NEWS
Multinational - November 20, 2020
Oil was up on Friday morning in Asia despite conflicting US stimulus reports, an apparent schism in OPEC, and the ever-rising Covid-19 numbers.
Brent oil futures was…
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H.E. Mohammad Sanusi BARKINDO
Secretary General
OPEC
OPEC remains fully engaged and supportive of the UNFCCC and the Paris Agreement.
Read The Full InterviewOPEC in figures
Years active as of 2020:60
Number of member states:13
A fine balance
OPEC is an international organisation that was established in Baghdad in September 1960. Today it is headquartered in Vienna, Austria. It co-ordinates and unifies the petroleum policies of its members. OPEC sets production targets for its member nations and is an important factor affecting global oil prices. Iran is one of the five founding members of the organisation.
- Leadership: OPEC’s current secretary-general is H.E. Mohammad Sanusi Barkindo, a Nigerian who served in various capacities, including CEO, at Nigerian National Petroleum Corporation.
- Members: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia, the UAE, Venezuela
OPEC+, a designation that adds 10 non-OPEC members including Russia, reached a deal in September 2016 to cut approximately 1 million bopd of production. The deal was extended several times and deepened to 7.7 million bopd for August-December 2020.
OPEC features
NEWS
Multinational - November 23, 2020
Oil was up on Monday morning in Asia, after pushing up strongly over the weekend as hopes of a vaccine being rolled out before…
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NEWS
Multinational - November 19, 2020
Oil was down on Thursday morning in Asia, as COVID-19 numbers across the globe continued upwards and added to fuel demand worries.
Brent oil futures was down 0.56%…
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NEWS
November 17, 2020
Oil was up on Tuesday morning in Asia as multiple vaccine makers delivered positive information on their progress. Moderna Inc (NASDAQ:MRNA) has released information…
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NEWS
Multinational - November 16, 2020
Oil was up on Monday morning in Asia, as investors anticipate OPEC+ keeping the current supply restrictions in place well into 2021. However, falling demand due to…
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NEWS
Multinational - November 13, 2020
Oil was down on Friday morning in Asia as the Covid-19 pandemic reasserted its influence against this week’s buoyant prices.
Brent oil futures fell 1.59% to $42.84…
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NEWS
November 12, 2020
Oil was up on Thursday morning in Asia as investors look toward continued OPEC+ supply cuts.
Brent oil futures edged up 0.18% to $43.88 by 12:02 AM ET (4:02 AM GMT)…
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NEWS
Multinational - November 10, 2020
Oil was down on Tuesday morning in Asia, losing some of Monday’s large gains. Prices had jumped over 8% on positive news from a major Covid-19 vaccine trial.
Brent…
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Multinational - November 09, 2020
Crude oil prices rocketed higher on Monday after what appeared to be a major breakthrough in the quest for a vaccine against Covid-19 triggered a thorough re-pricing of…
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NEWS
Multinational - November 09, 2020
Oil was up on Monday morning in Asia as the outcome of the US election became clear, with both Brent and WTI futures gaining more than 2%. However, the worsening…
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