to process heat and
power.[32] There are no longer light vehicles in Brazil running on pure gasoline. By the
end of 2008 there were 35,000 filling stations throughout Brazil with at least one
ethanol pump.[33]
Saudi Arabia is one of only a few fast-growing countries in the world with a high per
capita income of $20,700 (2007). Saudi Arabia will be launching six "economic cities"
(e.g. King Abdullah Economic City) [36] which are planned to be completed by 2020.
These six new industrialized cities are intended to diversify the economy of Saudi
Arabia, and are expected to increase the per capita income. The King of Saudi
Arabia has announced that the per capita income is forecast, to rise from $15,000 in
2006 to $33,500 in 2020.[37] The cities will be spread around Saudi Arabia to promote
diversification for each region and their economy, and the cities are projected to
contribute $150 billion to the GDP.
Today, high oil revenues and a small population give Libya one of the highest GDPs
per person in Africa and have allowed the Libyan state to provide an extensive level
of social security, particularly in the fields of housing and education. [39] Many
problems still beset Libya's economy however; unemployment is the highest in the
region at 21% according to the latest census figures.[40]
Compared to its neighbours, Libya enjoys a low level of both absolute and relative
poverty. Libyan officials in the past six years have carried out economic reforms as
part of a broader campaign to reintegrate the country into the global capitalist
economy. [41]
Libya has begun some market-oriented reforms. Initial steps have included applying
for membership of the World Trade Organization, reducing subsidies, and
announcing plans for privatization. [42] Authorities have privatized more than 100
government owned companies since 2003 in industries including oil refining, tourism
and real estate, of which 29 are 100% foreign owned. [43] The non-oil manufacturing
and construction sectors, which account for about 20% of GDP, have expanded from
processing mostly agricultural products to include the production of petrochemicals,
iron, steel and aluminum.
In Nigeria, the case is completely different because of its endemic corruption and
nepotism. During the oil boom of the 1970s, Nigeria joined OPEC and billions of
dollars generated by production in the oil-rich Niger Delta flowed into the coffers of
the Nigerian state. However, increasing corruption and graft at all levels of
government squandered most of these earnings. [44] The northern military clique
benefited immensely from the oil boom to the detriment of the Nigerian people and
economy. As oil revenues fuelled the rise of federal subventions to states and
precariously to individuals, the Federal Government soon became the centre of
political struggle and the centre became the threshold of power in the country. As oil
production and revenue rose, the Nigerian government created a dangerous
situation as it became increasingly dependent on oil revenues and the international
commodity markets for budgetary and economic concerns eschewing economic
stability. That spelled doom to federalism in Nigeria. [45]
Ethnic violence over the oil producing Niger Delta region, inequitable distribution of
the oil resources and inadequate infrastructures are some of the current issues in
the country that lead to militancy in the Niger Delta at the moment which resulted to
‘amnesty’’ been granted when these militant were never tried in any court of
competent jurisdiction. Nigeria is the 12th largest producer of petroleum in the
world and the 8th largest exporter, and has the 10th largest proven reserves.
Petroleum plays a large role in the Nigerian economy, accounting for 40% of GDP
and 80% of Government earnings. However, agitation for better resource control in
the Niger Delta, its main oil producing region, has led to disruptions in oil production
and currently prevents the country from exporting at 100% capacity. [50]
Oil dominates the Nigerian economy and generates the vast majority of government
revenues. At the same time, Nigeria is perceived as one of the world's most corrupt
countries, and significant levels of corruption are said to exist within its oil sector.
The complex and largely opaque operations of the oil industry make it difficult to
establish exactly how, when and to what extent corruption takes place. Public sector
institutions governing the Nigerian oil sector permit the existence of corruption. Six
areas of corruption risk are: the awarding of licenses; the awarding of
contracts; bottlenecks and inefficiencies; the role of bunkering; the exportation of
crude; and importing refined products.
One of the greatest threats facing the people of the Niger Delta in Nigeria has
actually been their own government. A majority of every dollar that comes out of the
ground in the delta goes to the government of Nigeria. As a result of the enormous
amounts of crude that comes out of the delta every day, Nigeria has the second
largest GDP in Sub-Saharan Africa [51] Despite the wealth flowing into the nation from
oil revenues many of Nigeria’s socio-economic factors are worse now than they were
30 years ago [52]According to the World Bank, most of Nigeria’s oil wealth gets
siphoned off by 1% of the population [53]. Corruption in the government is rampant, in
fact since 1960 it is estimated that 300 to 400 billion dollars has been stolen by
corrupt government officials [54]. The corruption is found at the highest levels as well.
