NEWS
Multinational - June 02, 2020
Oil was mixed on Tuesday morning in Asia, with caution over mounting US-China tensions mingling with optimism over the possibility of an extension of OPEC production…
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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 - June 01, 2020
Oil was down on Monday morning in Asia, giving up the gains from the previous session.
Brent oil futures dropped 0.55% to $37.63 by 10:10 PM ET (3:10 AM GMT) and WTI…
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NEWS
Multinational - May 29, 2020
Oil was down on Friday morning in Asia, giving up some of its gains from the previous session.
Brent oil futures were down 0.78% to $35.77 by 9:40 PM ET (2:40 AM…
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NEWS
Multinational - May 28, 2020
Oil was mixed on Thursday morning in Asia, with the black liquid clawing back some losses during the previous session.
US-China tensions heated up overnight as US…
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NEWS
Multinational - May 26, 2020
Oil was up on Tuesday morning in Asia with Russian expectations of a rebalancing of the market by June or July.
Russia is one of the top oil producers in the…
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NEWS
Multinational - May 22, 2020
Oil dipped on Friday morning in Asia, giving up its earlier gains after China failed to set its annual economic growth target.
Brent oil futures dropped 3.97% to…
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NEWS
Multinational - May 21, 2020
Oil was up on Thursday morning in Asia, continuing its gains from the previous session.
Brent oil futures gained 0.59% to $36.01 by 9:34 PM ET (2:34 AM GMT) and WTI…
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NEWS
Multinational - May 20, 2020
Oil was up Wednesday morning after investors breathed a sigh of relief after the last day of the WTI futures June contract on Tuesday closed without incident.
Brent…
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NEWS
Multinational - May 19, 2020
Oil was mixed on Tuesday morning, the last day of trading for the WTI futures June contract in Asia.
Brent oil futures dropped 0.65% to $35.25 by 9:45 PM ET (2:45 AM…
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