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 Organization of Petroleum Exporting Countries (OPEC)

"The Organization of the petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) – suspended its membership from January 2009; Socialist Peoples Libyan Arab Jamahiriya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership from December 1992-October 2007; Angola (2007) and Gabon (1975–1994). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965."




"Since oil revenues are so vital for the economic development of these nations, they aim to bring stability and harmony to the oil market by adjusting their oil output to help ensure a balance between supply and demand. Twice a year, or more frequently if required, the Oil and Energy Ministers of the OPEC Members meet to decide on the Organization's output level, and consider whether any action to adjust output is necessary in the light of recent and anticipated oil market developments."


"OPEC's eleven Members collectively supply about 40 per cent of the world's oil output, and possess more than three-quarters of the world's total proven crude oil reserves."

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Possible overheating of the oil market could be beneficial for OPEC, Cyril Widdershoven, a Middle East geopolitical specialist and energy analyst, a partner at Dutch risk consultancy VEROCY and SVP MEA-Risk, told Trend. The expert pointed out that first, he currently doesn't see market overheating, but in ...
Iraq over the weekend joined the United Arab Emirates, Qatar, and Oman in calling for the Organization of Petroleum Exporting Countries (OPEC) to stick to its output reduction agreement on the grounds it is bringing stability to the market. Jabar al-Luaibi, oil minister for the Iraqis, also disclosed on Saturday ...
Higher oil prices will test OPEC's discipline. A spell of bad winter weather in the US and recent unrest on the streets of Tehran have helped push the value of a barrel of Brent crude close to over US$70 for the first time in three years. The strong start to the year may be good for public finances in the Middle ...
The JMMC includes member states of OPEC and non-OPEC members such as Oman and Russia. The committee's meeting usually takes place once in every two months to monitor how effectively member countries are complying with agreed production cuts. Oman has been an active participant in the ...
The United Arab Emirates' (UAE) oil minister has hinted that an alliance between OPEC and non-OPEC producers, including Russia, could continue in some ... UAE Energy Minister Suhail al-Mazrouei (C) speaks to journalists as he attends the 173rd OPEC Conference of Organization of the petroleum ...

OPEC's success at managing markets has exceeded expectations since signing the crude oil production agreement in November 2016, which has been a significant driver of the 2017 price recovery. At its recent meeting last November, OPEC and its non-OPEC allies said that they decided to rollover the ...
Assuming that there are no disruptive events for the first 6 months of 2018, all eyes will be on the Saudis and Russians heading into the June OPEC meeting. OPEC and non-OPEC members agreed to extend the quota agreement to December 2018. Oil producers which are exempt for production quotas ...
OPEC and Russia's efforts to curb oil output, combined with forecasts for strong global demand growth, are expected to keep crude prices close to $60 a barrel ... US exports to Asia have already increased with higher Middle East oil prices because of the OPEC-led output cuts and a wide WTI-Brent spread.
An important year in the energy sector lies ahead, with pipeline disputes, OPEC trying to keep a grip on oil prices and a lot of U.S. natural gas about to flood the market. While many stories will be unfolding in the coming months, here are five that are sure to be making headlines.
In October, OPEC raised its price by 70 percent to $5.11 per barrel. Oil ministers also began cutting production by five percent per month. In addition, OAPEC blocked all oil deliveries to the U.S., which it deemed to be a "hostile country." On Dec. 22, OPEC announced another price hike to $7 per barrel and ...
London/Dubai (Reuters) - OPEC has started working on plans for an exit strategy from its deal to cut supplies with non-member producers, two OPEC sources said, a sign that an eventual winding down of the deal is coming onto producers' radar, at least in theory. The Organization of the petroleum ...
OPEC's effort to slice into the global oil glut hasn't gone as well as it would like you to believe, the Dallas Fed argued this week. While it appears OPEC's production cuts have reduced oil inventories in developed nations to half of their level above the five-year average, much of that decline came because ...
[Tokyo] The Organization of Petroleum Exporting Countries's (OPEC's) desire to clear the global oil inventory overhang may come sooner than expected, enabling the group to exit from its production cuts early, according to Goldman Sachs Group Inc. Global stockpiles will remain below seasonal levels and ...
Last week, the International Energy Agency made a lot of OPEC brows furrow when it warned that 2018 may not be a very happy new year for the cartel. U.S. shale supply, the IEA said in its December Oil market Report, is set to grow more than OPEC has estimated and this could be the undoing of the ...
OPEC's effort to slice into the global oil glut hasn't gone as well as it would like you to believe, the Dallas Fed argued this week. While it appears OPEC's production cuts have reduced oil inventories in developed nations to half of their level above the five-year average, much of that decline came because ...
A new expansion drive will see Kuwait invest $120bn in hydrocarbons projects through to 2030, with the aim of boosting both upstream and downstream production capacity ahead of an anticipated rise in energy demand. Speaking at an industry conference in mid-October, Nizar Al Adsani, CEO and deputy ...

