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1. • • Combined, the group controls close to forty percent of world oil production. This dominant market position has at times allowed OPEC to act as a cartel, coordinating production levels among members to manipulate global oil prices.
     www.cfr.org/backgrounder/opec-changing-world

     OPEC in a Changing World - Council on Foreign Relations

2. www.cfr.org › backgrounder › opec-changing-worldOPEC in a Changing World - Council on Foreign Relations

   www.cfr.org › backgrounder › opec-changing-world

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   Mar 9, 2022 · Backgrounder. OPEC in a Changing World. Western leaders have long criticized OPEC’s power to raise oil prices, and the bloc continues to influence the global market even as U.S. oil production...

   • Author: Anshu Siripurapu

3. en.wikipedia.org › wiki › OPECOPEC - Wikipedia

   en.wikipedia.org › wiki › OPEC

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   The Organization of the Petroleum Exporting Countries (OPEC, / ˈoʊpɛk / OH-pek) is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit.

4. Videos

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     What is OPEC? | CNBC Explains

     Jun 20, 2018

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     What is OPEC? | Explained

     Nov 6, 2021

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     Explained: OPEC

     Nov 23, 2016

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5. globalnews.ca › news › 10522634What is OPEC and how does it affect oil prices?

   globalnews.ca › news › 10522634

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   May 24, 2024 · OPEC estimates that its member countries hold about 80 per cent of the world’s proven oil reserves. Because of its large market share, the decisions OPEC makes can affect global oil prices.

6. www.weforum.org › stories › 2022What are OPEC and OPEC+? How do they influence oil prices ...

   www.weforum.org › stories › 2022

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   Nov 11, 2022 · OPEC produces about 40% of the world’s crude oil and its members’ exports make up around 60% of global petroleum trade. The group aims to regulate global oil prices by coordinating on reductions or increases in production.

7. www.abc.net.au › news › 2023/09/19A powerful oil cartel controls the price you pay at the ...

   www.abc.net.au › news › 2023/09/19

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   Sep 18, 2023 · Because OPEC can control prices — by cutting production and reducing supply – it's been described as a powerful cartel.

   • Author: Nassim Khadem

8. www.britannica.com › topic › OPECOPEC | Membership, Organization, History, & Facts | Britannica

   www.britannica.com › topic › OPEC

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   4 days ago · OPEC, in full Organization of the Petroleum Exporting Countries, is an multinational organization that was established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. Learn more about the history, membership, and functions of OPEC in this article.

9. People also ask

   Why is OPEC important?

   • OPEC’s founding members not only set out to negotiate higher global posted prices for oil but also pursued greater control over their own resources through the nationalization of international oil company concessions. Most OPEC nations now own all of their oil reserves.

   OPEC in a Changing World - Council on Foreign Relations

   www.cfr.org/backgrounder/opec-changing-world

   See all results for this question

   How much oil does OPEC produce?

   • OPEC member states produce about 40% of the world’s oil, and their exports make up around 60% of global petroleum trade. In 2021, OPEC estimated that its member countries accounted for more than 80% of the world’s proven oil reserves. Venezuela holds almost a quarter of the world’s proven oil reserves. Image: OPEC

   Explainer: What is OPEC? - The World Economic Forum

   www.weforum.org/stories/2022/11/oil-opec-energy-price/

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   How does OPEC affect global oil prices?

   • Because of its large market share, the decisions OPEC makes can affect global oil prices. Its members meet regularly to decide how much oil to sell on global markets. As a result, when they lower supply in response to falling demand, oil prices tend to rise. Prices tend to fall when the group decides to supply more oil to the market.

   What is OPEC and how does it affect oil prices?

   globalnews.ca/news/10522634/what-is-opec-and-how-does-it-affect-oil-prices/

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   Will OPEC+ release more oil?

   • OPEC+ to release more oil. OPEC says its job is to regulate supply and demand rather than prices. The group’s members depend heavily on oil revenue, with Saudi Arabia’s budget balancing at an oil price of between $90 and $100 a barrel, according to various estimates.

   What is OPEC and how does it affect oil prices?

   globalnews.ca/news/10522634/what-is-opec-and-how-does-it-affect-oil-prices/

   See all results for this question

   What does OPEC stand for?

   • The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-rich countries that together control nearly 40 percent of the world’s oil supply. Russia’s war in Ukraine has caused global oil prices to surge, giving the bloc more leverage. However, as the world shifts away from fossil fuels, OPEC’s power could diminish.

   OPEC in a Changing World - Council on Foreign Relations

   www.cfr.org/backgrounder/opec-changing-world

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   Who owns OPEC oil?

   • Most OPEC nations now own all of their oil reserves. Member states coordinate policies on oil prices and production levels at regular and emergency meetings around the world, often at OPEC’s Vienna headquarters.

   OPEC in a Changing World - Council on Foreign Relations

   www.cfr.org/backgrounder/opec-changing-world

   See all results for this question

10. www.reuters.com › markets › commoditiesWhat is OPEC+ and how does it affect oil prices? | Reuters

    www.reuters.com › markets › commodities

    May 24, 2024 · OPEC estimates that its member countries hold about 80% of the world's proven oil reserves. Because of its large market share, the decisions OPEC makes can affect global oil prices.