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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 14 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 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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Global Stocks Plunge Amid Oil Crash and Coronavirus Fear [Video]

Global Stocks Plunge Amid Oil Crash and Coronavirus Fear

Global markets are taking a hit after a failed deal between OPEC and Russia led to the worst one-day crash in crude in decades.

Credit: Cover Video STUDIO     Duration: 00:58Published
Double whammy: Oil, shares tumble on OPEC fallout, virus fears [Video]

Double whammy: Oil, shares tumble on OPEC fallout, virus fears

Saudi Arabia's shock decision to increase oil output after OPEC talks failed rattled markets reeling from virus effect.

Credit: Al Jazeera STUDIO     Duration: 02:17Published
Global stocks tumble on oil price shock, recession fears [Video]

Global stocks tumble on oil price shock, recession fears

Global stocks tumbled Monday after a huge slide on oil prices added to fears of a virus-induced recession. Julian Satterthwaite reports.

Credit: Reuters Studio     Duration: 01:55Published
Oil prices plunge, world shares trampled [Video]

Oil prices plunge, world shares trampled

Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling..

Credit: Reuters Studio     Duration: 01:22Published
Stocks decline but post weekly gain [Video]

Stocks decline but post weekly gain

U.S. stocks fell for the third time this week on Friday due to coronavirus fears but two strong rallies earlier in the week put the major indices in the plus column for the week. Conway G. Gittens..

Credit: Reuters Studio     Duration: 02:17Published
OPEC backs biggest oil cut since 2008 crisis, awaits Russia [Video]

OPEC backs biggest oil cut since 2008 crisis, awaits Russia

OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action..

Credit: Reuters Studio     Duration: 01:24Published
Oil prices keep falling as virus fears weigh [Video]

Oil prices keep falling as virus fears weigh

Oil prices fell for a fifth day on Thursday, hitting their lowest since early 2019, as the coronavirus outbreak raised growing fears for global growth. Ciara Lee reports

Credit: Reuters Studio     Duration: 00:50Published
Global shares rebound as China markets stabilise [Video]

Global shares rebound as China markets stabilise

World markets bounced on Tuesday, with Chinese stocks reversing some of a previous coronavirus-related plunge amid official efforts to soothe nerves over the spreading outbreak, though sentiment..

Credit: Reuters Studio     Duration: 01:27Published

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Avoiding hugs, OPEC officials greet with their feet amid virus outbreak

When OPEC ministers descend on Vienna to decide oil production policy, their meetings are usually accompanied by displays of brotherhood between the men in charge of a third of global crude supplies.
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'Avoid hugs': OPEC in the time of the coronavirus

When OPEC ministers descend on Vienna to decide oil production policy, their meetings are usually accompanied by displays of brotherhood between the men in charge of a third of global crude supplies.
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Sailor dies aboard oil tanker moored off Venezuela: sources

A sailor aboard an oil tanker anchored off Venezuela's coast died on Saturday, three people with knowledge of the incident said, marking the second death in less than a week involving personnel aboard..
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Factbox: Coronavirus hits demand for oil, energy

A fast-spreading coronavirus in China has sent shockwaves through global commodity markets, prompting OPEC and its allies to consider deepening crude supply curbs and Asia's largest oil refiner to..
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OPEC aims to extend oil output cuts through June, alarmed by China virus

OPEC wants to extend current oil output cuts until at least June, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of a new..
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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...
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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.
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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..
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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..
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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.
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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..
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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..
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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.
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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.
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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..
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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..
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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..
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New Saudi energy minister: a royal with decades of experience in OPEC cuts

When former Saudi oil minister Ali al Naimi crushed oil prices in 2014 by adding to global oversupply, one man in the kingdom stood firmly against this strategy. 
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Russia, OPEC sources say Saudi shake-up won't affect oil pact

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Venezuela rejoins regional defense treaty but Guaido warns it's no 'magic' solution

Venezuela's National Assembly approved a law returning the OPEC nation to a regional defense treaty on Tuesday, but opposition leader Juan Guaido sought to tamp down supporters' hopes it could lead to..
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Kuwait moves to protect its ports amid Gulf tensions

Kuwait's navy and ports authority will prepare security plans to protect the key OPEC exporter's ports, state news agency KUNA said on Saturday, amid heightened tensions between Iran and the West.
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Venezuelan man killed in service station line amid fuel shortages

A Venezuelan man was killed on Saturday night in a service station line in the western state of Merida, a municipal mayor said on Sunday, signaling the growing impact of the OPEC nation's fuel..
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