OPEC

International organization of petroleum-exporting countries

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The Organization of the Petroleum Exporting Countries is a cartel 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.

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ASEAN delegation visits Odisha; CM Patnaik calls for boosting ties \| Oneindia News \| *Geopolitics Chief Minister Naveen Patnaik pressed for strengthening trade and cultural ties between Odisha and ASEAN nations; China has again locked down millions in several cities. Amid this, workers were seen.. Credit: Oneindia Duration: 16:24Published on November 2, 2022

Inflation Rose Faster Than Expected in September As Rent and Food Prices Surge Inflation Rose Faster Than Expected in September , As Rent and Food Prices Surge. According to data released by the U.S. Labor Department on Oct. 13, the consumer price index (CPI), a key measure of.. Credit: Wibbitz Top Stories Duration: 01:30Published on October 13, 2022

Here’s Why Gas Prices Are Increasing After Almost 100 Days of Declines Here’s Why Gas Prices Are Increasing , After Almost 100 Days of Declines. NBC News reports that for the past 98 days, gas prices have been dropping. NBC News reports that for the past 98 days, gas.. Credit: Wibbitz Top Stories Duration: 01:30Published on October 12, 2022

Biden Warns Saudi Arabia of 'Consequences' Following Cut in Oil Production Biden Warns , Saudi Arabia of 'Consequences' , Following Cut in Oil Production. Biden Warns , Saudi Arabia of 'Consequences' , Following Cut in Oil Production. President Joe Biden appeared in an.. Credit: Wibbitz Top Stories Duration: 01:31Published on October 12, 2022

Heads of UAE and Russia meet in St Petersburg days after OPEC+ cuts oil production Russian President Vladimir Putin and the leader of the UAE Sheikh Mohammed bin Zayed Al Nahyan meet in St Petersburg days after OPEC+ cuts oil production. Credit: euronews (in English) Duration: 01:25Published on October 11, 2022

OPEC Announces Massive Oil Production Cut OPEC, Announces Massive, Oil Production Cut. On October 5, OPEC+ announced that it will cut oil production by 2 million barrels per day (BPD), the largest cut since the beginning of the COVID.. Credit: Wibbitz Top Stories Duration: 01:31Published on October 5, 2022

OPEC+ makes big oil cut to boost prices, pump costs may rise Credit: FRANCE 24 English Duration: 02:56Published on October 5, 2022

Price of Oil Soars on Fears of Massive OPEC Production Cut Price of Oil Soars , on Fears of Massive , OPEC Production Cut. On October 3, oil prices skyrocketed to $3 a barrel as OPEC+ announced a potential reduction of output by over one million barrels per.. Credit: Wibbitz Top Stories Duration: 01:31Published on October 4, 2022

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Slashing oil production is a big two fingers to the US - but will it backfire for Russia? The Opec+ cartel of oil-producing nations has announced a production cut of two million barrels per day. Sky News - Published on October 5, 2022
Oil prices to rise as two million fewer barrels to be produced each day Two million fewer barrels of oil are to be produced each day, equivalent to 2% of global supply, the Organisation of the Petroleum Exporting Countries (Opec) and Russia have agreed. Sky News - Published on October 5, 2022
Explained: The importance of Jaishankar's first visit to Saudi Arabia Even after India gorging on cheap Russian crude oil in the recent months, Saudi Arabia is not a featherweight when it comes to fulfilling India's oil energy needs. The country with the largest proven.. IndiaTimes - Published on September 12, 2022

OPEC boss who struck deal with Russia dies just before the end of his term The boss of OPEC - the powerful cartel that represents many of the world's biggest oil producers - has died at the age of 63. Sky News - Published on July 6, 2022
OPEC, Russia extend record oil cuts to end of July OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost.. Reuters India - Published on June 7, 2020
Iran's OPEC governor dies after brain haemorrhage Iran's OPEC Governor Hossein Kazempour Ardebili has died of a brain haemorrhage two weeks after falling into a coma, the semi-official news agency ISNA reported on Saturday. Reuters - Published on May 15, 2020

Second cargo of water trucks from Mexico arrives in Venezuela under oil swap A vessel carrying water trucks and equipment bartered by two Mexican companies arrived in Venezuela on Thursday, the second shipment under an oil-for-food agreement signed with the OPEC nation's.. Reuters - Published on May 1, 2020
U.S. oil sanctions against Iran are unjust: Rouhani Iranian President Hassan Rouhani said U.S. sanctions against Iran and Venezuela were unjust in a telephone call with Venezuelan President Nicolas Maduro on Monday and called for the two countries to.. Reuters - Published on April 13, 2020
Avoiding hugs, OPEC officials greet with their feet amid virus outbreak When OPEC ministers descend on Vienna to decide oil production policy, their meetings are usually accompanied by displays of brotherhood between the men in charge of a third of global crude supplies. Reuters - Published on March 4, 2020
'Avoid hugs': OPEC in the time of the coronavirus When OPEC ministers descend on Vienna to decide oil production policy, their meetings are usually accompanied by displays of brotherhood between the men in charge of a third of global crude supplies. Reuters - Published on March 4, 2020

Sailor dies aboard oil tanker moored off Venezuela: sources A sailor aboard an oil tanker anchored off Venezuela's coast died on Saturday, three people with knowledge of the incident said, marking the second death in less than a week involving personnel aboard.. Reuters - Published on March 1, 2020
Factbox: Coronavirus hits demand for oil, energy A fast-spreading coronavirus in China has sent shockwaves through global commodity markets, prompting OPEC and its allies to consider deepening crude supply curbs and Asia's largest oil refiner to.. Reuters - Published on February 5, 2020
OPEC aims to extend oil output cuts through June, alarmed by China virus OPEC wants to extend current oil output cuts until at least June, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of a new.. Reuters - Published on January 28, 2020	U.S. envoy sees China scaling back economic support for Venezuela’s Maduro The Trump administration’s envoy on Venezuela said China appears to be scaling back economic support for President Nicolas Maduro, and Beijing acknowledged a diminishing role largely due to U.S... Reuters - Published on January 15, 2020
Twitter suspends over a dozen Venezuelan government, military accounts Twitter Inc has suspended more than a dozen accounts associated with Venezuela's government and military, including the OPEC nation's oil ministry and the armed forces' operational command. Reuters - Published on January 8, 2020