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Countries OPEC
OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence.
This was moved to Vienna, Austria, on September 1, 1965.
The 1960s
The international oil market was dominated by the Seven Sisters multinational
companies and was largely separate from that of the former Soviet Union (FSU) and
other centrally planned economies (CPEs).
OPEC developed its collective vision, set up its objectives and established its Secretariat,
first in Geneva and then, in 1965, in Vienna. It adopted a Declaratory Statement of
Petroleum Policy in Member Countries in 1968, which emphasised the inalienable right
of all countries to exercise permanent sovereignty over their natural resources in the
interest of their national development. Membership grew to ten by 1969.
Sustainability
Almost 81% of the world's proven oil reserves are located in OPEC Member Countries,
with the bulk of OPEC oil reserves in the Middle East, amounting to 66% of the OPEC
total.
In 2009, Mikael Hk, argued that despite technological advances that increase the
productivity of oil wells, the rate of decline of oil fields would eventually increase as time
continues.
In 2010, energy policy expert Joyce Dargay accused OPEC, along with several other
institutions, of drastically underpredicting future oil demand by 2030 by more than 25%,
a difference of 28 million barrels per day (4,500,000 m3/d) or about twice the current
amount supplied by Saudi Arabia