CC BY
14
Insights from the Biotechnology Industry. Symphonya. Emerging Issues in Management, (2), 1-16.
УДК 330
Khadartseva L. S.
Doctor of pedagogical Sciences, Professor Financial University under the Government of the Russian Federation
Vladikavkaz branch Cherkasova V. G.
Student
Financial University under the Government of the Russian Federation
Vladikavkaz branch THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC)
Annotation: The main purpose of this text is to outline the main information about one of the most influential organizations in the world. In accordance with its Statute, the task of the Organization of the Petroleum Exporting Countries (OPEC) is to organize, direct and unify the petroleum policies of its Member Countries and guarantee the stabilization of oil markets in order to protect an well-organized, profitable and regular supply of petroleum to consumers, a steady income to producers and a reasonable return on capital for those investing in the petroleum industry.
Key words: the Organization of the Petroleum Exporting Countries, OPEC, petroleum policies, oil trade, oil price, OPEC policies
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization, created at the Baghdad Conference on September 10-14, 1960 by Algeria, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela. As of July 2016, OPEC's members are Algeria, Angola, Ecuador, Gabon, 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. Their combined rate of oil production represents 43 percent of the world's total in 2015, and they accounted for 73 percent of the world's "proven" oil reserves, including 48 percent from six Middle Eastern members. Since the 1980s, representatives from Egypt, Mexico, Norway, Oman, Russia, and other oil-exporting nations have attended many OPEC meetings as observers
The initial aim of this organization was to co-ordinate the terms of sales and to establish the price of crude oil.
Due to the fact that OPEC controls nearly half of the world's oil trade, it can drastically affect the level of world prices. The share of the oil cartel, which was registered in 1962 in the United Nations as a complete intergovernmental organization, accounts for about 40% of world oil production. According to current estimates, more than 80% of the world's confirmed crude oil reserves are
located in OPEC Member Countries, with the mass of OPEC oil reserves in the Middle East, amounting to 65% of the OPEC total.
OPEC Member Countries have made significant additions to their oil reserves in recent years, for example, by adopting best technologies in the industry, realizing intensive explorations and enhanced recoveries. As a result, OPEC's proven oil reserves currently stand at 1,213.43 billion barrels
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.[1]
Coordination and unification of the petroleum policies of the member states
• Determination of the most effective individual and collective means of protection of their interests
• Ensuring price stability in the world oil markets
• Attention to the interests of the oil-producing countries and the need to ensure:
a) sustainable income oil-producing countries;
b) efficient, cost-effective and regular supply of consumer countries;
c) fair returns on investment in the oil industry;
d) environment protection.
□ Cooperation with OPEC-member countries in order to implement initiatives to stabilize the world oil market.
Membership can be granted only to the members of the founding countries or to those whose applications have been approved by the conference. Any other country, that is exporting significant amounts of crude oil and has the same interests with the member countries, may become a full member, provided that this decision is approved by a majority of 3/4 of votes, including the votes of all the founding members. It is notable that some of the world's largest oil producers, including Russia, China and the United States, are not members of OPEC
The organizational structure of OPEC.
The supreme authority of the OPEC is the OPEC Conference, and also the Board of Directors, in which each country is represented by one delegate. The OPEC Conference consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organization is the OPEC Secretary General. Now the 28-th Secretary General of the OPEC is Mohammed Sanusi Barkindo (born 1959, Yola, Nigeria). He has been appointed to a three-year term as Secretary General of OPEC with effect from 1 August 2016. He previously served as Acting Secretary General during 2006, represented Nigeria on OPEC's Economic Commission Board during 1993-2008, led the Nigerian National Petroleum Corporation during 2009-2010, and has headed Nigeria's technical delegation to UN climate negotiations since 1991.
The Conference as a rule meets at the Vienna headquarters, no less than
twice a year and in additional extraordinary sessions when needed. It generally operates on the principles of unanimity and "one member, one vote", with each country paying an equal membership fee into the annual budget.[5] However, since Saudi Arabia is by far the largest and most-profitable oil exporter in the world, with enough capacity to function as the traditional swing producer to balance the global market, it serves as OPEC's de facto leader
The Conference determines the main directions of the OPEC policy, ways and means of their execution and takes decisions on reports and recommendations submitted by the Board of Directors.
OPEC policies
Officially, OPEC's 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."[9]
But nevertheless, OPEC's influence on the market has been widely criticized. Because its member countries hold the vast majority of crude oil reserves (about 80%) and nearly half of natural gas reserves in the world, the organization has considerable power in these markets. As a cartel, OPEC members have a strong incentive to keep oil prices as high as possible, while maintaining their shares of the global market.
The advent of new technology, especially fracking in the United States, has had a major effect on worldwide oil prices and has reduced OPEC's influence on the markets. As a result, global oil production has raised and prices have fallen significantly, leaving OPEC in a delicate situation. As late as June 2016, OPEC make a decision to preserve high production levels, and accordingly low prices, in an attempt to push higher-cost producers out of the market and regain market share
During 2014-2015, OPEC members consistently exceeded their production ceiling, and China experienced a slowdown in economic growth. At the same time, US oil production nearly doubled from 2008 levels and approached the worldleading "swing producer" volumes of Saudi Arabia and Russia, due to substantial improvements in shale "fracking" technology in response to record oil prices. These developments led in turn to a plunge in US oil import requirements (on a path toward energy independence), a record volume of worldwide oil inventories, and a collapse in oil prices that continued into early 2016.
