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At the 6th Ministerial Meeting of the GECF in Doha, it was decided to create a working group under the leadership of the Ministry of Industry and Energy of Russia to coordinate actions to form a full-fledged organization. This step was perceived as the inevitability of creating a gas analogue of OPEC. As a result, the agreement on the ...
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On 9 January 1968, three of the then–most conservative Arab oil states – Kuwait, Libya, and Saudi Arabia – agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War.
Buhari visit Qatar for the OPEC meeting. Buhari also meets the Emir of Qatar , Sheikh Tamim bin Hamad Al Thani to discuss the recent oil price glut. Buhari stresses the co-operation needed between OPEC and non-OPEC members to sustain oil producing countries economies.
Oil prices fell as much as 4% on Wednesday after OPEC+, a consortium of the world's largest oil producers led by Saudi Arabia, announced it would push back its upcoming meeting to Nov. 30 from Nov ...
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January 20: Six exporting countries - Abu Dhabi, Iran, Iraq, Kuwait, Qatar and Saudi Arabia - conclude ten days of meetings with Western oil companies.An agreement is reached to raise the posted price of crude by 8.49 percent to offset the loss in value of oil concessions attributable to the decline in value of the U.S. dollar.
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