OPEC

The Organization of the Petroleum Exporting Countries 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. The organization, which currently comprises 12 member countries, accounted for an estimated 30 percent of global oil production. A 2022 report further details that OPEC member countries were responsible for approximately 38 percent of it. 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 reserves.
opec

Some of the key events about OPEC

  • 1960
    Founding of OPEC to coordinate petroleum policies among member countries
  • 1967
    OPEC members imposed an oil embargo on Western countries supporting Israel in the Six-Day War
  • 1973
    Implementation of an oil embargo that demonstrated OPEC's influence on global oil markets
  • 1973
    OPEC orchestrated an oil embargo against countries supporting Israel in the Yom Kippur War, causing global economic crisis
  • 1975
    Establishment of the OPEC Fund for International Development to promote cooperation between OPEC members and other developing countries
  • 1979
    OPEC's actions during the Iranian Revolution led to the second oil shock, doubling crude prices
  • 1982
    Introduction of production quotas to stabilize oil prices
  • 1986
    Adoption of a new pricing system based on market-related prices
  • 1986
    OPEC's decision to increase production caused oil prices to collapse, negatively impacting oil-dependent economies
  • 1990
    OPEC's failure to respond quickly to Iraq's invasion of Kuwait led to a spike in oil prices
  • 1997
    OPEC's miscalculation of Asian demand during the Asian financial crisis resulted in an oil glut and price crash
  • 2000
    Creation of the OPEC Long-Term Strategy to enhance the organization's role in global energy markets
  • 2005
    Establishment of the OPEC Energy Review, a quarterly academic journal on energy economics
  • 2007
    Hosting of the Third OPEC Summit in Riyadh, focusing on stability and prosperity in the oil market
  • 2008
    OPEC's slow response to the global financial crisis contributed to extreme oil price volatility
  • 2014
    OPEC's decision not to cut production in the face of rising U.S. shale oil output led to a prolonged price slump
  • 2016
    Agreement on production cuts to address global oil oversupply and stabilize prices
  • 2020
    Coordination of historic production cuts in response to the COVID-19 pandemic's impact on oil demand
  • 2020
    OPEC's initial failure to reach an agreement on production cuts at the onset of the COVID-19 pandemic triggered an oil price war
  • 2022
    OPEC's decision to cut oil production despite global energy crisis sparked international criticism

Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.

OPEC Latest news

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Economics, Politics • September 30 2024, 12:17 PM  •  128 views
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Economics, Politics • September 29 2024, 01:20 PM  •  131 views
US and Iraq Agree on Phased Withdrawal of Coalition Forces by 2026

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Politics • September 27 2024, 10:30 AM  •  43 views
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India scraps windfall tax on petroleum crude, effective September 18. Decision follows significant drop in global oil prices, with Brent crude falling below $75 per barrel.

Economics, Politics • September 17 2024, 05:32 PM  •  663 views
Algerian President Tebboune Begins Second Term After Landslide Victory

Algerian President Tebboune Begins Second Term After Landslide Victory

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Economics, Politics • September 17 2024, 03:58 PM  •  432 views
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Iraqi Oil Minister Hayan Abdel-Ghani underwent urgent heart surgery during a US visit aimed at attracting energy investments. He is now in stable condition, according to ministry officials.

Business, Economics, Politics • September 14 2024, 03:10 PM  •  3444 views
Algeria's Constitutional Court Confirms Tebboune's Landslide Victory

Algeria's Constitutional Court Confirms Tebboune's Landslide Victory

Algeria's constitutional court has certified President Tebboune's re-election after vote retabulation. The final results show Tebboune winning 84.3% of the vote, with increased shares for his opponents.

Economics, Politics • September 14 2024, 02:32 PM  •  9755 views
Algeria's Tebboune Secures Second Term with 84% of Vote

Algeria's Tebboune Secures Second Term with 84% of Vote

Algeria's constitutional court confirms President Tebboune's re-election with 84. 30% of votes. The September 7 election saw a 46.10% turnout amid allegations of irregularities.

