The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 14 nations, founded on 14 September 1960 in Baghdad by the first five members, and headquartered since 1965 in Vienna, Austria. As of September 2018, the then 14 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.
Oil prices fell to their lowest level since December 2018 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in.. Reuters - Published
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
Oil prices fell for a fifth day on Thursday, hitting their lowest since early 2019, as the coronavirus outbreak raised growing fears for global growth. Ciara Lee reports
World markets bounced on Tuesday, with Chinese stocks reversing some of a previous coronavirus-related plunge amid official efforts to soothe nerves over the spreading outbreak, though sentiment..
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
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
OPEC expects lower demand for its crude oil in 2020 even as global demand rises, it said on Wednesday, as rival producers grab market share and the United States looks set for another output record. Reuters - Published
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
Oil prices rose more than 20% this year but there were no sharp spikes and crude futures barely sniffed $70 a barrel despite attacks on the world's biggest oil producer, sanctions that crippled crude.. Reuters - Published
Oil rose towards $68 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, hopes of an end to the China-U.S. trade dispute and OPEC-led.. Reuters - Published
OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters. Reuters - Published
Asian stocks gained on Friday as investors took heart from U.S. President Donald Trump saying trade talks with China were "moving right along", and U.S. oil prices sat near 2-1/2-month highs after OPEC.. Reuters - Published
OPEC and allies led by Russia on Thursday agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for the first three months of 2020. Reuters - Published
Russian energy minister Alexander Novak said on Thursday that an OPEC+ ministerial panel has recommended deepening oil production cuts by 500,000 barrels per day (bpd) in the first quarter of 2020. Reuters - Published
A ministerial panel of key OPEC producers and allied countries on Thursday recommended deepening their agreed oil production cuts by 500,000 barrels per day, two sources told Reuters. Reuters - Published
Angola supports maintaining oil production curbs by OPEC and its allies, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Thursday, adding that he hoped.. Reuters - Published
Russian energy minister Alexander Novak said on Thursday Russia was currently cutting even more oil output than agreed under an OPEC+ pact to curb supply, without taking into account gas condensate. Reuters - Published
Iran would support a majority decision by members of the Organization of the Petroleum Exporting Countries to cut oil production, the country's OPEC envoy said on Thursday, according to Iranian oil.. Reuters - Published
OPEC is gearing up to deepen oil supply cuts later this week but still needs to strike an agreement with allies such as Russia on details of a deal to support prices and prevent a glut next year. Reuters - Published
Russia expects a constructive meeting with OPEC producers this week, its energy minister said on Tuesday, as OPEC leader Saudi Arabia presses members and allies such as Russia to deepen output cuts to.. Reuters - Published
U.S. oil producers could expand daily output by 1 million barrels next year, or by as little as 100,000 barrels, with the wide gap creating huge uncertainty as OPEC officials gather this week to weigh.. Reuters - Published
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi.. Reuters - Published
OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering (IPO) of.. Reuters - Published
The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group's.. Reuters - Published
OPEC Secretary-General Mohammad Barkindo said on Tuesday that the oil producer group fully supports the Paris Agreement on climate change, a day after the Trump administration said it had filed.. Reuters - Published
A Venezuelan opposition lawmaker whose parliamentary immunity was stripped last month said he is being targeted by President Nicolas Maduro for calling anti-government protests, at a time when the.. Reuters - Published
Russia's energy ministry said on Friday it continues close cooperation with Saudi Arabia and OPEC and non-OPEC oil producers to enhance market stability and predictability. Reuters - Published
Russian President Vladimir Putin said on Sunday global oil inventories need cutting to "reasonable levels" and that attacks in recent months on tankers in the Gulf and Saudi oil facilities will.. Reuters - Published
More than a week of unrest over anti-austerity measures in Ecuador has curbed output of 877,678 barrels of crude in the OPEC-member nation, including 140,885 barrels from private companies, an energy.. Reuters - Published
Stocks rose on Thursday after U.S. President Donald Trump said he would meet with China's top trade negotiator on Friday, while oil rose as OPEC pledged a decision on supply at its December meeting. Reuters - Published
There will be no urgent OPEC meeting, the Saudi energy minister Prince Abdulaziz bin Salman said, Al Arabiya television reported on Tuesday after the weekend attacks on its facilities. Reuters - Published
Saudi Arabia has yet to brief fellow OPEC members and other energy sector players about how long it will take to restore the country's oil output, OPEC and industry sources said as Riyadh tries to.. Reuters - Published
Venezuelan President Nicolas Maduro said on Thursday he will not travel to New York for the annual meeting of the United Nations General Assembly later this month, but that two of his envoys would.. Reuters - Published
OPEC is notorious for arguing over production policies - but Prince Abdulaziz bin Salman has effectively managed to deliver his first output cut just four days after becoming the new Saudi energy.. Reuters - Published
OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut.. Reuters - Published
When former Saudi oil minister Ali al Naimi crushed oil prices in 2014 by adding to global oversupply, one man in the kingdom stood firmly against this strategy. Reuters - Published
OPEC oil output has risen in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by U.S. sanctions on Iran, a.. Reuters - Published
OPEC on Friday provided a downbeat oil-market outlook for the rest of 2019 as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact.. Reuters - Published
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