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The Organization of the Petroleum Exporting Countries (OPEC, / ˈoʊpɛk / OH-pek) 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 (Iran, Iraq ...
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.
2002 world oil market chronology. January 1: The OPEC crude oil production quota cuts of 1.5 million barrels (240,000 m 3) per day, announced on December 28, officially go into effect for six months. Crude oil production or export cuts of 462,500 barrels per day (73,530 m 3 /d) by five non-OPEC oil exporters also go into effect.
The announcement comes amidst growing non-OPEC oil production and weak oil prices. (DJ) November 22: OPEC states that it will roll over its current oil production quota of 25.42 million barrels per day (4,041,000 m 3 /d). The roll-over was widely anticipated because of slack world oil demand, rising non-OPEC production, and weak prices. (DJ, PON)
The announcement comes amidst growing non-OPEC oil production and weak oil prices. (DJ) 22 November: OPEC states that it will roll over its current oil production quota of 25.42 million barrels per day (4,041,000 m 3 /d). The roll-over was widely anticipated because of slack world oil demand, rising non-OPEC production, and weak prices. (DJ, PON)
March 11: The Organization of Petroleum Exporting Countries (OPEC) meets in Vienna and decides to maintain crude oil production quotas for its member countries (excluding Iraq) at 24.5 million barrels per day (3,900,000 m 3 /d). Saudi Arabia's Oil Minister, Ali al-Naimi says, "There will be no shortage of oil. The test is, when the need is ...
OPEC announces that, if need be, it will make up for lost Iraqi production. Oil prices do not change greatly in response to either announcement. (NYT) June 5 OPEC ministers agree to leave the cartel's oil production quotas unchanged for at least a month, until a scheduled emergency meeting July 3. OPEC had been expected to leave the quotas ...
The countries making up the organization will extend their production cuts of 2.2 million barrels per day through November and plans to phase out those voluntary cuts beginning in December until ...