For example a former inspector general of the national police was accused of
stealing 52 million dollars. He was sentenced to six years in prison for a lesser
charge [55].
The people of the delta states live in extreme poverty even in the face of great
material wealth found in the waters by their homes. According to Amnesty
International 70% of the six million people in the Niger Delta live off of less than 1$
US per day. [56]
As the government officials siphon off all the money generated from oil sales the
infrastructure suffers. Most of the villages do not have electricity or even running
water [57]. They do not have good access to schools or medical clinics. For many,
even clean drinking water is difficult to come by [58]. The deterioration of the
infrastructure in the delta states is so severe it is even a problem in the more urban
areas.
The new African oil boom -- centered on the oil-rich Atlantic waters of the Gulf of
Guinea, from Nigeria to Angola -- is a moment of great opportunity and great peril for
countries beset by wide-scale poverty. On the one hand, revenues available for
poverty reduction are huge; Catholic Relief Services (CRS) conservatively estimates
that sub-Saharan African governments will receive over $200 billion in oil revenues
over the next decade. On the other hand, the dramatic development failures that
have characterized most other oil-dependent countries warn that petrodollars have
not helped developing countries to reduce poverty; in many cases, they have
actually exacerbated it. [59]
Russia is known as an energy superpower, but not an OPEC member. The country
has the world's largest natural gas reserves, the 8th largest oil reserves, the second
largest coal reserves. Russia is the world's leading natural gas exporter and leading
natural gas producer, while also the second largest oil exporter and largest oil
producer, though Russia interchanges the latter status with Saudi Arabia from time
to time.
Russia is the 4th largest electricity generator in the world and the 5th largest
renewable energy producer, the latter due to the well-developed hydroelectricity
production in the country. Large cascades of hydropower plants are built in
European Russia along big rivers like Volga. The Asian part of Russia also features
a number of major hydropower stations, however the gigantic hydroelectric potential
of Siberia and Russian Far East largely remains unexploited [60]
Russia was the first country to develop civilian nuclear reactor and to introduce the
first nuclear power plant. Currently, Russia is the 4th largest nuclear energy
producer. Rosatom Nuclear Energy State Corporation manages all the nuclear
plants in Russia. Nuclear energy is rapidly developing in Russia, with the aim of
increasing the total share of nuclear energy from current 16.9% to 23% by 2020. The
Russian government plans to allocate 127 billion rubles ($5.42 billion) to a federal
program dedicated to the next generation of nuclear energy technology. About 1
trillion rubles ($42.7 billion) is to be allocated from the federal budget to nuclear
power and industry development before 2015 [61]
Russia has a free education system guaranteed to all citizens by the Constitution [62]
and has a literacy rate of 99.4%. Entry to higher education is highly competitive. [63]
As a result of great emphasis on science and technology in education, Russian
medical, mathematical, scientific, and space and aviation research is generally of a
high order.[64]
Russia as a country has more higher education graduates than any other country in
Europe. [65]
Norway is also a non OPEC member but rich in resources of oil and gas fields,
hydropower, fish, forests and minerals. As a result of it prudent of its management of
it strategic resource, Norwegians enjoy the second highest GDP per-capita (after
Luxembourg) and third highest GDP (PPP) per-capita in the world. Norway
maintained first place in the world in the UNDP Human Development Index (HDI) for
six consecutive years (2001–2006 [66] and then reclaimed this position in 2009. [67
Norwegian export revenues from oil and gas have risen to 45% of total exports and
constitute more than 20% of the GDP. [68 Norway is the world's 7th largest oil
exporter and 3rd largest gas exporter but is not an OPEC member. To reduce over-
heating from oil money and the uncertainty from the oil income volatility, and to save
money for an aging population, the Norwegian state started in 1995 to save
petroleum income (taxes, dividends, licensing, sales) in a sovereign wealth fund
("Government Pension Fund — Global"). This also reduces the boom and bust cycle
associated with raw material production and the marginalization of non-oil industry.
