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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 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [1] The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. [1]
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars). [ 2 ][ 3 ] The ...
The United Arab Emirates’ production quota increased by 300,000 barrels per day. The uptick “will be phased in gradually” from January through September 2025, the group said.
Throughout much of the 1980s, Kuwait's oil production had already been considerably above its mandatory OPEC quota and this had prevented a rise of crude oil prices. [19] A lack of consensus among OPEC members undermined Iraq's efforts to end the oil glut and consequently prevented the recovery of its war-crippled economy. [24]
Angola announced Thursday that it's leaving the OPEC oil producers cartel, coming after it battled with the group over lower production quotas this year. Diamantino de Azevedo, the African nation ...
The world price, which had peaked during the 1979 energy crisis at nearly $40 per barrel, decreased during the 1980s to less than $10 per barrel. Adjusted for inflation, oil briefly fell back to pre-1973 levels. This "sale" price was a windfall for oil-importing nations, both developing and developed.
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.