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OPEC Organization of the Petroleum Exporting Countries
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OPEC Fund Mobilizes $1 Billion for Development Financing
OPEC Fund for International Development mobilizes $1 billion for development finance with "groundbreaking" first SDG bond. The bond was priced based on the Sustainable Development Goals (SDG) bonds, for which Credit Agricole CIB served as the sole sustainability advisor.
January 22, 2023
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OPEC Plus Marks Sixth Anniversary
The Declaration of Cooperation (DoC) between OPEC member countries and 10 non-OPEC oil-producing countries turned six years old. As the oil cartel engaged in diplomatic celebrations, OPEC reaffirmed its expectations for global oil demand in 2023.
December 14, 2022
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OPEC Plus Sticks to Production Strategy
The OPEC+ oil alliance is sticking to its current production strategy for the time being. EU sanctions against Russia's oil revenues will apply from tomorrow. The OPEC+ countries have nevertheless confirmed their previous oil production targets. However, an expert committee wants to review the production strategy every two months.
December 4, 2022
OPEC Plus Aims to Raise Oil Price
According to insiders, OPEC+ is planning to reduce the amount of oil produced in order to increase the price of oil. This decision is to be published in Vienna on 5 October. In addition, the main OPEC organisation is planning to hold the 8th OPEC International Seminar at the Hofburg in Vienna next year. This is one of the premier events in the energy industry calendar.
October 3, 2022
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OPEC Celebrates its 62nd Anniversary
The Organisation of the Petroleum Exporting Countries celebrated the 62nd anniversary of its founding this week.
September 16, 2022
Weekly Briefing: Latest Developments in Diplomacy
The Find out more about this week's developments. Austrian policymakers are concerned with inflation and energy issues. Read about the latest developments in diplomacy in Vienna and Austria.
September 8, 2022
OPEC+ Decides on Slight Cut in Production
The alliance of oil exporting countries cuts production. Saudi Arabia and Russia are sending a clear signal to the West. With the cutback, the hopes of oil importers in Europe that they would at least be relieved of the burden of crude oil in the face of rapidly rising gas prices are fading.
September 5, 2022
International Organisations in Vienna: What is the United Nations Platform for Space-Based Information for Disaster Management and Emergency Response?
The United Nations Platform for Space-Based Information for Disaster Management and Emergency Response (UN-SPIDER) is based in Vienna and aims to communicate the application of space-based technologies for disaster management and emergency response. Learn more about this international organisation in Vienna!
August 17, 2022
Weekly Briefing: Vienna Iran Nuclear Talks Back on Track
The Find out more about this week's developments. Negotiations with Iran to save the nuclear agreement have resumed in Vienna. The Ukrainian ambassador, Vasyl Khymynets, recently criticized the Austrian police. Read about the latest developments in diplomacy in Vienna and Austria.
August 4, 2022
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OPEC Welcomes New Secretary General Haitham Al-Ghais
Haitham Al-Ghais of Kuwait has taken over the position of Secretary General of the Organization of Petroleum Exporting Countries (OPEC). He replaces Mohammed Barkindo, who died unexpectedly in July.
August 1, 2022
OPEC Secretary General, Mohammad Barkindo Passed Away Unexpectedly
Last night, OPEC Secretary General Mohammed Sanusi Barkindo passed away unexpectedly at the age of 63. His Excellency Mohammed Sanusi Barkindo of Nigeria had been Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) for the past six years and was due to hand over to Haitham Al-Ghais of Kuwait in early August.
July 6, 2022
Weekly Briefing: Diplomacy and State Visits in Vienna
Read about the newest developments in Diplomacy in Vienna and Austria. The Dutch Royal Couple visited Austria and International Organizations in Vienna released important publications. The consequences of the Russo-Ukrainian War are making themselves felt in security issues and are changing people's lives in Vienna as well. Further, the newest developments in the Iran Nuclear talks raise hopes. The Find out more about this week's developments.
June 30, 2022
OPEC Releases Annual Flagship Publication in Vienna
This week, the Organisation of Petroleum Exporting Countries (OPEC) presented its Annual Statistical Bulletin (ASB) 2022. This report, which presents a large number of statistics and data on oil market developments in recent years, is the organisation's most important publication alongside the World Oil Outlook.