By January 2006, the Government Pension Fund of Norway fund had reached a
value of USD 200 billion. During the first half of 2007, the pension fund became the
largest fund in Europe, with assets of about USD 300 billion (equivalent to over USD
62,000 per capita). The savings equal the Norwegian GDP and are the largest
capital reserve per capita of any nation as of April 2007. Projections indicate that the
Norwegian pension fund may become the largest capital fund in the world. Currently
it is the second-largest state-owned sovereign wealth fund, second only to the Abu
Dhabi Investment Authority; Conservative estimates tell that the fund may reach
USD 800–900 billion by 2017. As of November 2009, the size of the fund is
approximately USD 455 billion, and it controls approximately 1.25% of all listed
shares in Europe and more than 1% of all the publicly traded shares in the world. [69
Concerted effort must be put in place to ensure the realization of OPEC’S mandate,
through a united front among member nations. While recommending transparency
and accountability as a veritable tool for the management of its strategic resource,
collaborative efforts with citizen groups monitoring the management and allocation
of oil wealth is equally necessary. This could include the development of revenue
oversight mechanisms involving both government and civil society in the
management and allocation of oil revenues and also publish the results of regular
independent audits of national oil companies with a view to ensuring accountability.
[70]
Diversification of the economy should be intensified, while Investment into priority
social sectors, most especially education, health, and the development of capable
institutions should be encouraged since some of these strategic resources are
exhaustible adequate provision should be made for the future generation.
References:
1. A Brief History of OPEC
www.opec.org/aboutus/history/history.htm
2. Ibid
3. Ibid
4. Ibid
6. Ibid
7. Ibid
8. ibid
9. Ibid
11. The Statute of the organization of the Petroleum Exporting Countries (Chapter I, Article
2) www.opec.org/library/opec%20statute/pdf/os.pdg
12. Hammes, David and Wills, Douglas. “ Black Gold: The End of Breton Woods and the
Oil-Price Shocks of the 1970s,” The Independent Review, v. IX, n. 4, spring 2005. pp. 501-
511.
13. BW Online| Is OPEC About to Lose Control of the Spigot? January 20, 2003
www.businessweek.com/magazine/content/03b3816074.htm
17. Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power (Bradford: 1993)
18. ibid
22. Iran's euro-denominated oil bourse to open in March: US Dollar Crisis on the Horizon
www.globalresearch.ca/index.php?
context=viewArticles&code=CLA20060210&articlesid1937
23. Bloomberg.com: Latin America
www.blomberg.com/apps/news?=20601086&sid=aGBuWpZ19cPI
29. Glossary
www.nrdc.org/reference/glosarry/html
30. Alexander Graham Bell Prizes for the Inventor: Some of the Problems Awaiting
Solution. ( National Geographic Society. 1917 ) p. 133.
http://books.google.com/books/pdf/The_National_Geographic_Magazine.pdf?
id=qBYSAAAAYAAJ&output=pdf&sig=ACfU3U2uIWshrshwvn-fwtHGhT5lzFHH4A.
Retrieved 2008-12-14. Lay summary. "In relation to coal and oil, the world's annual
consumption has become so enormous that we are now actually within measurable distance
of the end of the supply. What shall we do when we have no more coal or oil! .... There is,
however, one other source of fuel supply which may perhaps this problem of the future.
Alcohol makes a beautiful, clean and efficient fuel, and where not intended for human
consumption can be manufactured very cheaply ... from corn stalks and in fact from almost
any vegetable matter capable of fermentation."
31. Renewable Fuels Association "Industry Statistics: Annual World Ethanol Production by
Country".. http://www.ethanolrfa.org/industry/statistics/#E. Retrieved 2008-05-02
32. Macedo Isaias, M. Lima Verde Leal and J. Azevedo Ramos da Silva
"Assessment of greenhouse gas emissions in the production and use of fuel ethanol in Brazil"
(Secretariat of the Environment, Government of the State of São Paulo. 2004)
http://www.eners.ch/plateforme/medias/macedo_2004.pdf. Retrieved 2008-05-09
38. Philips' Modern School Atlas, 1987, 1983 GNP per capita figures are quoted in a list
39. United Nations Economic & Social Council, "Libyan Arab Jamahiriya Report",
(Office of the United Nations High Commissioner for Human Rights.
February 16, 1996), Accessed July 14, 2006. www.unhcr.ch
43. FDI Reuters “Africa Libya expects nearly $2 billion in new July 24, 2009 “
www.reuters.com (Accessed July 27, 2009)
45 ibid
47. The Globe and Mail “Nigeria stays calms as leader toppled in bloodless coup” ,
www.globemail.com (The Globe and Mail August 28, 1985. )
48. Diamond, Larry, Kirk-Greene Anthoiny, Oyeleye Oyediran, Transition without End:
Nigerian Politics and Civil Society under Babangida. (Boulder: Lynne Rienner Publishers,
1997)
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