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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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 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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Interview
Multinational - June 29, 2020
Dr. Saud bin Abdulaziz Al Meshari, secretary-general of the Federation of GCC Chambers (FGCCC), talks to The Energy Year about the oil price shock’s impact on GCC…
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NEWS
Multinational - June 24, 2020
Oil was down on Wednesday morning in Asia, with investors digesting a second consecutive week of increases in the crude oil supply.
The American Petroleum Institute…
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