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.
The price of crude oil is up 2% on news that leading producer Saudi Arabia plans to cut its production level by one million barrels a day going forward. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) made no changes ...
As they stepped hand in hand from OPEC’s headquarters into the Vienna sun on Saturday, the group’s two Gulf heavyweights signaled that a long rift was over.
The Canadian Dollar brushed aside crude oil production cuts from Saudi Arabia as OPEC+ members struggled to reach a broader agreement, causing WTI to fill a 4% gap within 24 hours.
Crude oil closed higher but surrendered nearly all early gains, as Saudi Arabia's go-it-alone production cuts only underscored the broader weakness in the oil market and in the cartel.
Russia would benefit from being transparent in publishing its oil production data as the OPEC+ group, which it leads along with Saudi Arabia, seeks to convince markets that it is pumping at pledged levels, the kingdom’s energy minister said.
Fears of a US recession have led to the reversal of oil prices after yesterday’s gains on the back of the OPEC+ production cut. The front-month July Brent Oil futures contract was trading at $75.73 at the time of writing, lower than the close on Friday. Analysts attributed the losses to concerns about the health […]
The FTSE 100 dipped on Tuesday as Monday’s support from higher oil prices quickly evaporated. Oil majors were among the top fallers as oil prices erased all of the gains made yesterday on the back of OPEC’s production cut. The FTSE 100 was trading at 7,575, down 0.3% at the time of writing. Oil prices […]
Over the weekend, OPEC+ held discussions to further cut oil production. This would add to its existing cut of 2 million barrels per day. Plans to cut production again will offset Russia’s increased energy sales to Iran, India, and China. The OPEC+ ...