NEWS
Multinational - April 06, 2020
Oil prices slid in Asia on Monday morning as OPEC+ delayed a meeting scheduled for later in the day to Thursday.
International Brent Oil Futures lost 6% to $32.74 by…
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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.
Read The Full Interview
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 - April 03, 2020
Oil markets pushed higher Friday, continuing Thursday’s hefty gains, amid hopes that the major oil producers will agree a hefty supply cut to try and balance a market…
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NEWS
Multinational - April 03, 2020
Oil prices fell on Friday morning in Asia as investors express doubts about a US-mediated truce between Russia and Saudi Arabia.
US Crude Oil WTI Futures jumped…
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NEWS
Multinational - March 24, 2020
Oil prices rallied Tuesday morning in Asia as the US indicated the possibility of an alliance with Saudi Arabia to stabilise prices.
International Brent Oil Futures…
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NEWS
Multinational - March 23, 2020
Oil prices plummeted to their lowest levels since 2003 as an anticipated deal between OPEC and the US failed to materialise.
Monday morning in Asia, International…
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NEWS
Multinational - March 18, 2020
Oil prices continued their rise on Wednesday morning in Asia as inventories in the US decreased, but prices still remained below $30.
The American Petroleum…
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NEWS
Multinational - March 11, 2020
Oil prices gained on Wednesday in Asia as US stocks rebounded from Monday’s plunge.
US WTI were up 2.5% to $35.2 by 10:45 PM ET (02:45 GMT). International…
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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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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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