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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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updated Thu. April 26, 2018

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The Organisation of Petroleum Exporting Countries (OPEC) members including Nigeria has achieved new level of 149 per cent compliance with voluntary production/ reduction in oil output, aimed at stemming oil supply glut and price crash. Also, non-OPEC membes have achieved similar feat.

OPEC's output cuts as well as outages in Venezuala have offset projected drilling activity in 2018. Analysts Westwood Energy expect a global increase in oil drilling activity of six percent this year, mainly driven by onshore US drilling. However, OPEC production cuts are expected to remain high, leading to ...
Brent crude price reached $75 a barrel at one point on Tuesday, for the first time since November 2014. According to analysts, the possibility of sanctions on Iran has been the most significant driver of the oil price rally in recent weeks. Additionally, the cut in production by Russia and The Organization of ... Market

OPEC's spare capacity is not what it once was, a development that opens up a larger upside risk to oil prices. A constant feature of the oil market is the prospect of unforeseen supply outages, whether from war, industrial accidents, sabotage, natural disasters or more mundane operational problems. These outages ...
Global stock markets were subdued Friday amid worries over trade and after a major supplier to Apple forecast continued weak demand for mobile devices. Futures for crude oil fell after U.S. President Donald Trump slammed OPEC for keeping prices high. KEEPING SCORE: Britain's FTSE 100 was up 0.4 ...
Russia energy minister says no rush to exit OPEC deal. 2 Hours Ago. CNBC's Steve Sedgwick has the update on oil as OPEC and non-OPEC members gather in Saudi Arabia to talk about supply and demand. Watch CNBC Live TV ...
Favorable economic conditions around the world are driving demand, as are Saudi Arabia-led production cuts, scheduled to go through the end of the year, with which members of the Organization of the Petroleum Exporting Countries and Russia — which is not an OPEC member — are complying.
Several members of OPEC, the Organization of the Petroleum Exporting Countries, said in response that oil prices were not being artificially inflated. The group is slated to meet in June to decide its next steps after reducing output since January 2017 in a move aimed at supporting prices that had fallen ...
FRANKFURT, April 20 (Reuters) - Further oil producers need to join Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers in curbing supply, UAE oil minister Suhail Mohamed Al Mazrouei told a German newspaper. "OPEC members and non-OPEC producers over-delivered ...
Denning was writing at a time when few in the market believed that OPEC and its non-OPEC allies would succeed in their efforts to restore stability and support oil prices. Few believed that OPEC would reach a deal with other producers to extend the agreement to cut around 1.8 million barrels a day from ...
Over the years, Russia and the members of OPEC have worked together in times of crisis to help stabilize the oil market. The most recent cooperation began in late 2016, when OPEC and several other oil-producing nations, led by Russia, agreed to reduce their production rates for six months to help drain ...
NEW YORK (Bloomberg) -- Oil climbed as top crude-exporting countries suggest they may extend output curbs beyond this year, adding momentum to a monthly rebound. Futures in New York posted a 5.4% increase in March, erasing February losses fueled by mounting American stockpiles. Some OPEC ...

