ENG - The Organization of Petroleum Exporting Countries (OPEC) is a cartel of twelve countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. The organization has maintained its headquarters in Vienna since 1965, and hosts regular meetings among the oil ministers of its Member Countries. Indonesia withdrew its membership in OPEC in 2008 after it became a net importer of oil, but stated it would likely return if it became a net exporter again.
According to its statutes, one of the principal goals is the determination of the best means for safeguarding the Organization's interests, individually and collectively. It also pursues ways and means of ensuring the stabilization of prices in international oil ...
Top officials with the Organization of Petroleum Exporting Countries are meeting in Vienna Sunday, and are expected to make a decision about possible cuts in oil production to boost prices. The meeting is being watched closely by the USA and other industrial countries, with some officials warning new cuts and higher oil prices could keep the global economy mired in a recession.
OPEC members gathering in Vienna face a difficult decision. Many of the oil-exporting countries would like to see higher prices. But Saudi Oil Minister Ali al-Naimi says the global recession makes that difficult. ...
OPEC, supplier of 40 percent of the world's oil, will reduce oil production if necessary to support prices, Secretary General Abdalla el-Badri said. "I am sure if at the May meeting there is a need to cut, they will take that decision," el-Badri said Sunday. "In OPEC member countries, 35 projects have been delayed because of falling oil prices." Production cuts by the Organization of Petroleum Exporting Countries since September have failed to raise oil prices to the $70 a barrel sought by members as the global recession erodes demand. The average price in the first quarter was $43.32 a ...
