NEWS
Multinational - July 17, 2020
Oil prices were essentially flat on Friday morning in Asia, as investors digested news of yet another spike in Covid-19 cases in the US, the ongoing fragility in…
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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 - July 16, 2020
Oil was down on Thursday morning in Asia as OPEC announced the easing of production cuts after its Joint Ministerial Monitoring Committee (JMMC) meeting on Wednesday.…
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NEWS
Multinational - July 15, 2020
Oil rose on Wednesday morning in Asia, with investor sentiment improving after the US reported a significant drop in crude oil inventories.
The American Petroleum…
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NEWS
Multinational - July 14, 2020
Oil prices fell sharply in Asia on Tuesday, after yet another surge in Covid-19 cases around the world hit at expectations for a rapid economic recovery and exacerbated…
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NEWS
Multinational - July 13, 2020
Oil was down on Monday morning in Asia, ahead of OPEC’s technical meeting on Wednesday. Investors are expecting OPEC to recommend an easing in existing supply cuts…
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NEWS
Multinational - July 09, 2020
Oil was down on Thursday morning in Asia, with ever-increasing numbers of Covid-19 cases continuing to hinder investor confidence in the global economic…
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NEWS
Multinational - July 08, 2020
Oil prices were down on Wednesday morning in Asia as a build in crude inventory in the US compounded fears that the continuously increasing number of Covid-19 cases…
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NEWS
Multinational - July 07, 2020
Oil was down on Tuesday morning in Asia, giving up earlier gains as the Covid-19 pandemic shows no signs of ending and dampened investor sentiment globally.
Brent…
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NEWS
Multinational - July 06, 2020
Oil prices were mixed on Monday morning in Asia as the US reached a record high for new coronavirus cases for the 27th day in a row with twelve states reporting new…
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