Organization of the Petroleum Exporting Countries: an international organization of 11 developing countries, each one largely reliant on oil revenues as its main source of income, that tries to ensure there is a balance between supply and demand by adjusting the members' oil output. OPEC's headquarters are in Vienna. The current members, Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela, meet at least twice a year to decide on output levels and discuss recent and anticipated oil market developments.
U.S. policy toward OPEC has undergone a sea change in the new administration, according to The New York Times. Gone are the days when former Energy Secretary Bill Richardson and other Clinton officials publicly ranted against OPEC any time they were in earshot of media microphones.
VIENNA, Austria AP -- OPEC has agreed to reduce its daily production target for oil by 1.5 million barrels, or 6 percent, but only if non-OPEC producers share the burden by making a deep cut of their own, the cartel announced Wednesday.
Khelil is the current OPEC president, a position he took at OPEC's ministerial conference in November 2000. Since late 2000 he has re-inforced the role of OPEC president. It was at his suggestion that OPEC's next ministerial meeting was held in Janu Khelil is the...
Michael Shedlock submits: Inquiring minds are considering an article entitled The Death Of OPEC. Saudi Arabia walked out on OPEC yesterday. It said it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran. by...
Within two months of the original forecast, OPEC slashed its 2000 world demand forecast by 180,000 bopd, to 75.9 million bopd. OPEC'S secretariat revised the global demand estimate for 2001, to 77.33 million bopd, also a reduction of 180,000 from its previous forecast. However, the "OPEC balance of supply and...
Showing remarkable discipline, OPEC continues to confound Western analysts and governments with its relatively tight management of the global oil market. Having just finished its second year of controlling world oil supplies by default, OPEC has shown the type of cohesion that many observers in the West insisted would never...
Although many analysts and industry skeptics never thought it would happen, OPEC finally managed to make one of its quota agreements stick. In the process, the group also achieved a significant reduction in global oil production. In March 1999, OPEC members exclusive of Iraq agreed to cut an additional 1.7...
Al-Quds newspaper reports that OPEC announced in mid-May 2000 that the next OPEC Ministers' conference would be held in Cairo, at the end of June 2000. The newspaper notes that the ... Al-Quds newspaper reports that OPEC announced in mid-May 2000 that the next OPEC Ministers'...
OPEC President and Kuwaiti Energy Minister Sheik Fahd Al Ahmed Al Sabah said he did not see any need for the group to cut its oil production. At a parliamentary press briefing, Sheik Ahmed also said that OPEC does not yet have a target price level to defend. Excluding Iraq,...
The fall of Saddam Hussein is already spelling trouble for OPEC and its leader, Ali Naimi The fall of Saddam Hussein is already spelling trouble for OPEC and its leader, Ali Naimi
With its Energy and Mines Minister Chakib Khelil being OPEC's current president, Algeria is keen on getting oil prices to be defended through OPEC and non-OPEC production cuts during the first half of 2002. Low oil prices cause the value of Algeria' With its Energy...
NEW YORK -- Crude oil prices continued falling Wednesday amid OPEC's 1 million barrel production cut, though OPEC's largest member, Saudi Arabia, is continuing to pump oil which traders say will add to global inventories.
The market was in disarray earlier last month following a rumor that OPEC supposedly was to hold an urgent meeting before its extraordinary November 14 date. However, trading stabilized after OPEC'S Secretary General Ali Rodriguez dismissed reports that the group planned to hold an emergency meeting to discuss slumping crude...
Crude oil prices are not expected to increase due to quota cheating by members of the OPEC and the growth in petroleum production in the North Sea and non-OPEC countries. OPEC concedes that decreasing its quotas is not enough to curtail overproduction of Crude oil prices are not expected to...
At press time, oil prices remained firm, bolstered by a strong gasoline market and the probability that OPEC at its June 5 meeting would keep its production level steady for the short term. Theoretically, OPEC already has cut production by at least 2.5 million bopd, in an effort to prevent...
According to Al-Hayat newspaper (July 18, 2000), a senior source in OPEC revealed that OPEC is likely raise its oil output by 500,000 barrels per day, in addition to the output ... According to Al-Hayat newspaper (July 18, 2000), a senior source in OPEC revealed that...
AT THE very least, a war over oil might have been expected to sort out some of the conflicts within OPEC that helped cause it. Not so. Oil ministers steeling themselves for OPEC's March 11th meeting in Vienna must be suffering a sickening sense of d...
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