NEWS
Multinational - May 15, 2020
Oil was mixed on Friday morning in Asia, giving up some of its gains from the previous session.
Brent oil futures dropped 0.29% to $31.30 by 9:35 PM ET (2:35 AM GMT)…
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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
Nigeria - May 14, 2020
Eke U. Eke, CEO of SpringRock Group, talks to The Energy Year about steps the company has taken to protect its workers and ensure business continuity during the…
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NEWS
Multinational - May 14, 2020
Oil was mixed on Thursday morning in Asia, with dark clouds on the horizon for the black liquid despite a decrease in inventories.
Brent oil futures slipped 1.46% to…
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NEWS
Multinational - May 13, 2020
Oil was mixed on Wednesday morning in Asia after the American Petroleum Institute (API) predicted another week of increases in crude oil supply.
The American…
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NEWS
Multinational - May 12, 2020
Oil prices were unstable on Tuesday morning in Asia, clawing back losses from the previous session.
Brent oil futures slid 0.33% to $29.89 by 9:32 PM ET (2:32 AM…
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NEWS
Multinational - May 11, 2020
Oil was down on Monday morning in Asia, giving up some of its gains from the last session.
Brent Oil futures were down 1.36% to $30.48 by 9:52 PM ET (2:52 AM GMT)…
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NEWS
Multinational - May 08, 2020
Oil ended the week by clawing back its losses from the previous session on Friday morning in Asia.
Brent oil futures rose 1.94% to $29.98 by 9:28 PM ET (02:12 AM…
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NEWS
Multinational - May 07, 2020
Oil was up on Thursday morning in Asia, clawing back a small part of its losses from the previous session.
Brent oil futures inched up 0.81% to $29.95 by 9:22 PM ET…
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NEWS
Multinational - May 06, 2020
Oil was down on Wednesday morning in Asia, losing some of its gains from the previous session.
Brent oil futures seesawed between gains and losses and was up a…
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