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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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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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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Interview
Uganda - September 04, 2020
James Berya Opiyo, an independent consultant, talks to The Energy Year about why Uganda is an attractive destination for oil and gas investment as the world emerges…
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Interview
Nigeria - August 17, 2020
Ibilola Amao, principal consultant for Lonadek Global Services, talks to The Energy Year about shifting trends in Nigeria’s hydrocarbons industry, how the financial…
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