Organization of the Petroleum Exporting Countries (OPEC)
About
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. The five Founding Members were later joined by ten other Members: Qatar (1961) – terminated its membership in January 2019; Indonesia (1962) – suspended its membership in January 2009, reactivated it in January 2016, but decided to suspend it again in November 2016; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership in December 1992, but reactivated it in October 2007; Angola (2007); Gabon (1975) - terminated its membership in January 1995 but rejoined in July 2016; Equatorial Guinea (2017); and Congo (2018). 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. (Source: OPEC.org)
Editor's note: Updated July 1, 2019.
Headquarters Address
Helferstorferstrasse 17
A-1010
Vienna
Austria
Website
www.opec.orgNews
What's Affecting Oil Prices This Week? (April 8, 2024)
Stratas Advisors says geopolitics are providing a boost for oil prices as conflicts escalate–and while crude oil and oil products continue to flow, the possibility of disruption is increasing.
What's Affecting Oil Prices This Week? (April 1, 2024)
Stratas Advisors forecasts that OPEC+ will continue to manage supply in a proactive manner while non-OPEC supply growth is expected to be more modest during 2024 and 2025 than seen in 2023.
Russia Orders Companies to Cut Oil Output to Meet OPEC+ Target
Russia plans to gradually ease the export cuts and focus on only reducing output.
IEF Chief: When the Public Figures out Transition’s Cost, ‘We’re in Big Trouble’
Also, developing and undeveloped countries are pushing back, with one African minister saying “we will decarbonize after we carbonize.”
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
What's Affecting Oil Prices This Week? (March 11, 2024)
Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.
US Leads Global Oil Production for Sixth Straight Year-EIA
The Energy Information Administration says it is unlikely that the record will be broken by another country in the near term.
Oil Rises After OPEC+ Extends Output Cuts
Rising geopolitical tensions due to the Israel-Hamas conflict and Houthi attacks on Red Sea shipping have supported oil prices in 2024, although concern about economic growth has weighed.
Global Oil Demand to Grow by 1.9 MMbbl/d in 2024, Says Wood Mac
Oil prices have found support this year from rising geopolitical tensions including attacks by the Iran-aligned Houthi group on Red Sea shipping.
Angola Leaves OPEC, in Blow to Producer Group
Angola, which joined OPEC in 2007, produces about 1.1 MMbbl/d, compared with 28 MMbbl/d for the whole group.
Global Energy Watch: Chevron and the US’ Geopolitical Chess Match with Venezuela
To allow Chevron Corp. to recoup outstanding debts in Venezuela, Washington has had to make two risky board moves in a geopolitical chess match with the South American country.
What's Affecting Oil Prices This Week? (Dec. 11, 2023)
For the upcoming week, Stratas Advisors predicts there will be more attention on the geopolitical developments, however there is still a risk that conflict will expand.
What's Affecting Oil Prices This Week? (Dec. 04, 2023)
At the meeting OPEC+ agreed to reduce its oil production by another 700,000 bbl/d – which will come from Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman.
Brent Crude Oil Closes Below $80 Ahead of OPEC+ Meeting
Prices tumbled midweek when OPEC+ postponed to Nov. 30 a ministerial meeting to iron out differences on production targets for African producers.
What's Affecting Oil Prices This Week? (Nov. 27, 2023)
A delayed OPEC meeting, Russian oil export sanctions, falling confidence in Chinese multinational companies and the Israeli-Hamas conflict are all playing a hand at affecting oil prices this week.