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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OPEC sticks to policy of reducing oil output The Group often acts to change the supply and demand of oil, in order to control market prices and ensure high revenues for its members. But it says it's ready to meet at any time to “address market.. Credit: euronews (in English) Duration: 00:35Published on December 5, 2022

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Oil cartel sticks to targets despite uncertainty over new sanctions on Russia The Saudi-led OPEC oil cartel and allied producers including Russia have stuck to their output targets, despite uncertainty over the impact of fresh Western sanctions against Moscow. Sky News - Published on December 4, 2022
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