International organization of petroleum-exporting countries
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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.
Oil gains ahead of weekend OPEC talks
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OPEC and allies to agree one-month extension to output cutsOPEC and its allies led by Russia are "most likely" to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said.
OPEC+ to meet Saturday on extending cuts, pushing for complianceOPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to push laggards such as Iraq and Nigeria to comply with existing curbs.
OPEC, allies coordinating to hold Saturday meeting: Saudi ArabiaSaudi Arabia's energy minister said on Friday that OPEC and its allies, a group known as OPEC+, were working to hold their oil output policy meeting on Saturday.
OPEC+ keen to keep U.S. shale in check as oil prices rallyWhen OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output.
Explainer: Why oil-rich Venezuela is suffering severe gasoline shortagesAt least five Iranian tankers carrying fuel are currently en route to gasoline-starved Venezuela, which has the world's largest crude reserves. The United States, which maintains sanctions on both OPEC..
Iran's OPEC governor dies after brain haemorrhageIran'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.
Exclusive: OPEC+ wants to maintain oil output cuts beyond June - sourcesOPEC and its allies want to maintain existing oil cuts beyond June when the OPEC+ group is next due to meet to shore up prices and demand, which has been hit by the coronavirus pandemic, four OPEC+..
Oil mixed on supply cuts, fears of second coronavirus waveOil prices were mixed on Monday, supported by Saudi Arabia's move to reduce output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ pact, but pressured by fears of a second..
Oil prices rise on Saudi voluntary cutsOil prices rose on Monday, recovering earlier losses on news that leading exporter Saudi Arabia will reduce its output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+..
Second cargo of water trucks from Mexico arrives in Venezuela under oil swapA 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..
Factbox: Non OPEC+ crude oil supply cutsThe Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Sunday to reduce output by 9.7 million barrels per day (bpd) for May and June in an effort to prop up oil..
U.S. oil sanctions against Iran are unjust: RouhaniIranian 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..
Saudi energy minister says effective global oil cuts above 19 million bpdSaudi Arabia's energy minister said on Monday that effective global oil supply cuts would amount to around 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC+, pledges..
Trump says global oil production cut should help industry recoverU.S. President Donald Trump said on Monday the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day (bpd), a figure that appeared to include a wider group of producers,..
Trump says OPEC+ looking to cut 20 million bpd, not 10 millionU.S. President Donald Trump said on Monday the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day, double the 10 million barrels agreed to a day earlier.
Kremlin says 'important' global oil deal helped avert market chaosThe Kremlin said on Monday that the global oil output deal clinched by OPEC and non-OPEC countries had helped stop oil markets sliding into chaos and would help support a more or less stable oil price..
Oil gains on OPEC+ deal, stocks stymied by pandemic worriesGlobal equities weakened on Monday as investors braced for more indications of economic damage from the coronavirus pandemic while oil prices rose in choppy trade following a landmark deal by OPEC and..
Japan petroleum industry head says OPEC+ deal falls short of expectationsThe agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut output failed to reach the reduction levels expected by the market, leading to oil prices remaining..
Goldman Sachs still sees crude prices falling after OPEC+ dealGoldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is 'historic yet insufficient,' adding that no deal would be enough to offset..
Oil firmer on OPEC+ deal, equities unable to shake pandemic fearsGlobal shares fell on Monday as investors braced for more signs of economic damage from the coronavirus pandemic although a landmark deal by OPEC and its allies to slash output helped oil prices..
Oil, equities slip as OPEC+ cut fails to lift confidenceOil prices and U.S. stock futures dipped in early Monday trade as a landmark agreement by OPEC and its allies to slash output by a record amount failed to give investors any cause for lasting optimism..
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemicOPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic and said they had an unprecedented deal with fellow oil nations, including..
Iraqi oil minister says big oil cut deal will help to stabilize oil marketIraq's oil minister said late on Sunday that the big oil cut deal reached at an OPEC+ meeting would help stabilize the market.
Canada welcomes oil cut deal, says it is committed to achieving price certaintyCanada 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.
Saudi Arabia, Russia, U.S. welcome outcome of OPEC+ meeting: SPASaudi Arabia's king Salman, Russia's president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone call, Saudi state news agency SPA said on..
