Explainer: What is OPEC? - The World Economic Forum 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 fair return on capital
What’s the future of OPEC? | World Economic Forum 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 . . . 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 production has very long investment cycles
These are the world’s biggest trading blocs Trading blocs have historically been a key way of promoting regional relations and economic prosperity Here are six of the world’s biggest ones
155 years of oil prices - in one chart | World Economic Forum Most recently, after two years of depressed prices, OPEC agreed to curtail output by 1 2 million barrels per day at its meeting in Vienna in late November in an attempt to end the global supply glut Several non-OPEC producers including Russia tagged along in December, agreeing to reduce output by about 560,000 bpd (slightly below the original
Davos 2025: Special address by US President Donald Trump 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
How does the war in Ukraine affect oil prices? 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
What caused the big fall in oil prices? | World Economic Forum It should be emphasised that the data do not appear consistent with the alternative hypothesis articulated in Arezki and Blanchard (2015) that the OPEC announcement in late November 2014 caused an important shift in expectations about future oil production and hence about future oil prices, prompting liquidation sales of oil stocks and a fall