International organization of petroleum-exporting countries

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OPEC: International organization of petroleum-exporting countries
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.


OPEC and its allies extend production cuts [Video]

OPEC and its allies extend production cuts

OPEC and allied producers agreed to extend production cuts through the month of April, choosing to limit supply until the global economic recovery is more firmly established. CNN’s John Defterios..

Credit: Bleacher Report AOL     Duration: 02:09Published
Long-serving Saudi oil minister Ahmed Zaki Yamani dies at 90 [Video]

Long-serving Saudi oil minister Ahmed Zaki Yamani dies at 90

Sheikh Yamani helped Saudi Arabia command a dominating presence in OPEC from its birth.

Credit: Al Jazeera STUDIO     Duration: 02:44Published
Petroleum Minister lists out probable reasons behind fuel price hike [Video]

Petroleum Minister lists out probable reasons behind fuel price hike

Amid protests, Union Petroleum Minister Dharmendra Pradhan highlighted the reasons behind rising fuel prices, which included reduced fuel production and manufacturing in International market and..

Credit: ANI     Duration: 01:50Published

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