NEWS
Multinational - June 01, 2021
Oil was up Tuesday morning in Asia as the fuel demand outlook in the US, China, and parts of Europe improved thanks to the ongoing economic recovery from…
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BACK TOCOMPANIES
OPEC
H.E. Haitham AL GHAIS
Secretary-General
OPEC
Saudi Arabia’s strategic vision and commitment to collaboration will undoubtedly continue to play a key role in OPEC’s ability to navigate the evolving global energy landscape.
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A fine balance
OPEC is an international organisation that was established in Baghdad in September 1960. Today it is headquartered in Vienna, Austria. It co-ordinates and unifies the petroleum policies of its members. OPEC sets production targets for its member nations and is an important factor affecting global oil prices. Iran is one of the five founding members of the organisation.
- Leadership: OPEC’s secretary-general is Haitham Al-Ghais a Kuwaiti oil official who is a veteran fo the industry.
- Members: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia, the UAE, Venezuela
OPEC+, a designation that adds 10 non-OPEC members including Russia, reached a deal in September 2016 to cut approximately 1 million bopd of production. The deal was extended several times and deepened to 7.7 million bopd for August-December 2020.
Company website: www.opec.org
OPEC in figures
Years active as of 2020:60
Number of member states:13
OPEC features
Interview
USA - June 12, 2026
Josh Sherman of the Houston Producers Forum talks about Houston’s growing pull as energy security concerns and growing LNG and…
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NEWS
Canada - June 10, 2026
ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.
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NEWS
UAE - May 12, 2026
ADNOC Drilling is prepared to expand the UAE’s oil production capacity beyond 5 million bopd by 2027 as the country advances…
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NEWS
UAE - April 29, 2026
The UAE has announced it will leave OPEC, potentially clearing the way for higher production outside OPEC quotas and dealing a…
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NEWS
Multinational - May 31, 2021
Oil was up Monday morning in Asia on the back of an ever-brightening fuel demand outlook. Investors also now turning their focus to the Organization of the Petroleum…
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NEWS
Multinational - May 28, 2021
Oil was up Friday morning in Asia, ending the week by extending gains from the highest close in more than two years. Optimism as US fuel demand continues to increase…
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NEWS
Multinational - May 24, 2021
Oil was up Monday morning in Asia, with investor sentiment boosted by signs of the US’ continuing economic recovery from Covid-19 and the improved outlook for fuel…
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NEWS
Multinational - May 12, 2021
Oil was up Wednesday morning in Asia after data showed a larger-than-expected draw in US crude supplies and the Organization of the Petroleum Exporting Countries (OPEC)…
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Interview
Nigeria - May 05, 2021
Sola Adepetun, partner at ACAS-Law, talks to The Energy Year about issues preventing Nigeria’s oil industry from attracting higher levels of investment, the financial…
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NEWS
Multinational - May 04, 2021
Oil inched up Tuesday morning in Asia as investors remained optimistic the continued economic recovery in regions such as Europe and the US will boost fuel demand.…
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NEWS
Multinational - April 30, 2021
Oil was down Friday morning in Asia, but still headed towards a weekly gain as signs of strengthening US and China demand raised fuel demand hopes.
Brent oil futures…
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NEWS
Multinational - April 29, 2021
Oil was up Thursday morning in Asia as investors continue to expect fuel demand to recover by the summer, despite ever-surging numbers of Covid-19 cases in countries…
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