NEWS
Multinational - February 05, 2021
Oil was up Friday morning in Asia to its highest levels in year, ending the week on a strong note over producers’ commitment to continued supply cuts and positive…
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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 04, 2021
Oil was up Thursday morning in Asia, after the Organization of the Petroleum Exporting Countries and allies, or OPEC+, vowed to continue with a reduced output policy at…
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NEWS
Multinational - February 03, 2021
Oil was up Wednesday morning after expectations that global oil stocks will stabilize and progress in the US towards passing US. President Joe Biden’s $1.9 trillion…
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NEWS
Multinational - February 02, 2021
Oil was up Tuesday morning in Asia, climbing to its highest level in more than two weeks as a strong market and expectations of a global economic recovery from Covid-19…
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NEWS
February 01, 2021
Oil was up Monday morning in Asia. However, a resurgence of COVID-19 globally continues to take an economic toll and dampen fuel demand.
Brent oil futures were up…
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NEWS
Multinational - January 29, 2021
Oil prices were mixed on Friday as slowing fuel demand was balanced by a pending supply cut by Saudi Arabia and lower US oil stocks.
US West Texas Intermediate (WTI)…
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NEWS
Multinational - January 26, 2021
Oil was down Tuesday morning in Asia, over fading hopes of further US stimulus measures being quickly approved alongside ever-growing fuel demand worries as the number…
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Interview
Angola - January 18, 2021
Nina Birgitte Koch, managing director of Equinor Angola, talks to The Energy Year about how Angola’s energy players have navigated Covid-19, the latest on the…
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NEWS
Nigeria - January 15, 2021
The Nigerian National Petroleum Corporation has said it is complying with OPEC+ “compensation cuts” but will boost condensate production to make up for reduced oil…
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