I. Oil price market
1960 in September, representatives of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela met in Baghdad and decided to join hands with western oil companies to safeguard oil revenue. 14, the five countries announced the establishment of the Organization of Petroleum Exporting Countries. With the increase of its members, the Organization of Petroleum Exporting Countries has developed into an international oil organization composed of some major oil-producing countries in Asia, Africa and Latin America. The headquarters of OPEC is located in Vienna, Austria. At present, the Organization of Petroleum Exporting Countries aims at ensuring the stability of oil prices in the international oil market by eliminating harmful and unnecessary price fluctuations, ensuring that all member countries can obtain stable oil revenues under any circumstances, and providing sufficient, economical and long-term oil supplies for oil-consuming countries.
Members of the Organization of Petroleum Exporting Countries analyze and predict the current situation and market trends, clarify many basic factors such as economic growth rate and oil supply and demand, and then negotiate what adjustments to make in oil policy. For example, at the previous meeting, the members of the Organization of Petroleum Exporting Countries decided to increase or decrease the overall oil production of the organization, so as to maintain the stability of oil prices and provide stable short-,medium-and even long-term oil supplies for consuming countries.
Two. Overview of commonly used institutions and abbreviations in the international oil market
1, Organization of Petroleum Exporting Countries: Organization of Petroleum Exporting Countries, founded in 1960, has 12 member countries, and its oil reserves account for 77% of the world's total oil reserves. It is an international organization that has the greatest impact on international oil prices.
2.IEA: The full name is the International Energy Agency, which is an international organization that coordinates and guides international energy work. Founded in 1974 and headquartered in Paris, France.
3.EIA: us energy information administration, a statistical agency under the US Department of Energy, aims to provide accurate and independent judgment, prediction and analysis for crude oil investors.
4.API: api gravity, an American oil industry organization, provides weekly important data on American oil consumption and inventory level, which was established in 19 19.
5.NYMEX: New York Commodity Futures Exchange, which mainly trades energy products. Trading methods are futures and options trading.