OPEC
International organization of petroleum-exporting countries
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The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 13 countries. Founded on 14 September 1960 in Baghdad by the first five members, 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. A larger group called OPEC+ was formed in late 2016 to have more control on the global crude oil market. The demand for OPEC oil fell to a 30-year low in the second quarter of 2020.
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![OPEC and its allies extend production cuts [Video]](https://video.newsserve.net/300/v/20210304/2103042122-OPEC-and-its-allies-extend-production-cuts.jpg) OPEC and its allies extend production cuts Credit: Bleacher Report AOL Duration: 02:09Published | |
![Long-serving Saudi oil minister Ahmed Zaki Yamani dies at 90 [Video]](https://video.newsserve.net/300/v/20210223/2102231757-Long-serving-Saudi-oil-minister-Ahmed-Zaki-Yamani.jpg) Long-serving Saudi oil minister Ahmed Zaki Yamani dies at 90 Credit: Al Jazeera STUDIO Duration: 02:44Published | |
![Petroleum Minister lists out probable reasons behind fuel price hike [Video]](https://video.newsserve.net/300/v/20210221/2102211917-Petroleum-Minister-lists-out-probable-reasons-behind-fuel.jpg) Petroleum Minister lists out probable reasons behind fuel price hike Credit: ANI Duration: 01:50Published | |
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