Editing OPEC (section)

===2003–2011: Volatility===
{{See also|2000s energy crisis}}
[[File:OPEC members' net oil export revenues in 2000 through 2020 (50562182543).png|thumb|upright=1.2|OPEC members' net oil export revenues, 2000–2020]]
Widespread insurgency and sabotage occurred during the 2003–2008 height of the [[History of Iraq (2003–2011)#Sabotage|American occupation of Iraq]], coinciding with rapidly increasing oil demand from China and [[Commodity market|commodity]]-hungry investors, recurring [[Conflict in the Niger Delta|violence against the Nigerian oil industry]], and dwindling spare capacity as a cushion against [[Peak oil|potential shortages]]. This combination of forces prompted a sharp rise in oil prices to levels far higher than those previously targeted by OPEC.<ref>{{cite news |last=Simmons |first=Greg |url=https://www.foxnews.com/story/dems-doubt-iraq-progress |title=Dems Doubt Iraq Progress |publisher=Fox News |date=7 December 2005 |access-date=14 January 2016 |archive-url=https://web.archive.org/web/20160105070747/http://www.foxnews.com/story/2005/12/07/dems-doubt-iraq-progress.html |archive-date=5 January 2016 |url-status=live }}</ref><ref>{{cite news |url=http://news.bbc.co.uk/2/hi/business/7387203.stm |title=Oil price 'may hit $200 a barrel' |work=BBC News |date=7 May 2008 |access-date=2 January 2016 |archive-url=https://web.archive.org/web/20090411231928/http://news.bbc.co.uk/2/hi/business/7387203.stm |archive-date=11 April 2009 |url-status=live }}</ref><ref>{{cite news |first=Michael W. |last=Masters |title=Testimony |url=http://hsgac.senate.gov/public/_files/052008Masters.pdf |work=[[U.S. Senate Committee on Homeland Security and Governmental Affairs]] |date=20 May 2008 |access-date=2 January 2016 |archive-url=https://web.archive.org/web/20080528200858/http://hsgac.senate.gov/public/_files/052008Masters.pdf |archive-date=28 May 2008 |url-status=live }}</ref> Price volatility reached an extreme in 2008, as WTI crude oil surged to a record US$147/bbl in July and then plunged back to US$32/bbl in December, during the [[Great Recession|worst global recession since World War II]].<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2010-05-09/saudi-arabian-algerian-oil-ministers-see-consumption-increasing-this-year |first1=Robert |last1=Tuttle |first2=Ola |last2=Galal |title=Oil Ministers See Demand Rising |publisher=Bloomberg News |date=10 May 2010 |access-date=14 January 2016 |archive-url=https://web.archive.org/web/20160206233533/http://www.bloomberg.com/news/articles/2010-05-09/saudi-arabian-algerian-oil-ministers-see-consumption-increasing-this-year |archive-date=6 February 2016 |url-status=live }}</ref> OPEC's annual oil export revenue also set a new record in 2008, estimated around US$1&nbsp;trillion, and reached similar annual rates in 2011–2014 (along with extensive [[petrodollar recycling]] activity) before plunging again.<ref name=EIA2015>{{cite web |url=http://www.eia.gov/beta/international/regions-topics.cfm?RegionTopicID=OPEC |title=OPEC Revenues Fact Sheet |publisher=US Energy Information Administration |date=15 May 2017 |access-date=28 May 2017 |archive-url=https://web.archive.org/web/20151222161556/http://www.eia.gov/beta/international/regions-topics.cfm?RegionTopicID=OPEC |archive-date=22 December 2015 |url-status=live }}</ref> By the time of the [[2011 Libyan Civil War]] and [[Arab Spring]], OPEC started issuing explicit statements to counter "excessive speculation" in oil [[futures markets]], blaming financial speculators for increasing volatility beyond market fundamentals.<ref>{{cite press release |url=http://www.opec.org/opec_web/en/press_room/2071.htm |title=Opening address to the 159th Meeting of the OPEC Conference |work=OPEC |date=8 June 2011 |access-date=12 December 2014 |archive-url=https://web.archive.org/web/20141213085839/http://www.opec.org/opec_web/en/press_room/2071.htm |archive-date=13 December 2014 |url-status=live }}</ref>

In May 2008, Indonesia announced that it would leave OPEC when its membership expired at the end of that year, having become a net importer of oil and being unable to meet its production quota.<ref name=Indonesia>{{cite news |url=http://news.bbc.co.uk/2/hi/business/7423008.stm |title=Indonesia to withdraw from OPEC |publisher=BBC |date=28 May 2008 |access-date=27 January 2014 |archive-url=https://web.archive.org/web/20131203090307/http://news.bbc.co.uk/2/hi/business/7423008.stm |archive-date=3 December 2013 |url-status=live }}</ref> A statement released by OPEC on 10 September 2008 confirmed Indonesia's withdrawal, noting that OPEC "regretfully accepted the wish of Indonesia to suspend its full membership in the organization, and recorded its hope that the country would be in a position to rejoin the organization in the not-too-distant future."<ref>{{cite press release |url=http://www.opec.org/opec_web/en/951.htm |title=149th Meeting of the OPEC Conference |work=OPEC |date=10 September 2008 |access-date=16 December 2015 |archive-url=https://web.archive.org/web/20151222090010/http://www.opec.org/opec_web/en/951.htm |archive-date=22 December 2015 |url-status=live }}</ref>