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ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) POLICIES

The OPEC (Organization of Petroleum Exporting Countries) is an intergovernmental group whose main objective - expressed in resolutions 1 and 2 of Baghdad (14/09/1960) - is to serve as a consultative body for its member countries to coordinate and unify In order to agree on the most appropriate actions, and to determine the most appropriate means of protecting, individually and collectively, the interests of the member states.

According to the export information processed by DANE and DIAN, in December 2016 the country's foreign sales increased 32.7% in relation to the same month of 2015, from US $ 2,543.0 million FOB to US $ 3,374, 3 million FOB; This result was explained by the 43.0% growth in the external sales of the group of fuels and products of the extractive industries and 50.6% in the group of agricultural workers.

In the reference month, exports of fuels and products from the extractive industries accounted for 49.0% of the total FOB value of exports, agricultural products, food and beverages with 24.8%, manufactures with 19.6%, and "Other sectors" with 6.6%. In December 2015, 22.3 million barrels of crude oil were exported, compared to 16.9 million barrels in the same month of 2016, representing a decrease of 24.2%.

Currently, the member nations of the Organization are: Algeria, with a production potential of 1.5 million barrels per day; Saudi Arabia, 9.5 to 10.6 MBD; United Arab Emirates, 2.7 to 3.0 MBD; Indonesia: 1.6 MBD; Iran, 3.7 to 4.0 MBD; Iraq, 2.6 MBD; Kuwait, 2.4 MBD; Libya, 1.4 MBD; Nigeria, 2.4 MBD; Qatar, 658 thousand barrels per day and Venezuela, 3.9 million barrels per day.

References

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