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OPEC

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 nations. Founded on 14 September 1960 in Baghdad by the first five members, it has since 1965 been headquartered in Vienna, Austria. 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 global crude oil market. Due to the COVID-19 pandemic the demand for OPEC oil has fallen to a 30-year low in second quarter of 2020.

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Oil gains ahead of weekend OPEC talks [Video]

Oil gains ahead of weekend OPEC talks

Oil prices gained on Friday ahead of a weekend OPEC meeting that could extend production cuts, but some analysts say a deal may prove hard to reach. Julian Satterthwaite reports.

Credit: Reuters Studio     Duration: 01:12Published

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Saudi energy minister says effective global oil cuts above 19 million bpd

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Canada on Sunday formally welcomed a deal by OPEC and allies to cut oil output by a record amount, saying Ottawa was committed to achieving price certainty and economic stability.
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Mexico's energy minister says oil producers agreed to cut output by 9.7 mln bpd from May

Mexico's Energy Minister Rocio Nahle said on Sunday oil producers unanimously agreed to cut output by 9.7 million barrels per day from May at OPEC+ talks and thanked OPEC members for their support in..
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Kazakhstan confirms global deal to cut oil output by 9.7 million bpd

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Saudi, others resist Mexican plan to make small oil output cuts - sources

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Russia's Putin, Saudi crown prince discuss OPEC+: Kremlin

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed a planned OPEC+ reduction of oil output, the Kremlin said.
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Kremlin: Putin and Trump discuss OPEC+ oil cuts deal

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Russia calls on G20 to join efforts with OPEC+ on oil market

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Saudi, Russia outline record oil cut under U.S. pressure as demand crashes

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OPEC+ outlines oil cut deal, but Mexico holds up final agreement: sources

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Trump says he had good call with Russia's Putin, Saudi king on oil

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Oil sinks as market doubts OPEC supply cuts will be enough

Oil prices tumbled on Thursday on doubts that a deal between OPEC and allies to make a record oil supply cut would be enough to offset the collapse in global fuel demand caused by the coronavirus..
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Trump administration official says U.S. welcomes reports of OPEC+ oil cut deal

The United States welcomed on Thursday reports that OPEC and its allies agreed in principal to reduce oil production by 10 million barrels per day (bpd), a senior Trump administration official said on..
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Instant View: OPEC+ cuts will not be enough to halt oil collapse - analysts

OPEC and other major oil producers on Thursday said they would cut output by 10 million barrels per day for two months in the face of a huge fall in demand due to the coronavirus crisis.
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