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OPEC+ Extends Oil Production Cuts by One Month
OPEC+ has decided to extend the voluntary production cuts since November 2023 by 2.2 million barrels per day until the end of December 2024.
November 3, 2024
OPEC+ Extends Production Cuts Until 2025
Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met in Riyadh on the sidelines of the 37th OPEC and Non-OPEC Ministerial Meeting (ONOMM). During the meeting, the participating countries decided to extend the existing production cuts until the end of 2025.
June 2, 2024
OPEC and Non-OPEC Participating Countries Agree on Crude Oil Production Adjustments
In a bid to maintain stability in the oil market, OPEC and non-OPEC Participating Countries have announced key decisions during the 35th OPEC and non-OPEC Ministerial Meeting held in Vienna. The meeting emphasized the commitment to achieving a stable oil market and providing long-term guidance for the industry.
June 19, 2023
OPEC+ Surprisingly Cuts Oil Production
The OPEC+ alliance has announced a surprise cut in oil production. There will probably be a reduction of about one million barrels per day from May onward.
April 3, 2023
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
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
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
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
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
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
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