The Organization of the Petroleum Exporting Countries (OPEC, /ˈoʊpɛk/ OH-pek) is an intergovernmental organization of 13 countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquartered in Vienna, Austria, although Austria is not an OPEC member state. As of September 2018, the 13 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world’s proven oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies.
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U.S. Signals Long-Term Artillery Production Rise After 2 Years of Ukraine Support
James Hydzik
29 April 2024 - 14:00
U.S. Defense Secretary Lloyd Austin announced that that the government was signing off on a $6 billion long-term support plan for Ukraine that involved producing new artillery and missile units and not drawing down on existing stocks. This represents an important change in the way that the U.S. sees military production over the next several years.
Canada increases oil exports as West battles OPEC, prices surge
Lorenzo Bagnato
25 September 2023 - 10:33
For the first time since its onset, the West has an ally in the oil war against Saudi Arabia and Russia.
Saudi Arabia threatens further oil cuts to prevent price drop
Lorenzo Bagnato
24 May 2023 - 18:58
Oil prices have been dropping steadily, more than Saudi Arabia is willing to accept. Riyadh has other goals in mind, which do not include cooperation with the West.
OPEC, Saudi Arabia to keep tight grip on Oil Exports. What happens now?
Lorenzo Bagnato
21 November 2022 - 19:39
Saudi Arabia declined any claim of a possible hike in oil exports. The World, however, might not need them after all.