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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 prices reverse losses, gain on tight supply concerns Jul 04, 2022 01:02 PM IST

    Oil prices reverse losses, gain on tight supply concerns

    Brent 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.

  • OPEC+ did its job, but don’t expect it to disappear Jul 03, 2022 03:12 PM IST

    OPEC+ did its job, but don’t expect it to disappear

    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

  • Oil heads for worst losing streak of 2022 on recession fears Jul 01, 2022 10:28 AM IST

    Oil heads for worst losing streak of 2022 on recession fears

    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.

  • OPEC+ sticks to oil output policy, avoids debate on September plans Jul 01, 2022 06:41 AM IST

    OPEC+ sticks to oil output policy, avoids debate on September plans

    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.

  • Oil prices rise after falling 3% in previous session Jul 01, 2022 06:30 AM IST

    Oil prices rise after falling 3% in previous session

    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.

  • OPEC+ oil boost likely not much help to high gasoline prices Jun 30, 2022 06:38 PM IST

    OPEC+ oil boost likely not much help to high gasoline prices

    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.

  • Russia muscles in on Indian oil market at expense of OPEC titans Jun 30, 2022 07:01 AM IST

    Russia muscles in on Indian oil market at expense of OPEC titans

    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.

  • Oil set for first monthly decline this year before OPEC+ meeting Jun 30, 2022 06:58 AM IST

    Oil set for first monthly decline this year before OPEC+ meeting

    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.

  • Oil prices stable as market weighs fuel stocks build amid supply concerns Jun 30, 2022 06:21 AM IST

    Oil prices stable as market weighs fuel stocks build amid supply concerns

    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%.

  • Oil prices take breather after three-day rally Jun 29, 2022 07:45 AM IST

    Oil prices take breather after three-day rally

    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.

  • Oil climbs as major producer UAE says it has no spare capacity Jun 28, 2022 06:23 AM IST

    Oil climbs as major producer UAE says it has no spare capacity

    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.

  • Oil prices rise on tight supply, inventory uncertainty Jun 24, 2022 06:22 AM IST

    Oil prices rise on tight supply, inventory uncertainty

    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.

  • Oil extends losses as recession fears mount Jun 23, 2022 06:33 AM IST

    Oil extends losses as recession fears mount

    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.

  • WTI crude plunges 5% on recession fears Jun 22, 2022 12:55 PM IST

    WTI crude plunges 5% on recession fears

    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.

  • Oil prices slide as Joe Biden pushes for US fuel cost cuts Jun 22, 2022 06:24 AM IST

    Oil prices slide as Joe Biden pushes for US fuel cost cuts

    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.

  • Oil rises on market caution over supply concerns Jun 21, 2022 06:35 AM IST

    Oil rises on market caution over supply concerns

    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.

  • Oil wobbles as global economic worries offset tightening supply Jun 20, 2022 07:03 AM IST

    Oil wobbles as global economic worries offset tightening supply

    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.

  • Exclusive: OPEC sees global oil demand growth slowing in 2023, sources say Jun 15, 2022 01:51 PM IST

    Exclusive: OPEC sees global oil demand growth slowing in 2023, sources say

    The Organization of the Petroleum Exporting Countries is expected to publish its first forecast for 2023 demand in July.

  • Oil prices slip ahead of expected US Fed interest rate hike Jun 15, 2022 06:20 AM IST

    Oil prices slip ahead of expected US Fed interest rate hike

    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.

  • OPEC sees global oil demand growth slowing in 2023: Sources Jun 14, 2022 04:33 PM IST

    OPEC sees global oil demand growth slowing in 2023: Sources

    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.

  • Oil bounces around as tight supply offsets China, recession fears Jun 14, 2022 07:42 AM IST

    Oil bounces around as tight supply offsets China, recession fears

    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.

  • Oil prices slide on Beijing COVID warning, inflation concerns Jun 13, 2022 07:00 AM IST

    Oil prices slide on Beijing COVID warning, inflation concerns

    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%.

  • Oil hovers near 13-week high on robust US demand, China optimism Jun 09, 2022 06:50 AM IST

    Oil hovers near 13-week high on robust US demand, China optimism

    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.

  • Oil prices inch higher ahead of US inventories data Jun 08, 2022 06:42 AM IST

    Oil prices inch higher ahead of US inventories data

    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.

  • Oil prices edge higher on relaxed China COVID curbs, tight supplies Jun 07, 2022 07:11 AM IST

    Oil prices edge higher on relaxed China COVID curbs, tight supplies

    Brent crude futures were up 19 cents, or 0.2%, at $119.70 barrel at 0050 GMT.

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