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The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization founded in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It has since expanded to 12 ...
The countries making up the organization will extend their production cuts of 2.2 million barrels per day through November and plans to phase out those voluntary cuts beginning in December until ...
Saudi Arabia, the dominant producer in the OPEC oil cartel, was one of several members that agreed on a surprise cut of 1.6 million barrels per day in April. The kingdom’s share was 500,000. The ...
In the 1970s, restrictions in oil production led to a dramatic rise in oil prices with long-lasting and far-reaching consequences for the global economy. Since the 1980s, OPEC has had a limited impact on world oil-supply and oil-price stability, as there is frequent cheating by members on their commitments to one another, and as member ...
OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr. June: Iran demands $150 billion in war reparations; pledges war until Iraq's Hussein stands trial.
The difference between these forms of voluntary export restrictions is mainly legal and literal, and has nothing to do with the economic impact of voluntary export restrictions. [citation needed] A typical voluntary export restriction imposes restrictions on the supply of export products based on the type, country and quantity of the commodity.
Congressional Democrats are investigating whether leading US oil companies have illegally colluded with each other and with OPEC to inflate prices at the pump, CNN has learned.
Such use of the economic weapon of oil embargo in the struggle against Israel had been regularly proposed at Arab Petroleum Congresses, but it took the Six-Day War for the embargo to happen. However, Saudi Arabia's oil production was up by 9% that year, and the main embargo lasted only ten days and was completely ended by the Khartoum Conference.