OPEC

International organization of petroleum-exporting countries

OPEC (Under CC License)

The Organization of the Petroleum Exporting Countries is an intergovernmental organisation 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 17 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 Sistersโ€ grouping of multinational oil companies.

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More By Henning Gloystein SINGAPORE (Reuters) - Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets..
1 day ago • WorldNews
FILE PHOTO: Iranโ€™s Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, November 30, 2017. Photo:..
2 days ago • WorldNews
OPEC Secretary General Mohammad Barkindo said on Sunday that compliance with a supply cut agreement between OPEC and non-OPEC members was improving, and that..
Credit: Reuters - Published 2 days ago

The investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General Mohammed..
Credit: Reuters - Published 2 days ago

More By Laila Kearney NEW YORK (Reuters) - Oil futures rallied about 2 percent on Wednesday as U.S. crude inventories unexpectedly fell and an official forecast..
5 days ago • WorldNews
By Vivian Sequera and Deisy Buitrago CARACAS (Reuters) - Venezuela ordered American diplomats to leave the country within 72 hours on Tuesday after President..
Credit: Firstpost - Published 1 week ago

Venezuela ordered American diplomats to leave the country within 72 hours on Tuesday after President Nicolas Maduro accused U.S. counterpart Donald Trump of..
Credit: Reuters - Published 1 week ago

Venezuela ordered American diplomats to leave the country within 72 hours on Tuesday after President Nicolas Maduro accused U.S. counterpart Donald Trump of..
Credit: Reuters - Published 1 week ago

Venezuela's opposition-run congress on Monday declared a "state of alarm" over a five-day power blackout that has crippled the OPEC nation's oil exports and left..
Credit: France 24 - Published 1 week ago

By Deisy Buitrago, Mircely Guanipa and Marianna Parraga CARACAS/PUNTO FIJO, Venezuela (Reuters) - Venezuelan state-run oil firm PDVSA has been unable to resume..
Credit: Firstpost - Published 1 week ago

By Nidhi Verma NEW DELHI (Reuters) - Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group's meeting..
Credit: Firstpost - Published 1 week ago

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