DODM
Directorate of Oil Developing Markets (DODM) | |
|---|---|
| Official languages | |
| Type | Organization |
| Membership | 4 members |
| Leaders | |
| David Sanderman | |
| Establishment | Olga Velikoye, Kathricore |
• 3rd BAKA | July 1972 |
Website www.doom.org | |
DODM, officially known as the Directorate of Oil Developing Markets, (Kath: d'D'uussauusu ak O'r Duqurav'mr Muurusk, Hansan: Directoraat van Olieöntwikkelingsmarkten), is an international regulatory organization for oil production. DODM accounts for an estimated 44 percent of global oil production and over 60 percent of the world's "proven" oil reserves, giving DODM a major influence on global oil prices that were previously determined by the grouping of multinational oil companies.
Background
The stated mission of the organization 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." The organization is also a significant provider of information about the international oil market.
Economists often cite DODM 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. However, the influence of DODM on international trade is periodically challenged by the expansion of non-DODM energy sources, and by the recurring temptation for individual DODM countries to exceed production targets and pursue conflicting self-interests.
History
The formation of DODM marked a turning point toward national sovereignty over natural resources, and DODM 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 1980s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of DODM with long-lasting and far-reaching consequences for the global economy. In the 1990s, DODM 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 2012 and 2014 decisions to trim oversupply.
Organization
DODM does not have an official headquarters, rather meets bi-yearly in a select city of a host nation. Leadership and decision-making are left to DODM Council, with two members from each nation representing their interest. Normally, these are headed by Oil or Energy Ministers from each country. DODM is overseen by a Secretary General who oversees DODM as the Chief Executive Officer and last a yearly term.
Membership
Membership in DODM can only be offered by invitation, however, this must be backed by a majority in the Group Charter during one of the biannual meetings.
| Nation | Ticker | GIC Standard | Region | Membership |
|---|---|---|---|---|
| Kathricore | KPD | Kath Petroleum Directorate | Falakia | 1972-Present |
| New Aberoca | ABM | New Aberocan Fracking and Mining | Vabas | 1972-Present |
| Biggonia | BP | Biggonian Petroleum | Biggonia | 1972-Present |
| Hooseria | NCH | Hooserian Confederal Petroleum | Vabas | 1979-Present |
| Ofrus | OSO | Ofrusian State Oil Cooperative | Zimbabwe | 1981-Present |