Tag: OPEC

• Tuesday, September 14th 2010 - 03:55 UTC

  OPEC born in Baghdad in 1960 with five members, changed the energy world

  

  The Organization of Petroleum Exporting Countries turns 50 years old Tuesday having survived a tumultuous history of wars, embargoes and in-fighting. The world’s oldest and largest energy producer group is now enjoying prices close to the 75 USD a barrel level that its largest member Saudi Arabia considers “ideal.”

• Tuesday, July 27th 2010 - 20:20 UTC

  Ecuador moves to increase state control over the oil industry

  

  OPEC member Ecuador says it will start renegotiating contracts with private oil companies as it moves to increase state control over the sector. Under the new hydrocarbons law, the current production-sharing agreements will be replaced by a flat fee.