OPEC

International organization of petroleum-exporting countries

OPEC (Under CC License)

The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 14 nations, founded in 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.

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Venezuelan President Nicolas Maduro on Thursday accused the United States of seeking to destroy a food aid program that the government of the crisis-stricken..
Credit: Reuters - Published 2 days ago

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Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among OPEC and allied oil producers to drive down crude inventories "gently" but his..
Credit: Reuters - Published 6 days ago

Saudi Arabia and Russia are discussing two main scenarios for a meeting of OPEC and its oil-producer allies in June and both frameworks propose increased crude..
Credit: Reuters - Published 6 days ago

A ministerial panel of major OPEC and non-OPEC producers will not recommend a course of action on oil output policy on Sunday, but will highlight the need to..
Credit: Reuters - Published 6 days ago

Saudi Arabia's Energy Minister Khalid al-Falih said on Sunday he recommended "gently" driving oil inventories down at a time of plentiful global supplies and..
Credit: Reuters - Published 6 days ago

Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that he saw no oil supply shortage as global oil inventories are still rising, particularly from..
Credit: Reuters - Published 1 week ago

Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market's needs, but that he was not sure there is an oil..
Credit: Reuters - Published 1 week ago

Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market's needs, but that he was not sure there is an oil..
Credit: Reuters - Published 1 week ago

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