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The organization, which currently comprises 12 member countries, accounted for 38 percent of global oil production, according to a 2022 report. [3] [4] 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 ...
No. of members Headquarters World Trade Organization: 164 Geneva, Switzerland European Union: 27 Brussels, Belgium Organisation of Petroleum exporting countries (OPEC) 14 Vienna, Austria South Asian Association for Regional Co-operation (SAARC) 8 Kathmandu, Nepal Association of South East Asian Nations (ASEAN) 10 Jakarta, Indonesia
Instead, members are ceding control to non-OPEC producers, such as the US. OPEC's position in the oil market is slipping, and next year's massive supply glut will likely further loosen the cartel ...
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]
DUBAI (Reuters) -OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to ...
The Organization of Oil Exporting Countries -- better known as OPEC -- has been a dominant player in the oil market since it was formed in 1960. The 12 member countries have provided over 40% of ...
A ministerial conference of the World Trade Organization, in the Palace of Nations (Geneva, Switzerland).. The following is a list of the major existing intergovernmental organizations (IGOs).
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...