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OPEC

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, 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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U.S. envoy sees China scaling back economic support for Venezuela’s Maduro

The Trump administration’s envoy on Venezuela said China appears to be scaling back economic support for President Nicolas Maduro, and Beijing acknowledged a diminishing role largely due to U.S...
Reuters - Published

OPEC expects lower demand for its oil as U.S. hits new milestone

OPEC expects lower demand for its crude oil in 2020 even as global demand rises, it said on Wednesday, as rival producers grab market share and the United States looks set for another output record.
Reuters - Published

Videos for OPEC


World's largest IPO: Saudi Aramco makes debut [Video]World's largest IPO: Saudi Aramco makes debut

Saudi Aramco shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut on Wednesday, closing in on a $2 trillion valuation that would make it the world's most..

Credit: Reuters Studio     Duration: 01:52Published

Oil drops even as OPEC curbs output [Video]Oil drops even as OPEC curbs output

Oil prices fell Friday even after OPEC agreed to curb output. Julian Satterthwaite reports.

Credit: Reuters Studio     Duration: 00:56Published

OPEC MEETING: Saudi Arabia wants countries to deepen oil cuts [Video]OPEC MEETING: Saudi Arabia wants countries to deepen oil cuts

Credit: FRANCE 24 English     Duration: 09:40Published

Will Saudi Arabia reduce its oil output? [Video]Will Saudi Arabia reduce its oil output?

Reports suggest Saudi Arabia wants OPEC to make further production cuts.

Credit: Al Jazeera STUDIO     Duration: 03:38Published

 

Opec+ committed to deliver a balanced oil market, UAE energy minister says

opec+ committed to deliver a balanced oil market, uae energy minister says
The alliance known as Opec + remains committed to deliver a balanced oil market despite rising geopolitical tensions in the region, the UAE's energy minister said on Saturday. The group, which includes..
WorldNews - Published

Twitter suspends over a dozen Venezuelan government, military accounts

Twitter Inc has suspended more than a dozen accounts associated with Venezuela's government and military, including the OPEC nation's oil ministry and the armed forces' operational command.
Reuters - Published

Oil price rise muted in 2019 despite sanctions, supply cuts, attack in Saudi Arabia

Oil prices rose more than 20% this year but there were no sharp spikes and crude futures barely sniffed $70 a barrel despite attacks on the world's biggest oil producer, sanctions that crippled crude..
Reuters - Published

Iraqi protesters blockade oil field

iraqi protesters blockade oil field
NASIRIYAH - Iraqi anti-government protesters blockaded an oil field and rallied in southern cities Sunday while political factions remained paralysed in their attempts to form a new government. Several..
WorldNews - Published

Oil nears $68, highest since September, on trade hopes, OPEC

Oil rose towards $68 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, hopes of an end to the China-U.S. trade dispute and OPEC-led..
Reuters - Published

Oil climbs, lifted by U.S.-China trade deal hopes, OPEC cuts

oil climbs, lifted by u.s.-china trade deal hopes, opec cuts
Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode...
WorldNews - Published

View: OPEC+ deal isn’t worth the paper it is written on

view: opec+ deal isn’t worth the paper it is written on
There was an elephant in the room during the recent OPEC+ meeting: The record-breaking initial public offering of Saudi Arabia’s mammoth oil company Saudi Aramco occurring at exactly the same time...
WorldNews - Published

Saudi Arabia could crack whip on oil cuts

saudi arabia could crack whip on oil cuts
(Bloomberg): Like so many in the past, the latest deal by the world’s major oil producing countries to reduce supply and boost prices relies on persuading the cheats to adhere to the output cuts..
WorldNews - Published

Saudi energy minister talks OPEC+ unity, backs Aramco to soar

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters.
Reuters - Published

OPEC nears deal to reduce output target

opec nears deal to reduce output target
OPEC stood on the verge of a deal to reduce its official output target in line with recent production, but after six hours of fraught talks in Vienna on Thursday, ministers left the cartel’s..
WorldNews - Published

