International organization of petroleum-exporting countries
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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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U.S. oil sanctions against Iran are unjust: RouhaniIranian President Hassan Rouhani said U.S. sanctions against Iran and Venezuela were unjust in a telephone call with Venezuelan President Nicolas Maduro on Monday and called for the two countries to..
Avoiding hugs, OPEC officials greet with their feet amid virus outbreakWhen 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.
'Avoid hugs': OPEC in the time of the coronavirusWhen 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.
Sailor dies aboard oil tanker moored off Venezuela: sourcesA 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..
Factbox: Coronavirus hits demand for oil, energyA 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..
OPEC aims to extend oil output cuts through June, alarmed by China virusOPEC 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..
U.S. envoy sees China scaling back economic support for Venezuela’s MaduroThe 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...
Twitter suspends over a dozen Venezuelan government, military accountsTwitter 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.
OPEC fully supports Paris climate pact: Secretary-General BarkindoOPEC 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..
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..
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.
Russia's Putin says global oil inventories need cutting to 'reasonable level': ArabiyaRussian 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..
Unrest in Ecuador curbs output of nearly 900,000 barrels of oilMore 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..
Ecuador oil output down by 232,000 bpd due to unrest: ministerUnrest in Ecuador has cost the OPEC member 232,000 barrels-per-day of production, Energy Minister Carlos Perez said on Wednesday.
Saudi energy minister says no urgent OPEC meeting: Al Arabiya TVThere 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.
Saudis yet to brief OPEC colleagues, IEA on oil outage: sourcesSaudi 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..
Venezuela's Maduro says he will skip U.N., but envoys will slam U.S. sanctionsVenezuelan 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..
Saudi Prince Abdulaziz: oil hawk with soft diplomacy touchOPEC 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..
New Saudi energy minister: a royal with decades of experience in OPEC cutsWhen 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.
Russia, OPEC sources say Saudi shake-up won't affect oil pactBy Vladimir Soldatkin, Gabrielle Tétrault-Farber and Alex Lawler
Venezuela rejoins regional defense treaty but Guaido warns it's no 'magic' solutionVenezuela'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..
Kuwait moves to protect its ports amid Gulf tensionsKuwait'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.
Venezuelan man killed in service station line amid fuel shortagesA 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..