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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 ...
Top 5 oil-producing countries 1980–2022 World oil production. This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
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.
April 1: OPEC increases posted prices by 5.7 percent. April 18: U.S. Government ends Mandatory Oil Import Program. Program, established in 1959 by President Eisenhower, had limited imports of crude and product east of the Rocky Mountains to a percentage of domestic crude production. June 1: Eight OPEC countries raise posted prices by 11.9 percent.
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 country joined OPEC in 2007. Diamantino de Azevedo, the African nation's oil minister, said Angola “does not gain anything by remaining in the organization,” according to state news agency ...
A production quota is a goal for the production of a good. It is typically set by a government or an organization, and can be applied to an individual worker, firm, industry or country. Quotas can be set high to encourage production, or can be used to restrict production to support a certain price level. [ 1]
The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend production cuts announced last year into 2025.