Explainer: What is OPEC? - The World Economic Forum
Nov 11, 2022 · Before OPEC formed, the international oil market was dominated by the “seven sisters” group of multinational energy companies. The group was set up at a time of global change, with “extensive decolonization and the birth of many new independent states in the developing world”, it says.
Organization of the Petroleum Exporting Countries (OPEC)
Founded in 1960, the Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization with a mission to coordinate and unify the petroleum policies of member countries and ensure the stabilization of oil prices in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a …
What’s the future of OPEC? | World Economic Forum
Jan 14, 2015 · OPEC will continue to meet and hold itself out as a cartel that can control the oil markets, but that time has passed. The cartel was dependent upon Saudi Arabia to use its outsized swing position to control spare capacity in the market. With the Saudis no longer interested in that role, the influence of the cartel is gone.
Why oil prices matter to the global economy - an expert explains ...
Feb 16, 2022 · OPEC has been scaling up oil production slowly, but it also has limited spare capacity and is probably cautious not to oversupply the market again. Beyond spare capacity, oil production has very long investment cycles.
Dozens of energy ministers are gathering in Riyadh. Here’s what …
Apr 28, 2024 · Saleh Al-Kharabsheh, Minister of Energy and Mineral Resources of Jordan; Almassadam Satkaliyev, Minister of Energy of Kazakhstan; Ibrahim Matola, Minister of Energy of Malawi; Victor Parlicov, Minister of Energy of Moldova; Musadik Malik, Minister of Energy of Pakistan; Moheiddin Naeem Mohamed Saeed, Minister of Energy and Petroleum of Sudan; …
How does the war in Ukraine affect oil prices?
Mar 4, 2022 · Two weeks ago when oil prices were approaching $100, Maciej Kolaczkowski, Manager Oil and Gas Industry from the World Economic Forum's Energy, Materials, Infrastructure Platform, explained the impacts on inflation and the key factors determining oil prices, how prices affect the global economy and the implications for the energy transition.
Our Mission | World Economic Forum
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Which economies are most reliant on oil? - The World Economic …
May 10, 2016 · This seismic shake-up has come on the back of the steep and sustained drop in oil prices – from a peak of $115 per barrel in June 2014 to under $35 at the end of February 2016 – and marks a massive change of direction for the world's largest petroleum exporter, also the de facto leader of OPEC (Organization of Petroleum Exporting Countries).
Explainer: What drives gasoline prices? - The World Economic Forum
Jun 16, 2022 · Established in 1960, OPEC was created to combat U.S. dominance of the global oil market. OPEC sets production targets for its 13 member countries, and historically, oil prices have been linked to changes in OPEC production. Today, OPEC countries are responsible for about 60% of internationally traded petroleum.
What is Saudi Arabia’s oil strategy? | World Economic Forum
Mar 9, 2015 · Saudi Arabia wants it all: to salvage OPEC, achieve income diversification and industrialization, and preserve its market share in crude oil, petroleum products, petrochemicals, and natural gas liquids (NGLs). Whether the Saudis succeed will be determined largely by the shale-energy industry in the United States.