Record US production and its possibility of surpassing the level produced by the world's biggest producer Russia by the 2018 end seems to have taken drivers' seat recently, giving strong challenges to the Opec-Russia's joint efforts of reducing the global supply glut and market rebalancing. US oil ...
LONDON - Oil prices slipped on Thursday, as supportive comments from OPEC that its output curbs were likely to stay in place for the rest of the year were offset by another rise in U.S. inventories. The oil price had touched $71 a barrel on Tuesday, near its high for the year, but has dipped since then.
Saudi Arabia and Russia are considering a long-term agreement to extend cooperation with the Organization of the Petroleum Exporting Countries (OPEC). The potential deal, announced during Saudi Crown Prince Mohammed bin Salman's weeks-long tour of the U.S., would see the two states enter into a ...
Rosneft said Thursday that it has agreed to open a research and development center focusing on petrochemicals and shipbuilding technology in Qatar, following several meetings between Russian and Qatari officials this week. The move is the latest sign that Russian companies are expanding bilateral ...
LONDON/DUBAI (Reuters) - OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output. OPEC, Russia and several other ...
OPEC's Barkindo says to continue to evaluate market conditions before taking action ... Earlier, he made comments that OPEC are seeking for long-term cooperation with non-OPEC members and he says that six oil producing countries that aren't participating in the current output cuts are showing support ...
Saudi Crown Prince Mohammed bin Salman said that the Organization of Petroleum Exporting Countries (OPEC) and Russia are working on a long-term deal to cooperate on oil supply curbs. “We are ... Saudi Arabia recruited Russia and other producers to collaborate with OPEC when oil prices dropped.
The OPEC cartel and a group of allied oil-producing nations will decide by the end of this year whether to extend production cuts and by how long, Iraqi and OPEC officials said Wednesday. In Dec. 2016, OPEC and non-OPEC members reached an agreement to cut production by 1.8 million barrels a day.
OPEC and its allies' ability to adhere to the agreed upon output levels, combined with the pace of U.S. shale production growth will be the key determining factors for prices over the next two years. Currently OPEC has extended the production deal agreed to in 2016 through the end of 2018 and appears to ...
Top OPEC producer Saudi Arabia recruited Russia and other producers to collaborate with the Organization of Petroleum Exporting Countries when oil prices collapsed from over $100 a barrel in 2014 to below $30 in 2016. Crude has recovered to $70 but fast-rising output from U.S. shale producers has ...
For a week in March, Houston was the site of a world assembly of oil producers engaged in an OPEC-Russia dialogue with American shale or light tight oil producers on supply and — indirectly — price. OPEC and Saudi Arabia pitched a market information offensive. Put simply, American oil producers ...
West Texas Intermediate crude oil has stayed above $60 a barrel most of this year, only falling during a major market selloff in February. And as prices rise, non-OPEC production is increasing. In November, US shale producers hit a record high for production, pumping more than 10 billion barrels a day.
A statement on Thursday from Khalid al-Falih, energy minister for Saudi Arabia, about the Organization of the Petroleum Exporting Countries (OPEC) likely sticking together into 2019 to help tighten the crude market caused West Texas Intermediate to rise 79 cents to $65.09 and Brent to climb 73 cents to ...
Oil, suffering its worst price hit in two weeks on Thursday, had retreated from a seven-week high reached earlier this week, pressured by gains in U.S. production and as the risk of a global trade war weighed on financial markets the world over. Oil prices had been boosted earlier this week by growing ...
For decades, OPEC has been able to hold over our heads the threat of cripplingly-high oil prices. With +30 million barrels per day of the world's oil production, OPEC's ability to manipulate the price of the commodity is undeniable. This has led to a maddening amount of our foreign policy being dictated by ...
OPEC and its allies have held further discussions about changing the way they measure the impact of their production cuts, including proposals that would affect how quickly they hit their target, according to delegates from the group. One option discussed by Opec and non-Opec delegates in Vienna on ...
U.S. refiners are receiving smaller shipments of oil from members of the Organization of Petroleum Exporting Countries (OPEC) due to the bloc's production cut agreement, according to a new report by Bloomberg. Weekly crude imports from seven bloc nations dropped by 14 percent last week, the Energy ...
Oil price reached a two-week high as Organisation of Petroleum Exporting Countries (OPEC) and its allies' output curbs continued to deplete the remnants of global supply surplus. OPEC and its partners that are cutting output to ease the global glut still expect markets to balance by about the third quarter, ...
NEW YORK, March 21 (Reuters) - Oil hit a six-week high on Wednesday, closing in on a 3-year peak set in late January, on a surprise decline in U.S. inventories, strong compliance on OPEC production cuts, and persistent concern related to the Iran nuclear deal. Brent crude futures rose $2.05, or 3 percent ...
The market narrative consuming crude oil markets currently is the interplay between supply cuts by OPEC and its allies and rising U.S. shale output with a side helping of Chinese imports driving demand. While there are solid reasons for industry participants to focus on these dynamics, there is also the risk ...
At a meeting in Vienna on Monday, delegates discussed moving the goalposts by possibly adopting a different measure for the global oversupply than they are currently using. The OPEC/non-OPEC deal officially targets a reduction in commercial stocks in OECD countries down to their five-year average.
Azerbaijan, which is said to play an important role in supporting the Organization of the Petroleum Exporting Countries (OPEC) production cutback initiative, may soon become the cartel's latest member. That was the sentiment expressed by two sources familiar with the matter, who told Reuters that OPEC ...
Russia will continue to comply with the OPEC oil production cut deal until the deadline set in the extension agreement last November and even into 2019 if need be, Russia's Energy Minister Alexander Novak said. Novak added, however, that Russia is also on board with an earlier end to the deal, should ...
As demand remains stable, it is clear that OPEC and its allies' ability to adhere to the agreed upon output levels, combined with the pace of U.S. shale production growth will be the key determining factors for prices over the next two years. Currently, OPEC has extended the production deal agreed to in ...
OPEC and other oil producers, like Russia, are expected to formalize the relationship that led to a production cut. Russia's deputy energy minister says the group has not yet met their goal of stabilizing the market and could in the second half of the year. OPEC's alliance with other energy nations is seen as a ...
Since then OPEC, led by Saudi Arabia, along with Russia and other non OPEC producers agreed to curb production so the world could soak up some of the global oversupply. Prices have recovered to above $60 and Barkindo described the agreement, which will be reviewed in June to be "as solid as the ...
Oil - OPEC's Barkindo says OPEC/non-OPEC alliance open to all producers. Mon 5 Mar 2018 21:24:51 GMT. Author: Eamonn Sheridan | Category: News. Author: Eamonn Sheridan. share ...
NEW YORK (Reuters) - Crude prices rose on Monday along with the U.S. stock market on forecasts for robust oil demand growth and concerns that output from OPEC producers would grow at a much slower pace in coming years. Brent futures gained $1.17, or 1.8 percent, to settle at $65.54 a barrel, while ...
When asked about OPEC and NOPEC agreement updates, Barkindo had this to say, “all I can say at the moment is the general consensus is that it's in the best interest of this industry as well as the consumers that we should continue within this framework in order to sustain stability in this market and the ...
OPEC was meeting with rival U.S. shale producers on the sidelines of the annual CERAWeek energy conference for a second year in a row, in an effort to learn what the industry can do to avoid the type of painful downturn faced in 2015. OPEC's Secretary General Mohammed Barkindo said that downturn ...
Nigeria's inefficient refineries are unable to meet domestic fuel demand and have made Nigeria the only OPEC member to import gasoline, according to the managing director of the Nigerian National Petroleum Corporation (NNPC), and is the world's largest petrol importer. “We actually import one million ...
O PEC oil output fell in February to a 10-month low as the UAE joined other Persian Gulf members in over-delivering on a supply reduction pact, a Reuters survey found, pushing compliance with the deal to its highest yet. The Organization of Petroleum Exporting Countries pumped 32.28 million barrels per ...
OPEC has long struggled to fully understand the new world of US shale production, and engagement with the companies, as well as hedge funds, has been a priority for OPEC Secretary General Mohammed Barkindo, who said after last year's meeting in Houston that he hoped to make it an annual event.


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