NEWS
November 27, 2020
Oil was mixed on Friday morning in Asia, with continued demand optimism over imminent vaccine rollouts and concern about signs of dissent within OPEC the main drivers.…
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BACK TOCOMPANIES
OPEC
H.E. Mohammad Sanusi BARKINDO
Secretary General
OPEC
OPEC remains fully engaged and supportive of the UNFCCC and the Paris Agreement.
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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
Kuwait - August 13, 2024
H.E. Haitham Al Ghais of OPEC talks about adjusting oil supply to foster stability in global markets.
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Interview
Kuwait - August 08, 2024
Kuwaiti Minister of Oil H.E. Imad Al Atiqi talks about the pillars of the ministry’s 2024-2028 roadmap for Kuwait’s oil…
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Interview
Kuwait - August 01, 2024
Anar Aliyev of bp talks about bp’s long-standing commitment to Kuwait’s hydrocarbons sector.
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Partnered Event
Azerbaijan - June 4-6, 2024
The Baku Energy Week encompasses three prestigious events: the 29th International Caspian Oil and Gas Exhibition - Caspian…
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NEWS
Multinational - November 25, 2020
Oil was up on Wednesday morning in Asia, as the market responded to the anticipated roll out of Covid-19 vaccinations and certainty in the US political sphere, both…
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NEWS
Multinational - November 24, 2020
Oil was up on Tuesday morning in Asia as a rollout of at least one COVID-19 vaccine within the next month looks increasingly certain, promising increased demand in the…
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NEWS
Multinational - November 23, 2020
Oil was up on Monday morning in Asia, after pushing up strongly over the weekend as hopes of a vaccine being rolled out before Christmas took hold and boosted hopes for…
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NEWS
Multinational - November 20, 2020
Oil was up on Friday morning in Asia despite conflicting US stimulus reports, an apparent schism in OPEC, and the ever-rising Covid-19 numbers.
Brent oil futures was…
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NEWS
Multinational - November 19, 2020
Oil was down on Thursday morning in Asia, as COVID-19 numbers across the globe continued upwards and added to fuel demand worries.
Brent oil futures was down 0.56%…
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NEWS
November 17, 2020
Oil was up on Tuesday morning in Asia as multiple vaccine makers delivered positive information on their progress. Moderna Inc (NASDAQ:MRNA) has released information…
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NEWS
Multinational - November 16, 2020
Oil was up on Monday morning in Asia, as investors anticipate OPEC+ keeping the current supply restrictions in place well into 2021. However, falling demand due to…
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NEWS
Multinational - November 13, 2020
Oil was down on Friday morning in Asia as the Covid-19 pandemic reasserted its influence against this week’s buoyant prices.
Brent oil futures fell 1.59% to $42.84…
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