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The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965. OPEC's objective is to coordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. OPEC was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization. The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela. Former OPEC members are Ecuador, Indonesia and Qatar. The approval of a new member country requires agreement by three-quarters of OPEC's existing members, including all five of the founders. In October 2015, Sudan formally submitted an application to join, but it is not yet a member. According to the US Energy Information Administration (EIA), OPEC's combined rate of oil production (including gas condensate) represented 44 percent of the world's total in 2016, and OPEC accounted for 81.5 percent of the world's ‘proven’ oil reserves. A larger group called OPEC+ was formed in late 2016 to have more control on the global crude oil market. More

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  • Oil buoyed by OPEC+ output speculation and easing China COVID curbs Dec 01, 2022 06:53 PM IST

    Oil buoyed by OPEC+ output speculation and easing China COVID curbs

    Crude also gained support from dollar weakness prompted by euro zone factory data and the Federal Reserve Chair saying the pace of U.S. interest rate hikes could be scaled back.

  • Oil Markets: Why 2023 is likely to be as volatile as 2022 Dec 01, 2022 09:00 AM IST

    Oil Markets: Why 2023 is likely to be as volatile as 2022

    Oil prices have cooled down as demand concerns have surfaced. An Opec+ meeting and a likely decision on a price cap on Russian crude could trigger more volatility ahead

  • Oil edges higher on tight supply, China demand recovery optimism Dec 01, 2022 08:05 AM IST

    Oil edges higher on tight supply, China demand recovery optimism

    Brent crude futures rose 5 cents, or 0.06%, to $87.02 per barrel by 0115 GMT while U.S. West Texas Intermediate crude futures rose 16 cents, or 0.2%, to $80.71.

  • OPEC+ switch to virtual meeting signals policy roll-over ahead of Russian oil price cap: Sources Dec 01, 2022 06:56 AM IST

    OPEC+ switch to virtual meeting signals policy roll-over ahead of Russian oil price cap: Sources

    A virtual meeting puts the focus on the pending European Union deal over the price cap on Russian oil, as well as a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude.

  • OPEC+ virtual meeting signals little likelihood of policy change ahead of Russian oil price cap decision: Source Nov 30, 2022 10:17 AM IST

    OPEC+ virtual meeting signals little likelihood of policy change ahead of Russian oil price cap decision: Source

    A virtual meeting also puts the focus on the pending European Union deal on a price cap on Russian oil ahead of a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude.

  • China's crisis gives OPEC an excuse to cut oil production  Nov 30, 2022 09:51 AM IST

    China's crisis gives OPEC an excuse to cut oil production 

    For the oil market, the key numbers to watch out for are the production cut by the oil cartel and the reduction in consumption in China 

  • Oil up as US crude stocks seen falling, OPEC+ concerns limit gains Nov 30, 2022 07:40 AM IST

    Oil up as US crude stocks seen falling, OPEC+ concerns limit gains

    Brent crude futures were up 65 cents or 0.8% at $83.68 per barrel by 0132 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 68 cents or 0.9% to $78.88 per barrel.

  • Oil steadies as China COVID hopes offset by OPEC+ output concerns Nov 29, 2022 10:34 PM IST

    Oil steadies as China COVID hopes offset by OPEC+ output concerns

    Brent Crude futures were up 48 cents at $83.67 a barrel by 11:24 a.m. 1624 GMT. U.S. West Texas Intermediate (WTI) crude futures were 53 cents higher at $77.77.

  • Commodities Live: Metals sink, oil prices down to lowest this year; Time to buy?    Nov 28, 2022 01:18 PM IST

    Commodities Live: Metals sink, oil prices down to lowest this year; Time to buy?  

    The price of metals has sunk, while oil has fallen to its lowest level in years. Catch today's commodity chat with commodities analyst Prathamesh Mallya and Karunya Rao!

  • OPEC+ meeting to take into account market conditions: Iraqi official Nov 27, 2022 07:58 AM IST

    OPEC+ meeting to take into account market conditions: Iraqi official

    OPEC+'s October decision to reduce production by two million barrels per day (bpd) had played an important role in stabilising global markets, Saadoun, who serves as Iraq's delegate to OPEC, said.

  • Oil inches up amid wrangling over Russian oil price cap Nov 25, 2022 07:21 AM IST

    Oil inches up amid wrangling over Russian oil price cap

    U.S. West Texas Intermediate (WTI) crude futures jumped 35 cents, or 0.5%, from Wednesday's close to $78.32 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.

