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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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 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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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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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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