In spite of global oversupply, on 27 November 2014 in Vienna, Saudi Oil Minister Ali Al-Naimi blocked appeals from poorer OPEC members for production cuts to support prices. Naimi argued that the oil market should be left to rebalance itself at lower price levels, strategically rebuilding OPEC's long-term market share by ending the profitability of high-cost US shale oil production.
A year later, when OPEC met in Vienna on 4 December 2015, the organization had exceeded its production ceiling for 18 consecutive months, US
oil production had declined only slightly from its peak, world markets appeared to be oversupplied by at least 2 million barrels per day despite Libya producing 1 million barrels below capacity, oil producers were making major adjustments to withstand prices as low as the $40s, Indonesia was rejoining the export organization, Iraqi production had surged after years of disorder, Iranian output was poised to return with the lifting of international sanctions, hundreds of world leaders at the Paris Agreement were committing to limit carbon emissions from fossil fuels, and solar technologies were becoming steadily more competitive and prevalent.
In light of all these pressures, OPEC decided to set aside its ineffective production ceiling until the next ministerial conference in June 2016. By 20 January 2016, the OPEC Reference Basket was down to US$22.48/bbl - less than one-fourth of its high from June 2014 ($110.48), less than one-sixth of its record from July 2008 ($140.73), and back below the April 2003 starting point ($23.27) of its historic run-up.
As 2016 continued, the oil glut was partially trimmed with significant production offline in the US, Canada, Libya, Nigeria and China, and the price gradually rose back toward US $50 per barrel. OPEC maintained the status quo at its June conference, and endorsed "prices at levels that are suitable for both producers and consumers", with the world waiting to see if and when and how the oil market would fully return to balance.
The global economy represented the main risk to the oil market early in the decade, as global macroeconomic uncertainties and heightened risks surrounding the international financial system weighed on economies. Escalating social unrest in many parts of the world affected both supply and demand throughout the first half of the decade, although the market remained relatively balanced. Prices were stable between 2011 and 2014, before a combination of speculation and oversupply caused them to fall in 2014. Trade patterns continued to shift, with demand growing further in Asian countries and generally shrinking in the OECD. The world's focus on multilateral environmental matters began to sharpen, with expectations for a new UN-led climate change agreement. OPEC continued to seek stability in the market, and looked to further enhance its dialogue and cooperation with consumers, and non-OPEC producers
References:
1. "Barkindo CV" (PDF). OPEC. 11 August 2016. Retrieved 24 August 2016.
2. Halligan, Liam (4 June 2016). "OPEC is very much alive as Saudis learn to tread softly". The Telegraph.
3. "Incoming OPEC Sec-Gen Says Group Intent on Stronger Unity". Reuters 13 July 2016
3. Kalantari, Hashem; Sergie, Mohammed (2 January 2016). "Iran Says PostSanctions Crude Output Boost Won't Hurt Prices". Bloomberg News. 18 April 2016.
4. Khadartseva L.S. Globalization and business ethics // Сборники конференций НИЦ Социосфера. 2014. № 16. С. 148-153.
5. Khadartseva L., Kaytmazov V. Motives and barriers for social media marketing // Сборники конференций НИЦ Социосфера. 2015. № 11. С. 23-27.
6. "OPEC 169th Meeting concludes". OPEC (Press release). 2 June 2016.
УДК 338.242
Абдурасулева К.К. магистрант
ФГБОУ ВО «Донской государственный технический университет» (ДГТУ) Россия, г. Ростов - на-Дону УПРАВЛЕНИЕ ИНВЕСТИЦИОННЫМИ РИСКАМИ СТРОИТЕЛЬНЫХ КОМПАНИЙ ПОСРЕДСТВОМ ИНСТРУМЕНТОВ
РЫНКА ЦЕННЫХ БУМАГ
Abdurasuleva K.K., master student Don State Technical University (DSTU) Russia, Rostov - on - Don MANAGEMENT OF INVESTMENT RISKS OF CONSTRUCTION COMPANIES THROUGH THE SECURITIES MARKET INSTRUMENTS
Аннотация. В статье характеризуются процессы хеджирования и секьюритизации инвестиционно-строительных рисков и анализируется результаты и динамика их протекания за период 2012 - 2017 гг.
Annotation. The article describes the processes of hedging and securitization of investment and construction risks and analyzes the results and dynamics of their progress for the period 2012 - 2017.
Ключевые слова: управление, рынок ценных бумаг, инвестиционные риски, хеджирование, секьюритизация.
Keywords: management, securities market, investment risks, hedging, securitization.
Инструментами управления рисками финансирования строительного сектора национальной экономики выступают процессы секьюритизации и хеджирования, наблюдаемые на рынке ценных бумаг. Рассмотрим каждый из них более подробно.
Хеджирование посредством финансовых инструментов, базовыми из которых являются форварды, фьючерсы и опционы, позволяет управлять разнообразными финансовыми рисками, а также сглаживать колебания рыночных факторов, что незаменимо в сложившихся условиях крайне высокой неустойчивости рыночной ситуации.
Секьюритизация представляет собой инновационный способ привлечения финансовых ресурсов, основанный на выпуске ценных бумаг, обеспеченных активами, способных генерировать стабильный денежный поток. При высоких ставках банковских кредитов финансирование посредством эмиссии ценных бумаг позволяет девелоперам снизить стоимость привлекаемого капитала. Помимо финансовых преимуществ,
