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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, 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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Iran's OPEC governor dies after brain haemorrhage

Iran's OPEC Governor Hossein Kazempour Ardebili has died of a brain haemorrhage two weeks after falling into a coma, the semi-official news agency ISNA reported on Saturday.
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U.S. oil sanctions against Iran are unjust: Rouhani

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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

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OPEC aims to extend oil output cuts through June, alarmed by China virus

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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'

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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

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

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

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

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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

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New Saudi energy minister: a royal with decades of experience in OPEC cuts

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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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