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OPEC was formed by five petroleum-rich countries in 1960. At the time, the global oil market was dominated by a group of multinational, Anglo-American companies known as the “Seven Sisters.” ...
The cartel has decided to maintain production targets in one of its most closely watched meetings in years. Here’s a look back at other momentous events in OPEC’s history.
For OPEC members and other Arab, African and Muslim countries, a form of reckoning is at work here, for the long U.S. history of punishing countries that decline to obey American policy dictates.
At a meeting at OPEC headquarters in Vienna, Austria, the bloc of oil-producing nations, with support from Russia, said it would cut production by 2 million barrels per day beginning in November.
OPEC+’s decision to slash oil production has set off bipartisan fury in Washington directed at the Saudi Arabia-led group, raising calls for a hard-hitting US response.
OPEC History Shows It Can Deal Even Bigger Blows to Oil Price. From bloomberg.com. Oil’s slump of more than 10 percent in New York since OPEC met on Dec. 4 has struck fear into any remaining ...
Amid the squeeze on OPEC, the United States is thriving as an oil producer, accounting for 80 percent of the global supply increase in 2023, according to the I.E.A.
Such a decision would do little to quell dissent in OPEC, however.Many members think that the quotas are unfair, and do not reflect increases of capacity. By 2025 all current output cuts will expire ...
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