OPEC

Intergovernmental oil organization

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The Organization of the Petroleum Exporting Countries is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960, in Baghdad by the first five members which are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for an estimated 30 percent of global oil production. A 2022 report further details that OPEC member countries were responsible for approximately 38 percent of it. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.

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Government discussed oil market volatility with OPEC chief, government says IndiaTimes - Published on April 19, 2024
Opec leader's leaked letter on fossil fuel blockade creates shockwaves A leaked letter from OPEC secretary general Haitham Al Ghais has caused concern among European countries and small island nations at the CO summit. The letter urges OPEC member countries to reject any.. IndiaTimes - Published on December 9, 2023
OPEC 'panicking' as push to phase out fossil fuels gathers momentum at COP28 Oil states are pressing the panic button after a proposal to end the fossil fuel era gathered unprecedented support at the current United Nations climate talks, according to veteran overseers of the.. Sky News - Published on December 9, 2023

Former OPEC president charged with bribery offences in the UK A former head of the group that enables the top oil-producing countries to cooperate and influence the global oil market has been charged with bribery offences. Sky News - Published on August 22, 2023
'The Saudis are calling the shots in the cartel': Why OPEC+ has announced a cut in oil production The surprise production cuts announced by OPEC+ at the weekend appear to have been motivated by a number of factors. Sky News - Published on April 3, 2023
Oil cartel sticks to targets despite uncertainty over new sanctions on Russia The Saudi-led OPEC oil cartel and allied producers including Russia have stuck to their output targets, despite uncertainty over the impact of fresh Western sanctions against Moscow. Sky News - Published on December 4, 2022

Slashing oil production is a big two fingers to the US - but will it backfire for Russia? The Opec+ cartel of oil-producing nations has announced a production cut of two million barrels per day. Sky News - Published on October 5, 2022
Oil prices to rise as two million fewer barrels to be produced each day Two million fewer barrels of oil are to be produced each day, equivalent to 2% of global supply, the Organisation of the Petroleum Exporting Countries (Opec) and Russia have agreed. Sky News - Published on October 5, 2022
Explained: The importance of Jaishankar's first visit to Saudi Arabia Even after India gorging on cheap Russian crude oil in the recent months, Saudi Arabia is not a featherweight when it comes to fulfilling India's oil energy needs. The country with the largest proven.. IndiaTimes - Published on September 12, 2022
OPEC boss who struck deal with Russia dies just before the end of his term The boss of OPEC - the powerful cartel that represents many of the world's biggest oil producers - has died at the age of 63. Sky News - Published on July 6, 2022