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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 - Geopolitics Just Slapped the Oil Market Awake
This weekend, OPEC+ agreed to add another 411,000 barrels daily to its combined output. The decision came amid expectations of a bigger hike that had weighed on energy stocks prior to the latest meeting of the group. But that wasn’t all. Following the ...
Oil Extends Gains as Canada Wildfires Offset OPEC+ Output Hike
(Bloomberg) -- Oil rose for a second day as supply disruptions from Canada’s wildfires countered OPEC’s latest bumper supply increase.Most Read from BloombergWhere the Wild Children’s Museums AreBillionaire Steve Cohen Wants NY to Expand Taxpayer-Backed FerryThe Global Struggle to Build Safer CarsAt London’s New Design Museum, Visitors Get Hands-On AccessLA City Council Passes Budget That Trims Police, Fire SpendingWest Texas Intermediate advanced 1.4% to close above $63 a barrel, the highest in
Baystreet.ca - Oil Prices Steady on OPEC Output Hikes
Oil prices were steady on Wednesday, amid a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures fell three cents to $65.60 a barrel, ...
Baystreet.ca - Oil Bulls Bite Back as Prices Defy Expectations
OPEC+ did what everyone expected it to do last weekend, announcing another production ramp-up. Prices, however, did something that not everyone expected them to do: they went up. All eyes are now on demand—and the disruption of supply. The eight ...