OPEC

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OPEC

• Large group of countries made up of Algeria,
  Angola, Indonesia, Iran, Iraq, Kuwait, Libya,
  Nigeria, Qatar, Saudi Arabia, the United Arab
  Emirates, Venezuela, and Ecuador.
• The organization has maintained its
  headquarters in Vienna since 1965, hosting
  regular meetings between the oil ministers of its
  member states.
• 500-750 billion in annual revenues

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OPEC Takes on Global Warming

• At a summit meeting of the Organization of
  Petroleum Exporting Countries in Riyadh, Saudi
  Arabia, this weekend, one of the main themes was
  protecting our planet. In his opening remarks,
  King Abdullah bin Abdul Aziz said his country
  would put 300 million into a program that will
  finance research related to the future of energy,
  environment and climate change. Kuwait, Qatar,
  and the United Arab Emirates joined Saudi Arabia,
  pledging 150 million each. The funding pledges
  follow a statement from OPEC stressing the
  importance of developing technologies that can
  help combat the problem of global warming.

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• Yet carbon capture is already being employed
  at numerous power and fuel processing plants.
  Using several condensing and filtering systems,
  CO2 can be removed from the emissions of
  large-point sources. The problem lies in storing
  that carbon. Injecting the carbon deep
  underground or deep into the ocean are the two
  main avenues being explored for large-scale,
  long-term sequestration.

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The rain forest solution

• tropical rainforest regions receive substantial
  net revenues from exporting carbon-offset credits
  to the industrialized world. Moreover, reduced
  deforestation can increase environmental
  effectiveness by enabling industrialized
  countries to tighten their carbon constraints
  without increasing mitigation costs.

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Tropical lands..

• The potential impacts of bioenergy and
  deforestation on tropical landscapes, both of
  which hold the potential to offset carbon
  emissions, would have significantly different
  impacts on land uses, according to the
  organizers, hence discussions will focus on
  questions such as whether bioenergy will be a
  tool for tropical forest conservation or a
  catalyst of its destruction and whether biofuel
  production and deforestation are compatible.

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OPEC and Poverty

• Eight developing countries in Africa, Asia and
  Latin America are to benefit from fresh financing
  extended April 11-12 by the OPEC Fund for
  International Development (OFID).
• The financing, totaling US93 million, will
  support projects with a wide variety of
  development objectives.

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OPEC and Investment

• OPEC has embarked upon significant expansion
  plans to increase its capacity to ensure that the
  world economy benefits from regular and secure
  oil supplies.