OPEC

background

1. OPEC?s role in G77 has been simultaneously positive and negative: positive in so far as it brings to G77 a large team of experienced lawyers and negotiators; negative in so far as OPEC is largely concerned with the impact of climate policies on their oil export and revenues rather than in reducing greenhouse gas emissions or in developing policies and measures to facilitate adaptation.OPEC and in particular Saudi Arabia have close associations with the oil industry, in particular US companies. This has led them to oppose greenhouse gas reductions, disrupt the whole negotiation process[1]

2.In 1976, OPEC member countries established the OPEC Fund for International Development, a multilateral development finance institution aimed at promoting cooperation between OPEC and other developing countries, in particular the least developed countries (LDCs). It does this mainly by providing financial resources to assist the latter group of countries in their economic and social advancement.

3.In 2003, OPEC countries accounted for 77% of proved oil reserves in the world and roughly 40% of its production.

4.overall OPEC has become more dependent with an average of 27% of GDP coming from oil exports.

5. []http://www.opec.org/opec_web/static_files_project/media/downloads/publications/ASB2009.pdf OPEC annual statistic report 2009]