OPEC has another go at oil deal after 'brain squeezing'

opec has another go at oil deal after 'brain squeezing'
Friday's so-called OPEC+ meeting included Russia, the world's second-largest oil producer and not a member of the cartel. Saudi Oil Minister Prince Abdulaziz Ben Salman, who is attending his first..
WorldNews - Published

Asian shares up as trade optimism lingers, oil firm on OPEC+ output cut

Asian stocks gained on Friday as investors took heart from U.S. President Donald Trump saying trade talks with China were "moving right along", and U.S. oil prices sat near 2-1/2-month highs after OPEC..
Reuters - Published Also reported by •WorldNews

OPEC, allies agree to deepen oil output cuts

OPEC and allies led by Russia on Thursday agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for the first three months of 2020.
Reuters - Published

Russia's Novak says OPEC+ panel calls for extra oil cuts of 500,000 bpd in first quarter

Russian energy minister Alexander Novak said on Thursday that an OPEC+ ministerial panel has recommended deepening oil production cuts by 500,000 barrels per day (bpd) in the first quarter of 2020.
Reuters - Published

OPEC+ panel recommends deepening oil cuts by 500,000 bpd: sources

A ministerial panel of key OPEC producers and allied countries on Thursday recommended deepening their agreed oil production cuts by 500,000 barrels per day, two sources told Reuters.
Reuters - Published

Angola petroleum minister says he supports maintaining OPEC+ oil cuts

Angola supports maintaining oil production curbs by OPEC and its allies, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Thursday, adding that he hoped..
Reuters - Published

Russia cutting even more oil output than agreed under OPEC+ pact: energy minister

Russian energy minister Alexander Novak said on Thursday Russia was currently cutting even more oil output than agreed under an OPEC+ pact to curb supply, without taking into account gas condensate.
Reuters - Published

Iran OPEC envoy says Tehran would back majority decision to cut oil output: SHANA

Iran would support a majority decision by members of the Organization of the Petroleum Exporting Countries to cut oil production, the country's OPEC envoy said on Thursday, according to Iranian oil..
Reuters - Published

OPEC gearing up for deeper oil cuts, Russia yet to agree

OPEC is gearing up to deepen oil supply cuts later this week but still needs to strike an agreement with allies such as Russia on details of a deal to support prices and prevent a glut next year.
Reuters - Published

OPEC, Russia debate deeper oil cuts as new glut looms

Russia expects a constructive meeting with OPEC producers this week, its energy minister said on Tuesday, as OPEC leader Saudi Arabia presses members and allies such as Russia to deepen output cuts to..
Reuters - Published

U.S. oil output growth slows: just how much is anyone's guess

U.S. oil producers could expand daily output by 1 million barrels next year, or by as little as 100,000 barrels, with the wide gap creating huge uncertainty as OPEC officials gather this week to weigh..
Reuters - Published

Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO

OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi..
Reuters - Published

Oil jumps on Chinese factory growth, hopes for deeper Opec cuts

oil jumps on chinese factory growth, hopes for deeper opec cuts
TOKYO: Oil prices rose more than 1 per cent on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand and hints that Opec may deepen output cuts at its meeting this..
WorldNews - Published

Oil posts worst drop in more than two months on bearish Opec outlook

oil posts worst drop in more than two months on bearish opec outlook
Oil fell the most in more than two-and-a-half months amid signals that Opec and allied crude producers are averse to deepening output cuts when they convene next week. Futures dropped 5.1 per cent in..
WorldNews - Published

OPEC November oil output slips before Aramco IPO, policy meeting

OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering (IPO) of..
Reuters - Published

OPEC+ faces 'major challenge' from competitors' surging output: IEA

The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group's..
Reuters - Published

OPEC fully supports Paris climate pact: Secretary-General Barkindo

OPEC Secretary-General Mohammad Barkindo said on Tuesday that the oil producer group fully supports the Paris Agreement on climate change, a day after the Trump administration said it had filed..
Reuters - Published