  • Oil falls as supply-disruption fears ease amid Russian price cap talks Nov 24, 2022 07:49 AM IST

    Oil falls as supply-disruption fears ease amid Russian price cap talks

    Brent crude futures had slid 43 cents, or 0.5%, to $84.98 a barrel by 0102 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5%, to $77.59 a barrel.

  • Crude oil can spoil the equity market party in December Nov 23, 2022 09:37 AM IST

    Crude oil can spoil the equity market party in December

    The US is trying its best to lower oil prices so that consumers get cheaper fuel but OPEC+ is unwilling to play ball. Geopolitical developments could see prices go even higher

  • Oil prices climb on big drop in US crude stocks, Russia supply uncertainty Nov 23, 2022 06:58 AM IST

    Oil prices climb on big drop in US crude stocks, Russia supply uncertainty

    Brent crude futures gained 25 cents, or 0.3%, to $88.61 a barrel at 0101 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.4%, to $81.30 a barrel.

  • Oil rises as OPEC+ focus on supply cuts outweighs recession concerns Nov 22, 2022 06:41 PM IST

    Oil rises as OPEC+ focus on supply cuts outweighs recession concerns

    Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday was also quoted by state news agency SPA as denying a Wall Street Journal report that said OPEC was considering boosting output and sent prices plunging by more than 5%.

  • Fall in crude oil prices & impact on markets explained | Commodities Live Nov 22, 2022 12:46 PM IST

    Fall in crude oil prices & impact on markets explained | Commodities Live

    Catch today's commodity live with Manisha Gupta!

  • Oil rises after Saudis deny report of OPEC+ supply increase Nov 22, 2022 07:35 AM IST

    Oil rises after Saudis deny report of OPEC+ supply increase

    Brent crude futures rose 17 cents, or 0.2%, to $87.62 by 0007 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 7 cents, or 0.1%, to $80.11 a barrel.

  • Saudi denies oil output hike discussion, says OPEC+ may cut if needed Nov 22, 2022 06:59 AM IST

    Saudi denies oil output hike discussion, says OPEC+ may cut if needed

    The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. The report cited unidentified OPEC delegates.

  • Oil dips near 2-month lows as supply concerns ease Nov 21, 2022 08:11 AM IST

    Oil dips near 2-month lows as supply concerns ease

    Brent crude futures for January had slipped 28 cents, or 0.3%, to $87.34 a barrel by 0103 GMT after settling at their lowest since Sept. 27.

  • Oil climbs as dollar slips, but demand outlook clouds market Nov 18, 2022 08:04 AM IST

    Oil climbs as dollar slips, but demand outlook clouds market

    Brent crude futures clawed back 67 cents, up 0.8% to $90.45 a barrel at 0130 GMT, but were not far off a four-week low of $89.53 hit in the previous session.

  • Oil falls as geopolitical tensions ease, China COVID concerns return Nov 17, 2022 07:34 AM IST

    Oil falls as geopolitical tensions ease, China COVID concerns return

    Brent crude futures dropped by 62 cents, or 0.7%, to $92.24 a barrel by 0110 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 65 cents, or 0.8%, to $84.94 a barrel.

  • Relief ahead for market, cautious on macro setup in 2023, says CLSA's Vikash Jain Nov 15, 2022 03:03 PM IST

    Relief ahead for market, cautious on macro setup in 2023, says CLSA's Vikash Jain

    CLSA India Strategist Vikash Jain says IT sector has "not done badly" over the last month and the US-led rally will help these stocks

  • Oil prices slip on OPEC cut in demand forecast, China COVID cases Nov 15, 2022 07:18 AM IST

    Oil prices slip on OPEC cut in demand forecast, China COVID cases

    Brent crude futures fell 39 cents, or 0.4%, to $92.75 a barrel by 0133 GMT after settling down 3% on Monday. U.S. West Texas Intermediate crude was at $85.31 a barrel, down 56 cents, or 0.7%, after tumbling 3.5% in the previous session.

  • OPEC cuts oil demand outlook as it starts to curb production Nov 14, 2022 06:29 PM IST

    OPEC cuts oil demand outlook as it starts to curb production

    Due to a weaker economic backdrop and China’s strict anti-Covid measures, the Organization of Petroleum Exporting Countries lowered estimates for the amount of crude it will need to pump this quarter by 520,000 barrels a day, following a similar-sized downgrade a month ago.

  • Oil crawls higher on US hopes, but COVID rise in China caps gains Nov 11, 2022 07:27 AM IST

    Oil crawls higher on US hopes, but COVID rise in China caps gains

    Brent crude futures were up 23 cents, or 0.3%, to $93.80 a barrel at 0101 GMT, extending a 1.1% rise in the previous session.