Two are located in South America, six in the Middle East, and seven in Africa. LONDON, Jan 4 — Members of the Opec group of oil producers and their partners will meet via videoconference today to decide production levels for February, which it hopes to continue boosting. OPEC and allies agree to 10 MMbpd production cut . When prices are higher than $80 a barrel, other countries have the incentive to drill more expensive oil fields. 17 hours ago. Ecuador suspended its membership in December 1992, rejoined OPEC in October 2007, but decided to withdraw its membership of OPEC effective 1 January 2020. However, it rejoined the Organization in July 2016. Katar verließ die OPEC im Januar 2019. Indonesia suspended its membership in January 2009, reactivated it again in January 2016, but decided to suspend its membership once more at the 171st Meeting of the OPEC Conference on 30 November 2016. The EIA expects Opec’s oil output to average 30.7 million bpd in 2020, down by 3.9 million bpd, compared to the average oil production of 34.5 million bpd in 2019. These will be the lowest earnings of Opec in the past 18 years. Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programs, and support public services. OPEC, Russia and other producers have since Jan. 1 implemented a deal to cut output by 1.2 million bpd. Total OPEC production was down 47,000 barrels per day in September but that was after August production was revised upward by 109,000 bpd. They were to become the Founder Members of the Organization. The nation of Indonesia was once part of OPEC but announced that it would be leaving the organization in 2008 because it would not be able to meet the production quota. Organization of the Petroleum Exporting Countries (OPEC) March 11, 2020. There are a total of 15 nations that are members of OPEC. By. Despite the market’s rebound, crude prices remain far below the levels most OPEC members need to cover government spending. Gabon terminated its membership in January 1995. Watch #OPEC activities in 2020. OPEC Members Monthly: Click Here for 150+ Global Oil Prices : Click Here for 150+ Global Oil Prices . Coronavirus pandemic put significant pressure on the oil market in 2020 but oil will start the year 2021 in decent shape. The 15 nations that are a member of OPEC produce about 44% of the world’s oil and own over 81.5% of the world’s oil reserves. he ASB provides key statistical data for all of OPEC’s Member Countries — Algeria, Angola, Congo, Equatorial Guinea, Gabon, the Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela. The OPEC cartel seemed in more control of its oil-producing members and … In December 2020, leaks emerged that the United Arab Emirates had launched an internal study reviewing its OPEC membership and whether restraining production could lead to stranded oil assets in the future. Just when OPEC seemed to have finally mastered the long-running problem of members breaching their oil-output targets, a new offender is emerging. Saudi Arabia is the de facto leader of the organization. OPEC Statute. Ecuador suspended its membership in December 1992, rejoined OPEC in October 2007, but decided to withdraw its membership of OPEC effective 1 January 2020. These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018). The OPEC Statute distinguishes between the Founder Members and Full Members - those countries whose applications for membership have been accepted by the Conference. Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programs, and support public services. Click Here for 150+ Global Oil Prices . Deirdre Mitchell-MacLean. The cut agreed to by OPEC members and Russia amounts to about 23 percent of their own production, and 10 percent of normal worldwide production. OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said on Sunday, a day before meeting allies led by Russia to discuss output levels for February. Bloomberg estimates for OPEC+ compliance in 2020 … he ASB provides key statistical data for all of OPEC’s Member Countries — Algeria, Angola, Congo, Equatorial Guinea, Gabon, the Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela. If realized, this forecast revenue would be the lowest in 18 years. Despite the market’s rebound, crude prices remain far below the levels most OPEC members need to cover government spending. 6 days ago. OPEC countries would run out of their most precious resource that much faster. OPEC Members Monthly: Click Here for 150+ Global Oil Prices : Click Here for 150+ Global Oil Prices . Three members of OPEC and Russia are in favor of an extension of the current oil production cuts agreed by OPEC+ in April this year, Iraqi news … Founder Members include the original five … 01 May 2020 | Vienna, Austria, 1 May 2020--HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference, has called on OPEC Members and non-OPEC oil producing countries participating in the Declaration of Cooperation to fully implement the agreements reached at the 9 th and 10 th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on 9 and 12 April respectively via … With the addition of the 10 Non-OPEC nations, notable among them Russia, Mexico and Kazakhstan, those shares increase to 55 percent and 90 percent respectively.