NEWS
Multinational - April 28, 2021
Oil was down Wednesday morning in Asia, as investors digested an Organization of the Petroleum Exporting Countries and its allies (OPEC+) decision to increase crude oil…
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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 - April 27, 2021
Oil was up Tuesday morning in Asia, bouncing back from the previous session’s drops. However, investors remained concerned about fuel demand recovery as the number of…
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NEWS
Multinational - April 01, 2021
Oil was up Thursday morning in Asia, recouping some of its overnight losses as expectations that the Organization of the Petroleum Exporting Countries and allies…
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NEWS
Multinational - March 31, 2021
Oil was up Wednesday morning in Asia, paring back losses from the previous session ahead of an Organization of the Petroleum Exporting Countries and allies (OPEC+)…
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NEWS
Multinational - March 30, 2021
Oil was up Tuesday morning in Asia, as attention shifted from a container ship stuck in the Suez Canal to an Organization of the Petroleum Exporting Countries and…
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NEWS
Multinational - March 29, 2021
Oil was down Monday morning in Asia but stabilized after four consecutive sessions of wild movement. Efforts to get traffic moving again continue after the Ever Given…
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NEWS
Multinational - March 24, 2021
Oil was mixed Wednesday morning in Asia, as investors continue to digest an increase in US crude oil stockpiles.
Brent oil futures were up 0.76% to $60.84 by 9:46 PM…
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NEWS
Multinational - March 23, 2021
Oil was down Tuesday morning in Asia, continuing its trend downwards over persistent worries about fuel demand recovery in the short term.
Brent oil futures were…
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NEWS
March 17, 2021
Oil was up Wednesday morning after the U.S. reported a surprise draw in crude oil supplies.
Brent oil futures edged up 0.27% to $68.66 by 09:20 AM GMT and WTI…
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