What is OPEC?
OPEC stands for Organization of the Petroleum Exporting Countries
Who are the members?
Founded in 1960, OPEC is joined by 15 of the world’s largest oil-exporting countries
What do they do?
- Ensure stable pricing and global demand for oil
- Maintains consistent petroleum supply for consumers
- Determine petroleum policies for its member countries
- Taking care of investors ROI
Why are they important?
- The members supply around 40% of the world’s crude oil
- 60% of globally-traded petroleum are exported by OPEC members
When do they meet?
They meet twice a year at their HQ in Vienna, Austria
What do they discuss?
Analyse market fundamentals, the supply and demand for oil
Topics regarding energy markets and settle on an agreement on production quotas
How do the meetings affect oil prices?
Cut back or increase in oil production will directly affect the supply and demand in the global oil market and subsequently its prices
The next meeting will be held tomorrow on the 4th of October.
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