NEWS
Multinational - March 10, 2021
Oil was down Wednesday morning after falling from recent multi-year highs, as technical indicators signalled that the black liquid’s rally went too far and was too…
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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 - March 09, 2021
Oil was up Tuesday morning in Asia, with Monday’s most recent rally running out of steam as the dollar strengthened and made commodities priced in the currency more…
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NEWS
Multinational - March 08, 2021
Oil was up Monday morning in Asia, with a reported attack on Saudi Arabia oil facilities giving the black liquid a boost. Brent futures remained above the $70 mark that…
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NEWS
Multinational - March 05, 2021
Oil prices pushed higher Friday, continuing the sharp gains of the previous session, following the decision of the Organization of the Petroleum Exporting Countries and…
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NEWS
Multinational - March 03, 2021
Oil was up Wednesday morning in Asia, over wide expectations that the Organization of the Petroleum Exporting Countries and allies (OPEC+) will decide to increase…
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NEWS
Multinational - March 02, 2021
Oil was down Tuesday morning in Asia, with all eyes on Thursday’s Organization of the Petroleum Exporting Countries and allies, or OPEC+, meeting to discuss…
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NEWS
Multinational - March 01, 2021
Oil was up, rising more than $1 on Monday morning in Asia thanks to growing optimism about the global economic recovery from Covid-19. Increased prospects of a huge US…
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NEWS
Multinational - February 26, 2021
Oil was down Friday morning in Asia, ending the week on a low note. The global market tightened as investors await an Organization of the Petroleum Exporting Countries…
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NEWS
Multinational - February 25, 2021
Oil was mixed Thursday morning in Asia. A US Federal Reserve commitment to continue ultra-easy monetary policy and lower levels of US crude production also gave the…
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