NEWS
Multinational - March 10, 2020
Oil prices rebounded on Tuesday in Asia from their biggest fall in almost 30 years amid a potential price war between major producers Saudi Arabia and Russia.
US…
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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 - March 09, 2020
Oil prices slumped more than 30% on Monday in Asia after OPEC failed to reach a deal with its allies on production cuts, while Saudi Arabia is reportedly set to cut its…
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NEWS
Multinational - March 06, 2020
Oil prices fell on Friday in Asia despite reports that OPEC ministers decided to cut oil output by 1.5 million barrels per day. The cut is reportedly to be conditional…
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NEWS
Multinational - March 05, 2020
OPEC ministers are reported to have approved a deal to cut oil output by 1.5 million barrels per day in order to lend support to a market hit by the coronavirus…
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NEWS
Multinational - March 05, 2020
Oil prices gained on Thursday in Asia as traders assessed the latest news on OPEC’s meeting this week.
US Crude Oil WTI Futures gained 1.4% to $47.45 by 1:36 AM…
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NEWS
Multinational - March 04, 2020
Oil prices gained on Wednesday in Asia as OPEC experts recommended deeper production cuts to combat the slowing demand due to the coronavirus outbreak.
US Crude Oil…
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NEWS
Multinational - March 03, 2020
Oil prices gained on Tuesday in Asia amid hopes that global central banks will take action to prevent a global economic collapse.
US Crude Oil WTI Futures traded…
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NEWS
Multinational - March 02, 2020
Oil prices surged on Monday in Asia ahead of the much-awaited OPEC+ meeting this week.
US Crude Oil WTI Futures jumped 3.0% to $46.12 by 1:26 AM ET (05:26 GMT).…
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NEWS
Multinational - February 28, 2020
Oil prices plunged more than 3% and traded near their 2017 lows as reports around the coronavirus health crisis worsened.
US Crude Oil WTI Futures plunged 3.1% to…
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