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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 ...
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)
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.
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)
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.
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 ...
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.
Aug 15: First Iraqi air raid on Iran's main oil export terminal, Kharg Island. November 6: Exploratory well in Ranger, Texas, blows out, spilling 150,000 bbl (24,000 m 3) of crude oil. December: OPEC output hits 18 Mbbl/d (2,900,000 m 3 /d) boosting a glut and triggering a price war.