OPEC
OPEC not to blame for soaring inflation new secretary general says. The Organization of Petroleum Exporting Countries OPEC is an organization of 13 oil-producing countries.
White House Says Opec Risks Imperilling Economic Recovery Financial Times
546 AM ET Wed 17 Aug 2022.
. The group of oil producers expressed concerns over. 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. New OPEC Secretary-General Haitham Al Ghais says hes bullish on oil.
The Organisation of Petroleum Exporting Countries OPEC is a cartel comprised of 13 oil-exporting countries. This was the first OPEC meeting since US President Joe Biden visited Saudi Arabia last month. 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.
Its building is headquartered in Vienna. 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. A cartel can be defined as a coalition of independent parties formed to.
Hence OPEC is somewhat like an international lobby group for oil-producing countries. The organization was founded in 1960 and initially consisted of just five members. Biden urged the country which is the groups biggest oil producer to.
In 2019 791 of the worlds oil reserves were located in OPEC. 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. OPEC is an influential international organization centered around oil production that was established in Baghdad Iraq in September 1960.
On Monday OPEC announced that it would slash oil production targets for October by 100000 barrels per day.
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