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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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 - 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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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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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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