OPEC was established in 1960 to coordinate petroleum policies among member countries. Initially five founding members, now includes 14 countries total. Headquarters moved from Geneva to Vienna in 1965. Members collectively control about four-fifths of world's petroleum reserves
Oil futures are contracts for buying/selling oil at predetermined prices. Contracts specify quantity and delivery month. Traders can take long (buy) or short (sell) positions. Margin requirements are necessary for trading
Global crude oil imports reached $1.359 trillion in 2023. Imports grew 27.2% from $1.068 trillion in 2019. Top five importers accounted for 60.1% of total spending
Global natural gas production reached 4.05 trillion cubic meters in 2023. US production increased 4.2%, Russia's fell 5.2% due to Ukraine war. Global demand grew 0.5%, China led with 7.2% increase. Europe saw 6.9% drop in consumption, lowest since 1994
Global oil demand growth slowed to 0.7% in 2023 due to energy efficiency and economic headwinds. Brent crude oil prices surged to over $80 per barrel in 2022. US emerged as net exporter for first time in decades through shale technology
EEX offers medium to long-term portfolio optimization through power futures trading. German Power Future is Europe's most liquid power future contract. Trading hours are 8:00 am to 6:00 pm CET