NEWS
Multinational - August 07, 2020
Oil was down on Friday morning in Asia as some of the biggest oil producing members of the Organization of the Petroleum Exporting Countries and Allies (OPEC+) vouched…
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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 - July 31, 2020
Oil was up Friday morning in Asia, a day before the Organization of the Petroleum Exporting Countries (OPEC) opens up more production and new data pointed to an…
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Interview
Nigeria - July 30, 2020
Femi Abegunde, deputy chairman of Deloitte in Africa and head of energy and resources for Deloitte in West Africa, talks to The Energy Year about how the public and…
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NEWS
Multinational - July 30, 2020
Oil was mixed on Thursday morning in Asia, with prices rising after the US Energy Information Administration (EIA) recorded a huge draw in crude oil inventories. But…
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NEWS
July 24, 2020
Oil was up on Friday morning in Asia, but increases were limited by demand concerns.
Brent oil futures 0.14% to $43.37 by 10:28 PM ET (3:28 AM GMT) and WTI…
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NEWS
Multinational - July 20, 2020
Oil was down on Monday morning in Asia, as investors continue to be spooked by the ever-increasing number of global Covid-19 cases.
Brent oil futures slid 0.67% to…
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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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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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