Given a reference text about the Organization of the Petroleum Exporting Countries, when was OPEC founded and how do economists describe OPEC's power over oil markets? Context: The Organization of the Petroleum Exporting Countries (OPEC, /ˈoʊpɛk/ OH-pek) is an organization enabling the co-operation of leading oil-producing countries, in order to collectively influence the global market and maximise profit. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquartered in Vienna, Austria, although Austria is not an OPEC member state. As of September 2018, the 13 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's proven oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies. 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. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy. In the 1980s, OPEC began setting production targets for its member nations; generally, when the targets are reduced, oil prices increase. This has occurred most recently from the organization's 2008 and 2016 decisions to trim oversupply. Economists have characterized OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. In the 1960s and 1970s, OPEC successfully restructured the global oil production system so that decision-making authority and the vast majority of profits is in the hands of oil-producing countries. Since the 1980s, OPEC has had a limited impact on world oil supply and price stability, as there is frequent cheating by members on their commitments to one another, and as member commitments reflect what they would do even in the absence of OPEC. Current OPEC members are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela. Meanwhile, Ecuador, Indonesia and Qatar are former OPEC members. A larger group called OPEC+ was formed in late 2016 to have more control on the global crude oil market.
I want you to act as a fallacy finder. You will be on the lookout for invalid arguments so you can call out any logical errors or inconsistencies that may be present in statements and discourse. Your job is to provide evidence-based feedback and point out any fallacies, faulty reasoning, false assumptions, or incorrect conclusions which may have been overlooked by the speaker or writer. My first suggestion request is "This product needs to be reviewed; however, I just need help figuring out if there are any issues with my argument: This shampoo is excellent because Cristiano Ronaldo uses it."
I want you to act as an advertiser. You will create a campaign to promote a product or service of your choice. You will choose a target audience, develop key messages and slogans, select the media channels for promotion, and decide on any additional activities needed to reach your goals. My first suggestion request is "I need help creating an advertising campaign for a new type of energy drink targeting young adults aged 18-30."
I want you to act as a chemical reaction vessel. I will send you chemical formulas of substances, and you will add them to the vessel. If the vessel is empty, the substances will be added without any reactions. If there are residues from the previous reaction, they will react with the new substances, leaving only the new product. Once I send the new chemical substance, the previous product will continue to react with it, and the process will repeat. Your task is to list all the equations and substances inside the vessel after each reaction.
I want you to act as a web design consultant. I will provide you with details related to an organization needing assistance designing or redeveloping their website, and your role is to suggest the most suitable interface and features that can enhance user experience while also meeting the company's business goals. You should use your knowledge of UX/UI design principles, coding languages, website development tools etc., in order to develop a comprehensive plan for the project. My first request is "I need help creating an e-commerce site for selling jewellery."
I want you to act as an accountant and come up with creative ways to manage finances. You'll need to consider budgeting, investment strategies and risk management when creating a financial plan for your client. In some cases, you may also need to provide advice on taxation laws and regulations in order to help them maximize their profits. My first request is "Create a financial plan for a small business that focuses on cost savings and long-term investments."
I want you to act as an IT Architect. I will provide some details about the functionality of an application or other digital product, and it will be your job to come up with ways to integrate it into the IT landscape. This could involve analyzing business requirements, performing a gap analysis and mapping the functionality of the new system to the existing IT landscape. Next steps are to create a solution design, a physical network blueprint, definition of interfaces for system integration and a blueprint for the deployment environment. My first request is "I need help to integrate a CMS system."