NEWS
Multinational - February 24, 2021
Oil was down Wednesday morning in Asia, with investors digesting an unexpected build in US crude inventories. The build was attributable to the unprecedented cold snap…
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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 - February 23, 2021
Oil was up Tuesday morning in Asia, climbing to an almost 13-month high and building on the previous session’s gains.
US output’s recovery from the previous…
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NEWS
Egypt - February 19, 2021
Egypt has announced the start of its much anticipated 2021 oil and gas licensing round, with officials saying on Thursday that 24 exploration and production blocks…
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NEWS
Multinational - February 18, 2021
Oil was up Thursday morning in Asia, continuing an almost week-long rally and passing 13-month highs. The cold snap in Texas and surrounding regions continues to hamper…
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Interview
Abu Dhabi - February 16, 2021
Salem bin Ashoor, BP’s chief representative and general manager in the UAE, talks to The Energy Year about the company’s role in the energy transition and its…
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NEWS
Multinational - February 11, 2021
Oil was down Thursday morning in Asia, pushing the pause button on a recent rally. However, a bigger-than-expected cut in U.S. crude oil supplies and continuing hopes…
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NEWS
Multinational - February 10, 2021
Oil was mixed Tuesday morning in Asia, with caution creeping into the market even as hopes for a strong rebound in fuel demand continue.
Brent oil futures inched…
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NEWS
Multinational - February 09, 2021
Oil was up Tuesday morning in Asia, and were at their highest level since January 2020, boosted by major producers cutting supplies and increasing hopes for fuel demand…
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NEWS
Multinational - February 08, 2021
Oil was up Monday morning in Asia, with supply cuts by key producers and hopes for further US stimulus measures giving the black liquid a boost.
Brent oil futures…
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