NEWS
Multinational - October 29, 2020
Oil was mixed on Thursday morning in Asia after a big 5% slide overnight that pulled both Brent and WTI futures below the $40 benchmark. Prices received a boost from…
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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 - October 14, 2020
Oil was down on Wednesday morning in Asia over ongoing concerns that fuel demand will continue to tumble as the number of Covid-19 cases continues to rise in…
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NEWS
Multinational - October 13, 2020
Oil was up on Tuesday morning in Asia, staging a slight recovery from the previous day’s 2.9% fall. However, oversupply issues continue to dog the market with…
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Interview
South Africa - August 11, 2020
NJ Ayuk, president of the Africa Energy Chamber (AEC) and CEO of Centurion Law Group, talks to The Energy Year about how the Covid-19 pandemic has impacted African…
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Interview
Indonesia - September 16, 2020
Jim Truesdell, president-director of Samson Tiara, talks to The Energy Year about how the company is shifting its training courses online and whether Indonesia’s…
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NEWS
Multinational - September 15, 2020
Oil was up on Tuesday morning in Asia, with investors short-covering ahead of an OPEC+ meeting later in the week. But gains were capped by the bleak outlook for global…
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NEWS
Multinational - September 14, 2020
Oil was up on Monday morning in Asia, with another storm in the Gulf of Mexico forcing rigs to shut down for the second time in less than a month. But the black…
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NEWS
Multinational - September 10, 2020
Paring back on overnight gains, oil slipped in early trade on Thursday due to concerns about fuel demand after data showed US crude stockpiles rose last week and…
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NEWS
Multinational - September 07, 2020
Oil was down on Monday morning Asia, with investors reacting to Saudi Arabia’s massive price cuts for supply to Asia.
Brent oil futures edged down 0.12% to $42.29…
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