Latest news
Iran has found huge reserves of gas
Iran, OPEC's second largest oil exporter, has discovered a new gas field onshore with reserves valued at 50 billion dollars, Oil Minister Masoud Mirkazemi said on Sunday.
read more... 17/01/2011
OPEC should not convene an emergency meeting.
OPEC, the producer of 40 percent of the world's oil, doesn't need to gather for an emergency meeting to discuss any further reduction in oil production even if the price of crude oil hits $90 a barrel, Iran’s OPEC governor said.
read more... 13/01/2011
OPEC expects increase in global oil consumption in 2011.
OPEC forecasts an increase in the global oil consumption by 1.2 million bpd to 87.11 million bpd in 2011.
read more... 16/12/2010
OPEC maintains output quotas
The Organization of Petroleum Exporting Countries (OPEC) decided on Saturday at an extraordinary meeting in Quito to maintain current quotas for its production.
read more... 13/12/2010
OPEC expects more demand for its oil next year.
The world demand for OPEC's oil is expected to be higher next year, due to increasing rates of economic growth.
read more... 12/11/2010