Watch what Saudi Arabia does, not what it says. Saudi and OPEC officials self-evidently do not believe their own claim that world oil demand will keep growing briskly for another generation as if
OPEC is an international and intergovernmental organization that was founded in 1960 by the countries of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Today, OPEC has 13 member states that span three continents. According to its mission statement, OPEC seeks to “coordinate and unify the petroleum policies of its Member Countries” withSome of the world’s largest oil exporters shocked markets over the weekend by announcing that they would cut oil production by more than 1.6 million barrels a day. OPEC+, an alliance between the
MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES. OPEC and its oil-producing partners have rebuffed President Joe Biden’s calls for increased production amidst rising fuel prices, retorting that if FRANKFURT, Germany (AP) — The OPEC+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices. The move Wednesday could deal the struggling global In the 1970s, Opec used its power to wreak havoc on the global economy. In 1973, Arab exporting nations unleashed an oil embargo in protest at the support given by the US and other Western nationsOPEC raised its world oil demand forecasts for the medium and long term in an annual outlook, and said $14 trillion of investment is needed to meet this demand even as renewable fuel use grows and
Source: FactSet. By The New York Times. By Stanley Reed. April 3, 2023. Oil prices surged on Monday and U.S. officials voiced their displeasure a day after OPEC members announced substantial cutsy8F6.