![]() ![]() ![]() The decade witnessed several impactful events that caused volatility in the global oil market to rise steeply. ![]() OPEC rose to international prominence during this decade, as its Member Countries took control of their domestic petroleum industries and began to play a greater role in world oil markets. 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. OPEC developed its collective vision, set up its objectives and established its Secretariat, first in Geneva and then, in 1965, in Vienna. 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’s formation by five oil-producing developing countries in Baghdad in September 1960 occurred at a time of transition in the international economic and political landscape, with extensive decolonisation and the birth of many new independent states in the developing world. OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers an efficient, economic and regular supply of petroleum to consuming nations and a fair return on capital to those investing in the industry. This was moved to Vienna, Austria, on September 1, 1965. OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. The five Founding Members were later joined by: Qatar (1961) – terminated its membership in January 2019 Indonesia (1962) – suspended its membership in January 2009, reactivated it in January 2016, but decided to suspend it again in November 2016 Libya (1962) United Arab Emirates (1967) Algeria (1969) Nigeria (1971) Ecuador (1973) – suspended its membership in December 1992, reactivated it in October 2007, but decided to withdraw its membership effective 1 January 2020 Angola (2007) Gabon (1975) - terminated its membership in January 1995 but rejoined in July 2016 Equatorial Guinea (2017) and Congo (2018). “As we continue to drive our Take 5 Oil Change network and grow our customer base, we seek to strategically partner with innovative companies such as Castrol that provide not only top brands to our customers, but incredible service and value to our franchisees.The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. “Castrol has been a long-standing partner of Take 5 Oil Change and Driven Brands,” said Jonathan Fitzpatrick, CEO of Driven Brands. Take 5 Oil Change is owned by Driven Brands, a leading franchisor of automotive aftermarket services in North America with more than 2,800 locations, including brands such as CARSTAR, Meineke, Maaco, ABRA, and 1-800-Radiator. with more than 500 shops across 18 states and Canada. Since opening their first location in Metairie, Louisiana, in 1984, Take 5 Oil Change has grown rapidly to become one of the largest quick lube chains in the U.S. The two companies will combine industry expertise and data-driven insights to continue accelerating Take 5 Oil Change’s aggressive expansion plans. Castrol is proud to be partnered with Take 5 Oil change.” “Take 5 Oil Change is at the forefront of those changes in providing time- and convenience-starved consumers a quick and convenient service. “The automotive aftermarket is changing at an ever-accelerating pace, and consumers demand more every day,” said David Bouet, president of Castrol USA and Canada. ![]()
0 Comments
Leave a Reply. |