Organization of the Petroleum Exporting Countries (OPEC)
About
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by ten other Members: Qatar (1961) – terminated its membership in January 2019; Indonesia (1962) – suspended its membership in January 2009, reactivated it in January 2016, but decided to suspend it again in November 2016; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership in December 1992, but reactivated it in October 2007; Angola (2007); Gabon (1975) - terminated its membership in January 1995 but rejoined in July 2016; Equatorial Guinea (2017); and Congo (2018). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.
OPEC's objective is to coordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. (Source: OPEC.org)
Editor's note: Updated July 1, 2019.
Headquarters Address
Helferstorferstrasse 17
A-1010
Vienna
Austria
Website
www.opec.orgNews
Paisie: With Oil Prices, It’s All About the Economy
One of the keys to pricing is whether global conflicts curtail the flow of oil. They have not.
Oil Set for Weekly Loss on Surplus Fears After OPEC+ Cut Extensions
The Organization of the Petroleum Exporting Countries and its allies on Dec. 5 pushed back the start of oil output rises by three months until April.
OPEC Cuts 2024, 2025 Global Oil Demand Growth View Again
The weaker outlook highlights the dilemma faced by OPEC+, which is planning to start raising output in December after earlier delaying the hike against a backdrop of falling prices.
What's Affecting Oil Prices This Week? (Sept. 30, 2024)
Based on Stratas Advisors' demand forecast, there is room for Saudi Arabia to increase supply gradually and not collapse oil prices — if there is no dramatic increase in non-OPEC supply and the other members of OPEC+ do not grossly exceed their quotas.
Saudi Signals Willingness to Weaken Oil Prices, Defend Market Share
Analysts caution that reports of Saudi Arabia abandoning a philosophy of supporting prices in favor of defending market share could be a move to get OPEC+ members in line rather than to launch a costly oil war with the U.S., among others.
FTC Bars Hess CEO From Chevron Board Seat as Condition of Deal, Say Sources
U.S. antitrust regulators will bar Hess Corp. CEO John Hess from taking a board seat as a condition of its go-ahead of oil producer Chevron Corp.'s $53 billion purchase of Hess.
What's Affecting Oil Prices This Week? (Sept. 9, 2024)
Within the context of lower oil prices and disappointing economic data, members of OPEC+ have decided to delay the unwinding of voluntary cuts, which were expected at the end of September.
OPEC Gets Updated Plans From Iraq, Kazakhstan on Overproduction Compensation
OPEC and other producers including Russia, known as OPEC+, have implemented a series of output cuts since late 2022 to support the market.
Hirs: Peak Oil Demand—Where Upstream Diverges from Downstream
The impact of peak oil demand is the same regardless of the sliding timelines published by the experts.
Paisie: OPEC+ Will Be Able to Manage Prices
Disappointing economic news has contributed to a drop in oil prices.
US Senate Committee Probes Oil Producers on Price Collusion with OPEC
The producers the committee is probing include Exxon Mobil, Chevron, ConocoPhillips and 14 others.
What's Affecting Oil Prices This Week? (June 17, 2024)
For the upcoming week, Stratas Advisors expect that the price of Brent crude will test $84 and the price of WTI will test $80.
US Producers to Contribute to 2030 Oil Supply Surplus
Higher world oil production, led by U.S. and other producers in the Americas, will outpace demand between 2023-2030 and inflate the world’s spare capacity cushion, according to the IEA.
Oil Settles Slightly Up on Forecasts for Strong Global Demand
Oil prices edged up to settle slightly higher on June 11 as the U.S. Energy Information Administration raised its global oil demand growth forecast for the year, while OPEC stuck to its forecast for relatively strong growth in 2024.
What's Affecting Oil Prices This Week? (June 10, 2024)
Stratas Advisors says the latest EIA report illustrates that U.S. production growth has stagnated with U.S. oil production remaining at 13.1 MMbbl/d, which is unchanged from the previous 12 weeks.