NEWS
November 12, 2020
Oil was up on Thursday morning in Asia as investors look toward continued OPEC+ supply cuts.
Brent oil futures edged up 0.18% to $43.88 by 12:02 AM ET (4:02 AM GMT)…
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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 10, 2020
Oil was down on Tuesday morning in Asia, losing some of Monday’s large gains. Prices had jumped over 8% on positive news from a major Covid-19 vaccine trial.
Brent…
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NEWS
Multinational - November 09, 2020
Crude oil prices rocketed higher on Monday after what appeared to be a major breakthrough in the quest for a vaccine against Covid-19 triggered a thorough re-pricing of…
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NEWS
Multinational - November 09, 2020
Oil was up on Monday morning in Asia as the outcome of the US election became clear, with both Brent and WTI futures gaining more than 2%. However, the worsening…
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NEWS
Multinational - November 06, 2020
Oil was down on Friday morning in Asia, after new lockdowns came in effect in Europe to curb the incessantly rising number of Covid-19 and dimming the demand outlook.…
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NEWS
November 04, 2020
Oil was up on Wednesday morning in Asia, with Brent crude moving back above the $40 mark. Large falls in US inventories, combined with likely supply cuts boosted…
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NEWS
Multinational - November 03, 2020
Oil was down on Tuesday morning in Asia, with the US, presidential elections taking up most of the investor bandwidth. European Covid-19 lockdowns across Europe were a…
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NEWS
Multinational - November 02, 2020
Oil was down on Monday morning in Asia, with rapid falls of over 4% as markets opened. European Covid-19 lockdowns took center stage over the weekend, and concerns over…
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NEWS
Multinational - October 30, 2020
Oil was up on Friday morning in Asia after further sustained falls overnight. Prices hit a four-month low with Covid-19 surges threatening demand. Slowing demand…
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