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The OPEC Conference is the supreme authority of the organisation, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organisation is the OPEC secretary general .
List of OPEC secretaries general No. Name Country Tenure 1: Fuad Rouhani [A] Iran [B] 21 Jan 1961 – 30 Apr 1964 2: Abdul Rahman al-Bazzaz [A] Iraq [B] 1 May 1964 – 30 Apr 1965 3: Ashraf T. Lutfi Kuwait [B] 1 May 1965 – 31 Dec 1966 4: Mohammad Saleh Joukhdar Saudi Arabia [B] 1 Jan 1967 – 31 Dec 1967 5: Francisco R. Parra Venezuela [B]
At an OPEC summit at the Sheraton Hotel in Kuwait City on October 16, 1973, it was announced the price of oil would go from $3.01 U.S. dollars per barrel to $5.12 per barrel. [47] After agreeing to the price increase, the Iranian delegation left Kuwait City as the Shah of Iran was only interested in higher oil prices. [47]
OPEC+ faces a major oil oversupply in 2025, challenging production increases. The coalition has tried to boost oil prices by holding back output. Instead, members are ceding control to non-OPEC ...
Saudi Arabia and allied oil producing countries said on Sunday they would postpone a plan to gradually increase oil output until the end of the year, extending their output cuts by one month. In ...
On Oct. 5, the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies that comprise OPEC+ announced they would be cutting oil production by two million barrels a day...
In the 1960s, the Shah initiated the formation and organization of large oil-exporting countries which would become known as the Organization of the Petroleum Exporting Countries (OPEC). The Shah also sought to terminate the 1954 Consortium Agreement an effort which was finalized with the 1973 Sale and Purchase Agreement. [ 2 ]
The US and other oil-producing nations will account for the bulk of crude supply growth in 2025, Bank of America said. ... "Whilst we expect some OPEC supply growth next year ~300kb/d, the lion's ...