Word: opec
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...interview with TIME last week in Bolivia, where Venezuela is aiding the oil and natural-gas nationalization decreed this month by leftist President Evo Morales, Ram?rez affirmed that he and Ch?vez will again call on OPEC to curtail oil production. The reason, he insisted, is to keep prices at "simply the fair market level for our most important natural resource," which now generates $83 billion per year for Venezuela compared to $53 billion in 2000. OPEC ministers will probably decline to cut back output much, if at all, especially since the record revenues they're enjoying would make...
When most Americans think of the Organization of Petroleum Exporting Countries - OPEC, the world's most powerful energy cartel - they usually envision Arab sheikhs lording over oil drills in the desert. But the organization's more important home today arguably lies half a world away among the lush hills and beaches of Venezuela, which has the hemisphere's largest oil reserves...
...member nations (of which Venezuela is a founder) to rein in world oil supply again after he took office in 1999, the price of crude has lept from less than $10 per barrel to a record $70-plus today. So Ch?vez is using the occasion of hosting a major OPEC meeting this week to trumpet the new mojo he's helped give OPEC - as well as to lobby to bring oil-producing neighbors like Ecuador into OPEC. "This OPEC meeting holds a lot of meaning for us," says Ch?vez's Energy Minister, Rafael Ram?rez. "It's a celebration...
...Ch?vez has taken a decidedly (and often stridently) more anti-Washington tack - even diverting some of his exports to China and India to help break his country's dependence on the market to the North. "The traditional lack of control over natural resources like oil" among developing nations like OPEC's, Ram?rez says, "has done profound damage to our economies for too long. We've created a new, more active awareness about our energy sovereignty...
...recent actions to exert more state control over drilling projects has reduced investment. (Venezuela insists it is producing up to 3.5 million barrels a day, though many analysts put it at little over 2.5 million.) But the bottom line is that since 2000, the last time Ch?vez hosted an OPEC gathering, the cartel's daily output has increased by fewer than 2 million barrels to 28 million today - even as the exploding petro-appetite of emerging giants like China and India has put enormous new pressures on global oil supplies, and prices...