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The Organization of the Petroleum Exporting Countries (OPEC, / ˈoʊpɛk / OH-pek) is an organization 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 (Iran, Iraq ...
A weekly look at what occurred in the oil markets of the U.S. and the world this past week. The monthly reports of the International Energy Agency and OPEC, both released this past week, reflect ...
Under the current plan, Saudi Arabia will boost its monthly production by 83,000 barrels per day each month from December. Prices have stayed low as China, a key consumer of global oil, has ...
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.
Media reports indicate OPEC will increase production. [73] Gas was $2.97, [74] the highest of the year. [75] With OPEC's announcement that it would keep production low through the rest of 2018, WTI rose from its lowest close since April 17 to finish May 30 at $68.21 after five straight days of decline, the longest streak since February.
Source: OPEC Monthly Oil Market Report, October 2011. Now that Libya is almost completely controlled by the new government, the country believes it can have full production back in 14 months.
Top 5 oil-producing countries 1980–2022 World oil production. This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
In its latest monthly report, the cartel cut its outlook on oil demand, as Chinese consumption slows. Daily global demand is now set to grow by 2 million barrels per day this year, or 80,000 ...
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