OPEC said Wednesday oil markets won't rebalance until late next year after increasing forecasts for supplies from its rivals. Oil has averaged about $50 a barrel this year, the highest since 2014, as the Organization of Petroleum Exporting Countries and its allies including Russia trim output to drain ...
OPEC's continued efforts to draw the global oil glut down to its five-year average are receiving an unexpected shot in the arm by an oil pipeline outage. But this time, it's not the usual suspects of Libya, Nigeria, or Iraq. It's a shutdown of a major oil pipeline in the North Sea, which is expected to last for weeks.
OPEC is no exception in the digitalization drive, but unlike its non-OPEC counterparts, the cartel has emerged as much more vulnerable to cybersecurity threats. Compared to European producers and the United States, OPEC members are pretty much unprepared for a major cyberthreat. The general ...
The OPEC meeting in Vienna last month was, despite all the hype, always going to be a dull affair. The extension of the oil supply cuts had been all but decided before the members met, and only the length of the extension was subject to speculation. But in six months' time, these members will meet again, ...
The OPEC data below was taken from the December OPEC Monthly Oil market Report. All data is through November 2017 unless otherwise noted. OPEC crude oil production declined by 133,500 barrels per day in November. Algeria was up slightly in November after that huge decline in October.
The IEA said that there were signs that the rise in U.S. crude oil supply was likely to continue into 2018 and upset rivals who are cutting back. U.S. oil producers are staging a dramatic comeback amid a recovering oil price that has allowed many of them to restart operations. Preliminary weekly data ...
Brent and WTI have gained well over a third from 2017 lows, drawing support from a cut in production by the Organization of the petroleum Exporting Countries and a group of non-OPEC producers, including Russia, which has been in place since the start of the year. During the weekend, Kuwait's oil ...
Libya, along with Nigeria, was originally exempted from the OPEC oil production cuts, agreed last November. The country, like Nigeria, is heavily dependent on oil revenues and was struggling--as it still is--with a rising budget deficit and soaring inflation amid continuing conflicts between various armed ...
There is a consensus that U.S. shale producers are winning the tug of war with members of the Organization of Petroleum Exporting Countries. ... Harpole, addressing last week's annual CO2/ROZ Conference at the Horseshoe, told his audience that OPEC countries "don't understand capitalism or property ...
While OPEC continues to curb its in-house oil production among its members, US drillers are ramping up, adding rigs for the fifth week in a row. This week, Baker Hughes reported that active oil and gas rigs in the US had climbed by 2. The total oil and gas rig count in the United States now stands at 931 ...
Oil investors were confident ahead of the OPEC meeting last week, holding onto their bullish bets, but now there seems to be a bit of an OPEC hangover after weeks of hype. Heading into the meeting, hedge funds and other money managers increased their bullish bets on crude futures, despite already ...
VIENNA -- OPEC and other major oil producers wrapped up a deal on Thursday to extend output cuts through the end of 2018, part of efforts to bolster prices. Despite rising prices, Saudi Arabia, the world's largest oil producer and the cartel's de facto leader, had insisted that extending the cuts, which were ...
European equities closed lower Thursday, as market sentiment in the region failed to be lifted by the positive trade seen in the U.S. and in oil. The pan-European Stoxx 600 fell 0.33 percent provisionally by the close, with most sectors closing in negative territory. Looking to bourses, the U.K.'s FTSE 100 ...
OPEC and non-OPEC oil giant Russia have agreed to extend oil output cuts until the end of 2018 following hours of discussions in Vienna, according to two reports. The move was heavily signaled ahead of the decision but the oil producers had earlier indicated they could exit the deal if they feel the market ...
But a lot will depend on what happens when the Organization of Petroleum Exporting Countries gets together for its 173rd meeting in Vienna ...
As Venezuela's energy sector struggles to pump enough crude oil to meet the country's OPEC output target, rival producers have started to plug ...
Abu Dhabi (Bloomberg) -- OPEC needs to extend limits on oil output to help rein in the remaining excess in global supply, but isn't considering ...
Diplomatic tensions between Russia and OPEC are set to deepen this week as oil cartel members resume talks in Vienna. The factions are ...
OPEC may have cut production but drilling activity has not followed along, according to an analysis of the Baker Hughes International Rig ...
OPEC may expand to include allied oil producers, UAE energy minister ... the 172nd Organization of Petroleum Exporting Countries (OPEC) ...
Abu Dhabi and CAIRO (Bloomberg) -- The oil market is re-balancing at a quickening pace and production cuts are the "only viable option" to ...
OPEC Secretary-General Mohammad Barkindo unveils the group's World Oil Outlook report in Vienna last week. Heinz-Peter Bader / Reuters.
The revision came as part of OPEC's World Oil Outlook (WOO), and it represents an acknowledgment from the cartel that it has failed to kill off ...
A year ago, the oil market was reacting to a political bombshell and anticipating a momentous OPEC meeting. Today ... well, you could say much ...
OPEC and Russian officials have called on some of the world's leading oil producers, both inside and outside the cartel, to form a consensus and back a supply ...
Oil extends rally on expectations OPEC will lengthen output cuts ... and the Organization of Petroleum Exporting Countries and allied producers ...
Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, Khalid A. Al-Falih gestures as he speaks during a panel on ...
In addition to the near universal expectation that the Organization of the petroleum Exporting Countries (OPEC) will formally agree in ...
Total, BP, and ENI on Friday expressed their support for the Organization of the petroleum Exporting Countries (OPEC) to extend its production ...
Oil prices rallied Friday, lifting U.S. benchmark crude to its highest closing price in nearly eight months and sending the international ...
Major oil CEOs called on OPEC to extend output cuts beyond March next year on Friday, arguing "huge volatility" in the energy market meant it ...
The members of OPEC are quietly beginning to plan an eventual tapering-off of production cuts, even as the group plans a nine-month ...
Oil is holding above $50 a barrel as speculation mounts that members of the Organization of Petroleum Exporting Countries will prolong supply ...


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