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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 ...
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.
OPEC has cut its forecast for 2025 demand growth to 1.54 million barrels per day, from 1.85 million barrels per day in July. That is at the high end of estimates compared to those from the ...
OPEC Conference delegates at Swissotel, Quito, Ecuador, December 2010. 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. The conference ordinarily meets at the Vienna ...
OPEC members also agree to appoint Venezuelan Oil Minister Alvaro Silva as the cartel's new secretary general, replacing Ali Rodriguez, who will now head Venezuelan state oil company PdVSA. At the meeting, Algeria requests a larger share of OPEC's total quota, but the issue will not be taken up until the OPEC Board of Governors meeting in August.
Oil prices fell 2% on Monday after China’s stimulatory plans failed to impress traders and oil alliance OPEC lowered its demand forecast. West Texas Intermediate closed at $73.83 per barrel ...
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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