OPEC

The Organization of Petroleum Exporting Countries OPEC is an organization of 13 oil-producing countries. OPEC is a permanent cooperative intergovernmental organisation designed to reduce control of the oil industry by large multinational corporations.

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OPEC said Monday it would reduce oil production next month the cartels first output cut since the depths of the pandemic as it braces for a global economic slowdown to hit.

. 9 hours agoA New York Times piece reported that OPECs decision to cut oil production signifies that President Joe Bidens fist bump diplomacy with the Saudi Arabian Crown Prince. The WH has one option left and it is the one option they should have never turned away from in the first. What does OPEC do.

1 day agoThe Biden administrations scramble to avoid another surge in US gas prices took a major hit Wednesday after OPEC and Russia approved a significant cut in oil production. Send any friend a story As a subscriber. OPEC is set to raise output by 100000 bpd from September despite speculation that President Bidens last trip to the Middle East would bring in a lot more oil.

1 day agoOPECs decision to curb oil production was a signal that President Bidens influence over his Gulf allies was far less than he had hoped. In 2019 791 of the worlds oil reserves were located in OPEC. On Monday OPEC announced that it would slash oil production targets for October by 100000 barrels per day The group of oil producers expressed concerns over.

1 day agoOPEC says no SPR options all but gone the organization tweeted. OPEC will consider an oil output cut of more than a million barrels per day bpd next week OPEC sources said on Sunday in what would be the biggest move yet. OPECs production for September came in below its specified quota for the month although the month on month increase in production was higher than the promised 64000 bpd.

OPEC in full Organization of the Petroleum Exporting Countries multinational organization that was established to coordinate the petroleum policies of its members and to provide member.

U S Believes Opec Has Capacity To Increase Oil Production Oil Gas 360