From hiding within Venezuela, lawmaker pledges to 'intensify the fight'

A Venezuelan opposition lawmaker whose parliamentary immunity was stripped last month said he is being targeted by President Nicolas Maduro for calling anti-government protests, at a time when the..
Reuters - Published

Bolsonaro wants Brazil to join OPEC

bolsonaro wants brazil to join opec
The gesture indicates 'determination to make reforms in the energy sector' Brazilian President Jair Bolsonaro's wish for his country to join the Organization of the Petroleum Exporting Countries, or..
WorldNews - Published

Russia affirms close oil cooperation with Saudi Arabia, OPEC+

Russia's energy ministry said on Friday it continues close cooperation with Saudi Arabia and OPEC and non-OPEC oil producers to enhance market stability and predictability.
Reuters - Published

The Dow Slipped 40 Points Because Brexit Is Like a Bad BBC Soap Opera

the dow slipped 40 points because brexit is like a bad bbc soap opera
Falling Back. All three major stock indexes closed in the red on Tuesday. There was good and bad news for supporters of both Brexit and Canadian Prime Minister Justin Trudeau. U.S. existing-home sales..
WorldNews - Published

Oil Prices Jump On A Lone Piece Of Bullish News

oil prices jump on a lone piece of bullish news
Oil inched up on Wednesday, supported by hopes that OPEC and allies may deepen their production cuts in December, while weakening global economic and oil demand outlook continues to weigh on prices. At..
WorldNews - Published

Russia's Putin says global oil inventories need cutting to 'reasonable level': Arabiya

Russian President Vladimir Putin said on Sunday global oil inventories need cutting to "reasonable levels" and that attacks in recent months on tankers in the Gulf and Saudi oil facilities will..
Reuters - Published

Unrest in Ecuador curbs output of nearly 900,000 barrels of oil

More than a week of unrest over anti-austerity measures in Ecuador has curbed output of 877,678 barrels of crude in the OPEC-member nation, including 140,885 barrels from private companies, an energy..
Reuters - Published

Stocks up, dollar down with eyes on U.S.-Sino trade talks

Stocks rose on Thursday after U.S. President Donald Trump said he would meet with China's top trade negotiator on Friday, while oil rose as OPEC pledged a decision on supply at its December meeting.
Reuters - Published

Ecuador oil output down by 232,000 bpd due to unrest: minister

Unrest in Ecuador has cost the OPEC member 232,000 barrels-per-day of production, Energy Minister Carlos Perez said on Wednesday.
Reuters - Published

Saudi energy minister says no urgent OPEC meeting: Al Arabiya TV

There will be no urgent OPEC meeting, the‮ ‬Saudi energy minister Prince Abdulaziz bin Salman said, Al Arabiya television reported on Tuesday after the weekend attacks on its facilities.
Reuters - Published

Saudis yet to brief OPEC colleagues, IEA on oil outage: sources

Saudi Arabia has yet to brief fellow OPEC members and other energy sector players about how long it will take to restore the country's oil output, OPEC and industry sources said as Riyadh tries to..
Reuters - Published

Venezuela's Maduro says he will skip U.N., but envoys will slam U.S. sanctions

Venezuelan President Nicolas Maduro said on Thursday he will not travel to New York for the annual meeting of the United Nations General Assembly later this month, but that two of his envoys would..
Reuters - Published

Saudi Prince Abdulaziz: oil hawk with soft diplomacy touch

OPEC is notorious for arguing over production policies - but Prince Abdulaziz bin Salman has effectively managed to deliver his first output cut just four days after becoming the new Saudi energy..
Reuters - Published

OPEC, allies weigh further oil production cut in December

opec, allies weigh further oil production cut in december
ABU DHABI, United Arab Emirates — OPEC and its non-cartel allies on Thursday discussed further cuts to oil production and the possibility of Iran re-entering the global market but said that any..
WorldNews - Published

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