Economics, Politics • September 14 2024, 01:23 PM  •  1008 views
Libya's Central Bank Crisis: Ex-Governor Claims International Isolation

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Libya's ousted central bank governor reports financial isolation amid political turmoil. UN-backed talks aim to resolve the crisis affecting oil output and international transactions.

Economics, Politics • September 13 2024, 04:06 AM  •  653 views
Venezuela-Spain Diplomatic Rift Widens Amid Election Controversy

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Venezuela recalls its ambassador to Spain and summons Spanish envoy following critical remarks. Dispute intensifies as Spain recognizes opposition leader as election winner, challenging official results.

Politics, Culture • September 13 2024, 01:39 AM  •  4127 views
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The U. S. imposes sanctions on 16 Venezuelan officials following alleged voter fraud. Edmundo Gonzalez, recognized as the election winner by the U.S., has fled to Spain amid threats of arrest.

Economics, Politics • September 12 2024, 04:54 PM  •  294 views
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Economics, Politics • September 11 2024, 05:09 AM  •  780 views
FTSE 100 Dips as Healthcare and Energy Sectors Struggle, UK Wage Growth Slows

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Business, Economics • September 10 2024, 04:49 PM  •  842 views
UN to Mediate Libyan Central Bank Crisis Amid Oil Output Concerns

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UN mission in Libya to resume talks on central bank crisis, aiming to resolve issues affecting oil production. Legislative bodies seek consensus on appointing new governor to stabilize situation.

Economics, Politics • September 10 2024, 04:46 PM  •  924 views
Russian FM and Saudi Crown Prince Discuss Energy and Middle East Issues

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Russian Foreign Minister Lavrov met with Saudi Crown Prince bin Salman, discussing OPEC+ cooperation and regional conflicts. Both nations expressed satisfaction with recent oil market decisions.

Economics, Politics • September 9 2024, 05:58 PM  •  482 views
Oman's OQ to Launch IPO for Oil Exploration Arm, Eyeing $2 Billion

Oman's OQ to Launch IPO for Oil Exploration Arm, Eyeing $2 Billion

Omani state-run oil company OQ announces plans to offer 25% of its exploration and production business in an IPO. The move follows similar strategies by Saudi Aramco and Abu Dhabi National Oil Co.

Business, Economics • September 9 2024, 12:35 PM  •  784 views
Algeria's Tebboune Secures Second Term Amid Low Turnout and Criticism

Algeria's Tebboune Secures Second Term Amid Low Turnout and Criticism

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Economics, Politics • September 8 2024, 05:01 PM  •  1091 views
Deadly Fuel Tanker Explosion Claims 48 Lives in Nigeria's Niger State

Deadly Fuel Tanker Explosion Claims 48 Lives in Nigeria's Niger State

A catastrophic collision between a fuel tanker and a passenger truck in north-central Nigeria resulted in 48 fatalities. The incident occurred amidst recent fuel price hikes and persistent shortages across the country.

Society, Economics • September 8 2024, 05:00 PM  •  999 views
Algeria Awaits Election Results Amid Low Turnout and Irregularity Claims

Algeria Awaits Election Results Amid Low Turnout and Irregularity Claims

Algeria's presidential election concludes with allegations of voting irregularities. Incumbent President Tebboune expected to secure second term as nation faces economic challenges and political tensions.

Economics, Politics • September 8 2024, 01:20 PM  •  766 views
Algerian Presidential Candidate Reports Election Irregularities

Algerian Presidential Candidate Reports Election Irregularities

Campaign of Abdelaali Hassani Cherif alleges violations in Algeria's recent presidential election. Incumbent President Abdulmadjid Tebboune expected to secure second term amid controversy.

Society, Politics • September 8 2024, 11:41 AM  •  604 views
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