June 28, 2022
OPEC Secretary General Receives Special Award
The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo from Nigeria was today presented with the Silver Decoration of Honour with Sash of the Republic of Austria by Federal President Alexander Van der Bellen in recognition of his achievements during his two terms as Secretary General of OPEC.
June 24, 2022
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EU Oil Embargo: Little Impact on Austria's Economy Expected
The planned EU embargo on Russian oil in response to the war of aggression in Ukraine will have far-reaching consequences for Europe. This is also the case for Austria. In a report, the Austrian National Bank examines the impact on the Austrian economy and forecasts comparatively mild effects. Nevertheless, the embargo conceals a number of risks that could also have a serious impact on Austria.
June 8, 2022
OPEC Considers Possible Exclusion of Russia From Oil Production Agreement
OPEC countries are apparently considering the exclusion of non-OPEC member Russia from the concluded oil production agreement. According to a report in the Wall Street Journal, which cites statements from insider circles, other OPEC countries could step in to meet production targets following Russia's exclusion.
June 1, 2022
OPEC Holds Special Workshop on Climate Change: "Challenges and Opportunities for Energy-Exporting Developing Countries.”
The Vienna-based Organization of Petroleum Exporting Countries (OPEC) recently hosted the fifth Climate Change Technical Workshop under the theme "The first global stocktake under the Paris Agreement: challenges and opportunities for energy-exporting developing countries." OPEC hosted the event ahead of the 21st OPEC Climate Change Coordination Meeting, which will be held on May 31, 2022.
May 30, 2022
Austria Professes to be the Official Seat of Many International Organizations
The Secretary-General for Foreign Affairs, Peter Launsky-Tieffenthal, today welcomed the more than 80 Permanent Representatives to International Organizations in Vienna for an exchange at the Ministry of Foreign Affairs on Austria's official residence. The meeting resumes a regular dialogue format that helps strengthen Vienna as a center for diplomacy.
April 27, 2022
EU Commissioner For Energy in Vienna
The Russian invasion of Ukraine shook global energy markets. The EU Energy Commissioner is in Vienna on Monday and Tuesday to discuss the EU's energy outreach in the context of Russia's military aggression against Ukraine.
April 11, 2022
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OPEC Secretary General Barkindo to Become Distinguished Fellow of the Atlantic Council
Mohammad Sanusi Barkindo, the Secretary General of OPEC, was recently awarded a Distinguished Fellow of the Atlantic Council. Find out what he said about his organisations headquarter location and about a speech he gave at the Diplomatic Academy of Vienna.
April 5, 2022
Opec and Non-OPEC Members Agree Further Gradual Increase in Oil Production
At the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), the oil-producing countries decided upon a gradual increase in oil production for March. Read about this and the other decisions made at the meeting.
February 2, 2022
OPEC: Kuwaiti Al-Ghais Succeeds Nigerian Barkindo as Secretary General
Mr. Haitham Al-Ghais of Kuwait was recently appointed as the next Secretary General of the Organization of the Petroleum Exporting Countries (OPEC). Read more about Mr. Al-Ghais, as well as the accomplishments of his predecessor Mohammad Sanusi Barkindo.
January 10, 2022
OPEC's World Oil Outlook 2021 Launched in Vienna
OPEC's flagship annual publication, the World Oil Outlook 2021, was launched via videoconference in Vienna. OPEC forecasts 6% increase in global oil demand in 2021. Learn about the specific highlights of this year's World Oil Outlook.
September 29, 2021
Influential OPEC Fund Celebrates 45th Anniversary
The Vienna-based OPEC Fund for International Development marks its 45th anniversary today. Since inception in 1976 by the Member States of OPEC, the multilateral development finance institution has approved more than US$25 billion in essential financing for 135 partner countries.
January 28, 2021
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Vienna-based OPEC Launches Newest Edition of World Oil Outlook
The 2020 OPEC World Oil Outlook (WOO) has been launched in Vienna providing, among other topics, the OPEC Secretariat’s in-depth look at the unprecedented scale and impact of the Covid-19 pandemic on the global energy and oil markets.
