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Discover Latest #OPEC News, Articles and Videos with Contenting
OPEC OPEC (Organization of the Petroleum Exporting Countries) is a group of 13 major oil-exporting nations, including Saudi Arabia, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates, Venezuela and Indonesia. The mission of the organization is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. OPEC works to ensure the stability of global oil prices and promote the development of economic and social projects in member countries. OPEC also works to reduce global dependence on oil and promote the use of alternative energy sources.
Baystreet.ca - OPEC+ Delays Cut Rollback as Big Oil Production Hits Highs
While the OPEC+ group is trying to manage oil supply to the market, the world’s largest international oil companies are raising their production, with the U.S. supermajors hitting record highs. Most companies referred to as Big Oil – ExxonMobil, ...
Baystreet.ca - Libya Set to Announce First Oil Bid Round Since 2011
Beleaguered North African oil producer Libya is set to announce within months its first oil and gas exploration bid round since the civil war began in 2011, Libyan Oil Minister Khalifa Abdul Sadiq told Bloomberg in an interview. OPEC member Libya ...
Oil edges up on signs of near-term supply tightness
Brent futures gained 17 cents, or 0.24%, to $72.06 a barrel, while U.S. West Texas Intermediate crude futures added 14 cents, or 0.21%, at $68.26 Oil prices edged up on Wednesday on signs of near-term supply tightness but stayed near their lowest in two weeks, a day after OPEC downgraded its forecast for global oil
Baystreet.ca - OPEC+ Faces Double Trouble: China Demand Weakness and Trump’s Policies
The OPEC+ group has struggled to manage oil supply and prices this year. First, there was overproduction from several members, undermining the cuts from the other producers in the pact. Then came the summer and the first actual consumption data ...
Baystreet.ca - Oil Bounces Back After OPEC's Gloomy Forecast
Petroleum prioces rebounded on Wednesday on short-covering after prices fell near a two-week low in the prior session on OPEC’s demand forecast cut, while the dollar hit a seven-month high, capping crude’s gains. Brent crude futures rose 39 cents, ...