The Organization of the Petroleum Exporting Countries (OPEC) is an organization that generally tries to raise oil prices and make more money for its member countries. On April 20, 2016, it was rumored that OPEC would have a production cut, and oil prices rose on this rumor. The financial blog Zero Hedge had the headline:
“Stocks Soar To 10-Month Highs On Crude’s FauxPEC Meeting Headlines.”
“FauxPEC” (faux + OPEC) became a hashtag on Twitter.
Organization of the Petroleum Exporting Countries (OPEC, /ˈoʊpɛk/ oh-pek, or OPEP in several other languages) is an intergovernmental organization of 13 nations, founded in 1960 by the first five members, and headquartered since 1965 in Vienna, Austria. The 13 countries account for 40 percent of global oil production and 73 percent of the world’s “proven” oil reserves, making OPEC a major influence on global oil prices.
OPEC’s stated mission is “to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.” As of 2016, OPEC’s members are Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela. Two-thirds of OPEC’s oil production and reserves are in its six Middle Eastern countries that surround the oil-rich Persian Gulf.
The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations.
Oil Surges As “OPEC Production Cut” Headlines Make Triumphal Return
Submitted by Tyler Durden on 04/20/2016 11:14 -0400
Here we go again...OIL PRODUCERS MEETING TO REVIVE OUTPUT FREEZE PROPOSAL: IRAQ
Stocks Soar To 10-Month Highs On Crude’s FauxPEC Meeting Headlines
Submitted by Tyler Durden on 04/20/2016 16:20 -0400
Pride comes before the fall…
10:53 AM - 20 Apr 2016
@zerohedge fauxPEC.. clever, but are you sure it isn’t foePEC ? ;p
3:08 PM - 20 Apr 2016
New York City • Government/Law/Politics/Military • Wednesday, April 20, 2016 • Permalink