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.
Davos 2025: Special address by US President Donald Trump
Jan 23, 2025 · And I'm also going to ask Saudi Arabia and OPEC to bring down the cost of oil. You got to bring it down, which frankly, I'm surprised they didn't do before the election. That didn't show a lot of love by them not doing it. I was a little surprised by that.
Why oil prices matter to the global economy - an expert explains ...
Feb 16, 2022 · Supply has not been able to fully respond to increased demand. 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 …
This is what climate change costs economies around the world
Nov 29, 2023 · “Our only ask is that you come with solutions, and real actions,” Majid Al Suwaidi, Director-General and Special Representative of the United Nations Climate Change Conference (COP28), Office of the Special Envoy for Climate Change of …
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; …
These 8 countries have already achieved net-zero emissions
Dec 16, 2022 · Subsistence farming, sustainable forestry and tourism form the bulk of Bhutan’s economic activity. Tucked away in the Himalayan mountains, the kingdom has long pursued policies that promote sustainable forestry management rather than deforestation. Protected national parks domina
What are the most major economic impacts of higher interest rates?
May 2, 2023 · The cycle of interest rate hikes is exected to slow throughout 2023. Yet the World Economic Forum’s latest Chief Economists Outlook found that the “prospects of a full-scale shift to monetary loosening are remote.”
How windfall taxes could bolster efforts to reach net-zero
Oct 7, 2022 · The Crude Oil Windfall Profit Tax Act of 1980, enacted during OPEC oil supply disruptions, provides a definition and historical context. It defines a windfall profit as the “excess of the removal price” for a barrel of crude oil (meaning, the price for which it is sold) over an inflation-adjusted base price.