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
Jul 04, 2022 01:02 PM ISTBrent crude futures for September rose 55 cents, or 0.5%, to $112.18 a barrel at 0650 GMT, after falling over $1 in early trade.
Jul 03, 2022 03:12 PM IST The group of 23 oil-exporting countries met virtually on Thursday and agreed to add back in August the final tranche of the 9.7 million barrels a day of supply that they agreed to cut back in April 2020
Jul 01, 2022 10:28 AM IST West Texas Intermediate traded below $106 a barrel after tumbling on Thursday as commodities were pummeled. The US benchmark has shed more than 1% this week despite signs that the physical crude market remains tight.
Jul 01, 2022 06:41 AM IST Thursday's meeting of the group that includes Saudi Arabia, Russia and other major oil producers was held days before U.S. President Joe Biden travels to the Middle East, including Riyadh where he is expected to press the kingdom for more oil.
Jul 01, 2022 06:30 AM IST Brent crude futures rose 83 cents, or 0.8%, to $109.86 a barrel by 0012 GMT. WTI crude futures for August delivery rose 70 cents, or 0.7%, to $106.46 a barrel.
Jun 30, 2022 06:38 PM IST The increase of 648,000 barrels per day in August leaves the world thirsty for oil as it rebounds from the COVID-19 pandemic and runs up against the inability of the 23-member OPEC+ alliance to meet its production quotas.
Jun 30, 2022 07:01 AM IST Deprived of many of its traditional European buyers, Moscow is on course to deliver somewhere between 1 million and 1.2 million barrels a day to the world’s third-largest oil importer this month, according to tanker tracking figures compiled by Bloomberg and two oil analytics firms.
Jun 30, 2022 06:58 AM IST West Texas Intermediate futures traded near $110 a barrel after closing almost 2% lower on Wednesday. Escalating fears over an economic slowdown as central banks aggressively raise interest rates to combat surging inflation have dented oil this month. That’s overshadowed rapidly tightening energy markets.
Jun 30, 2022 06:21 AM IST Brent crude futures for August dropped 25 cents, or 0.2%, to $116.01 a barrel in light trading as the August contract is set to expire on Thursday. The more-active September contract was at $112.18, down 27 cents, or 0.2%.
Jun 29, 2022 07:45 AM IST U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to $111.32 a barrel at 0150 GMT, giving up earlier gains.
Jun 28, 2022 06:23 AM IST The UAE and Saudi Arabia have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity available to make up for lost Russian supply and weak output from other member nations.
Jun 24, 2022 06:22 AM IST Brent crude futures rose 39 cents, or 0.4%, to $110.44 a barrel at 0012 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.4%, to $104.31 a barrel.
Jun 23, 2022 06:33 AM IST U.S. West Texas Intermediate (WTI) crude futures fell $2.39, or 2.3%, to $103.80 a barrel by 0031 GMT. Brent crude futures dropped $2.24, or 2.0%, to $109.50 a barrel.
Jun 22, 2022 12:55 PM IST Crude has soared in recent months to multi-year highs on concerns that tight supplies caused by the Ukraine war will not be enough to meet demand from reopening world economies, particularly China as it emerges from months-long lockdowns.
Jun 22, 2022 06:24 AM IST U.S. West Texas Intermediate (WTI) crude futures fell $1.34, or 1,2%, to $108.18 a barrel at 0031 GMT, while Brent crude futures dropped $1.33, or 1.2%, to $113.32 a barrel.
Jun 21, 2022 06:35 AM IST Brent crude futures rose $1.32, or 1.2%, to $115.45 a barrel at 0040 GMT, adding to a 0.9% gain on Monday. The benchmark contract fell 7.3% last week in its first weekly fall in five.
Jun 20, 2022 07:03 AM IST Brent crude futures slipped 8 cents, or 0.1%, to $113.04 a barrel by 0242 GMT, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, its first weekly fall in five.
Jun 15, 2022 01:51 PM IST The Organization of the Petroleum Exporting Countries is expected to publish its first forecast for 2023 demand in July.
Jun 15, 2022 06:20 AM IST WTI crude futures fell 8 cents, or 0.1%, to $118.85 a barrel by 0008 GMT. Brent crude futures fell 26 cents, or 0.2%, to $120.91 a barrel.
Jun 14, 2022 04:33 PM IST According to OPEC delegates and industry insiders, global oil demand growth will decelerate in 2023, as rising crude and fuel prices help push up inflation and act as a drag on the global economy.
Jun 14, 2022 07:42 AM IST U.S. West Texas Intermediate (WTI) crude eased 4 cents to $120.89 a barrel at 0156 GMT, while Brent crude futures dipped 6 cents to $122.21 a barrel.
Jun 13, 2022 07:00 AM IST Brent crude futures fell $2.06, or 1.7%, to $119.95 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $118.54 a barrel, down $2.13, or 1.8%.
Jun 09, 2022 06:50 AM IST Brent crude futures for August nudged up 12 cents to $123.70 a barrel by 0033 GMT, while U.S. West Texas Intermediate crude for July was at $122.17 a barrel, up 6 cents.
Jun 08, 2022 06:42 AM IST Brent crude futures for August rose 22 cents, or 0.2%, to $120.79 a barrel by 0012 GMT after closing at the highest since May 31 on Tuesday.
Jun 07, 2022 07:11 AM IST Brent crude futures were up 19 cents, or 0.2%, at $119.70 barrel at 0050 GMT.
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