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International organization of petroleum-exporting countries

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OPEC: International organization of petroleum-exporting countries
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, although Austria is not an OPEC member state. 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. The demand for OPEC oil has fallen to a 30-year low in second quarter of 2020.

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As OPEC turns 60 oil demand drop steepens [Video]

As OPEC turns 60 oil demand drop steepens

As OPEC celebrates its 60th birthday, the group warns that oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year...

Credit: Reuters Studio     Duration: 01:39Published
Is this the end game for oil? [Video]

Is this the end game for oil?

[NFA] The coronavirus crisis may be triggering the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. Megan Revell reports.

Credit: Reuters Studio     Duration: 02:44Published

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