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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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 - 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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NEWS
Multinational - February 26, 2020
Oil prices steadied on Wednesday in Asia, but virus fears continued to weigh as the spreading showed no signs of slowing.
US Crude Oil WTI Futures gained 0.2% to…
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NEWS
Multinational - February 24, 2020
The beginning of 2020 was dogged by the coronavirus epidemic and its effect on global oil demand. The price of a barrel of crude oil has fallen 15% since the outbreak…
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