Trump says 'great' OPEC+ deal will save U.S. jobsU.S. President Donald Trump on Sunday praised a deal among the world's top oil producers to cut global petroleum output, saying it would save jobs in the U.S. energy industry.
Mexico to cut oil output by 100,000 bpd from May: officialsMexico will reduce its oil output by 100,000 barrels per day (bpd) from May after top oil producers collectively agreed to cut production by 9.7 million barrels per day at OPEC+ talks, Mexican..
Kremlin says leaders of Russia, U.S., Saudi Arabia support OPEC+ oil dealRussian President Vladimir Putin, U.S. President Donald Trump and Saudi Arabia's King Salman all supported the OPEC+ deal to cut global crude output, the Kremlin said on Sunday.
Mexico's energy minister says oil producers agreed to cut output by 9.7 mln bpd from MayMexico'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..
Kazakhstan confirms global deal to cut oil output by 9.7 million bpdKazakhastan's Energy Ministry said on Sunday it confirmed reports that the OPEC+ group of countries had agreed to cut the global oil output by 9.7 million barrels per day for two months starting on May..
OPEC+ agrees largest ever oil output cut of 9.7 million bpd: sourcesOPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic, sources..
Saudi, others resist Mexican plan to make small oil output cuts - sourcesSaudi Arabia and other oil producers in the OPEC+ group pushed back on Friday on a Mexican plan to cut less than requested under plans for global supply curbs, two sources from the OPEC+ group said on..
Russia's Putin, Saudi crown prince discuss OPEC+: KremlinRussian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed a planned OPEC+ reduction of oil output, the Kremlin said.
Kremlin: Putin and Trump discuss OPEC+ oil cuts dealRussian President Vladimir Putin and U.S. President Donald Trump, in a phone call on Friday, discussed a potential global deal on oil production cuts by the group known as OPEC+, the Kremlin said.
Russia calls on G20 to join efforts with OPEC+ on oil marketRussian Energy Minister Alexander Novak called on the G20 group of the world's largest economies on Friday to join the efforts of the group of leading oil producers, known as the OPEC+, to stabilize..
Global oil output cuts held hostage to standoffOil producers in the OPEC+ group, led by Saudi Arabia and Russia, were expected to pressure Mexico on Friday to seal an accord for a collective cut in output of 10 million barrels per day, before..
Kremlin says Putin, Trump, Saudi king seek to stabilise oil tradeRussian President Vladimir Putin, U.S. President Donald Trump and Saudi Arabia's King Salman, discussed the OPEC+ oil group meeting in a phone call on Friday and confirmed their aim was to stabilise..
Saudi energy minister says OPEC+ oil pact 'hinges on' Mexico joiningSaudi Arabia's energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day, which was agreed on Thursday, "hinges on" Mexico joining in the cuts.
Saudi king, Trump, Putin review importance of cooperation between oil producing countriesSaudi Arabia's King Salman, U.S. President Donald Trump and Russian President Vladimir Putin reviewed, in a phone call, the importance of cooperation between oil producing countries, after Thursday's..
Mexico proposes 100,000 bpd oil output cut at OPEC meetingIn a meeting with OPEC and its allies, Mexico proposed reducing its oil output by 100,000 barrels per day (bpd) in the next two months, Energy Minister Rocio Nahle said on Thursday.
Saudi, Russia outline record oil cut under U.S. pressure as demand crashesOPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up..
OPEC+ outlines oil cut deal, but Mexico holds up final agreement: sourcesOPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up..
Trump says he had good call with Russia's Putin, Saudi king on oilU.S. President Donald Trump said on Thursday he had a good conversation with Russian President Vladimir Putin and Saudi Arabia's King Salman and expected that OPEC and other countries would be..
Oil sinks as market doubts OPEC supply cuts will be enoughOil 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..
Trump administration official says U.S. welcomes reports of OPEC+ oil cut dealThe 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..
Instant View: OPEC+ cuts will not be enough to halt oil collapse - analystsOPEC 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.
Oil slumps, investors say OPEC supply cuts won't be enoughOil prices slumped on Thursday, giving back an earlier 10% surge as investors doubted the emerging supply-cut agreement between members of OPEC and its allies would adequately address the global fuel..