NEWS
Multinational - December 07, 2020
Oil was down on Monday morning in Asia, with an ever-increasing surge in Covid-19 cases globally prompting fuel demand worries amid a series of renewed…
READ MORE
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.
Read The Full Interview
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…
READ MORE
NEWS
Canada - June 10, 2026
ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.
READ MORE
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…
READ MORE
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…
READ MORE
NEWS
Multinational - December 04, 2020
Oil was up on Friday morning in Asia, looking set for a fifth week of gains, after major oil producers reached a compromise on whether to…
READ MORE
NEWS
Multinational - December 03, 2020
Oil was up on Thursday morning in Asia, even as oil producers including Russia and Saudi Arabia remained deadlocked over the extension of production cuts, and the US…
READ MORE
NEWS
Multinational - December 02, 2020
Oil recovered in morning trading after falling Wednesday morning in Asia, continuing a downward trend after a surprise build in U.S. crude oil inventories and…
READ MORE
NEWS
Angola - December 01, 2020
Angola will take on the rotating presidency of OPEC in 2021 following a decision made during a virtual meeting of the cartel on Monday, local media reported.
Angola…
READ MORE
NEWS
Multinational - December 01, 2020
Oil was recovered on Tuesday after an overnight fall in Asia, with investors unclear as to whether the world’s major producers would extend output cuts, which would…
READ MORE
NEWS
Multinational - November 30, 2020
Oil was down on Monday morning in Asia as investors wait to see if OPEC+ will extend supply caps past January.
Brent oil futures fell 0.87% to $47.83 by 11:26 PM ET…
READ MORE
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.…
READ MORE
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…
READ MORE