OPEC

Hence OPEC is somewhat like an international lobby group for oil-producing countries. In a move that could drive up gas prices the oil cartel will cut production by 2 million barrels per day starting in November.

Opec Allies Raise Limits For 5 Countries To End Oil Dispute Deccan Herald

OPEC and Russia slash oil production in bid to boost prices.

. According to oil ministers the goal is to. Biden urged the country which is the groups biggest oil producer to. The organization was founded in 1960 and initially consisted of just five members.

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. 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. 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.

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. The Organization of Petroleum Exporting Countries OPEC is an organization of 13 oil-producing countries. This was the first OPEC meeting since US President Joe Biden visited Saudi Arabia last month.

In 2019 791 of the worlds oil reserves were located in OPEC. OPEC is a permanent cooperative intergovernmental organisation designed to reduce control of the oil industry by large multinational corporations. NewsNow aims to be the worlds most accurate and comprehensive OPEC news aggregator bringing you the latest headlines automatically and continuously 247.

6 2022 159 PM PT. 1 day agoAs gas prices hit record highs in Los Angeles on Wednesday a pledge by OPEC to reduce its oil production by 2 million barrels a day brought concerns about more economic pain. 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.

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. What does OPEC do. On Wednesday OPEC announced a dramatic reduction in production quotas by 2 million barrels per day.

Opec Wikipedia