October 8, 2020
OFID - Austria Headquarters Agreement Updated
An amendment to the Headquarters Agreement between the OPEC Fund for International Development (OFID) and Austria in respect of the privileges and immunities granted therein has revised the 1981 Convention.
June 4, 2020
Headquarters Agreement with OPEC Fund Limits Privileges and Immunities
An amendment to the Headquarters Agreement between Austria and the OPEC Fund for International Development (OFID) is intended to bring the 1981 Convention up to date and comparable with modern Headquarters Agreements.
February 18, 2020
OPEC Headquarters Vienna: World Oil Market Outlook 2019 Launched
OPEC's Chief Mohammad Sanusi Barkindo released its 2019 World Oil Outlook, in which the OPEC states that the oil market may have upside potential in 2020.
November 17, 2019
Mohammad Sanusi Barkindo to Present the OPEC World Oil Outlook 2019
The OPEC World Oil Outlook provides insights into the upstream and downstream, supply and demand, investments, the potential impact of policies and sustainable development. It will be launched at the Vienna Stock Exchange by OPEC’s Secretary General, HE Mohammad Sanusi Barkindo.
October 22, 2019
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The OPEC Fund OFID Has A New Director-General
Saudi Arabian national Dr. Abdulhamid Alkhalifa has taken over the post of Director-General of the OFID (OPEC Fund for International Development) from his predecessor Suleiman J Al-Herbish at the former Palais Deutschmeister at Vienna's Parkring 8. His task is to implement OFID's objective, which is to reinforce financial cooperation between OPEC Member Countries and other developing countries, by providing financial support to the latter for their socioeconomic development.
November 22, 2018
Meet OPEC's Secretary General Mohammad Sanusi Barkindo
HE Mr. Mohammed Sanusi Barkindo is the current Secretary General of OPEC. He recently received a prestigious Energy Award for Lifetime Achievement for helping to stabilize the oil price again. He also gave an insight into how OPEC has regained its former strength under his guidance.
May 28, 2018
OPEC in Vienna Decides to Keep Production Unchanged
The Organization of the Petroleum Exporting Countries (OPEC) today hosted its 167th Meeting of the OPEC Conference at the OPEC Secretariat in Vienna. Participants included OPEC Heads of Delegation and the Secretary General. There were some expectations that the production goal of 30 million barrels a day could move higher. However, the key issue the market was looking for will remain at 30 million barrels a day.
June 5, 2015
OPEC Member Countries Discuss Global Petroleum Development Strategies in Vienna
The 6th OPEC International Seminar, with the theme "Petroleum - An Engine for Global Development", aims to build on the previous events from the past decade. It is currently taking place at the Imperial Hofburg Palace in Vienna. The Seminar intends to underpin OPEC’s commitment to stabilize the international oil market by promoting cooperation and dialogue with stakeholders around the world.
June 3, 2015
Vienna as a Business Location - The City at a Glance
Vienna combines tradition, culture and quality of life with the factors of a top business location in a unique way. A stable political and economic environment, a research and technology-friendly climate, geographical and cultural proximity to the growth markets in the east and, not least, the highest quality of life in the world provide for a place at the very top of the world’s rankings.
January 27, 2015
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Vienna as a Business Location - Areas of Strength
Vienna combines tradition, culture and quality of life with the factors of a top business location in a unique way. A stable political and economic environment, a research and technology-friendly climate, geographical and cultural proximity to the growth markets in the east and, not least, the highest quality of life in the world provide for a place at the very top of the world’s rankings.
January 22, 2015
The United Nations Celebrate 35 Years in Vienna
The United Nations moved into the VIC Vienna International Centre 35 years ago. The VIC was officially opened on 23 August 1979 when it was handed over to the United Nations and the International Atomic Energy Agency. Commonly known locally as 'UNO City', it has been rented to the organizations for 99 years at a symbolic rate of 1 Austrian schilling (7 euro cents) annually.
August 11, 2014
Production Quota of OPEC Remains Stable
There was consensus in the Vienna-based OPEC. Members show their satisfaction with the current situation.
October 15, 2010
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