NEWS
Saudi Arabia - September 06, 2023
Saudi Arabia and Russia have both decided to extend their voluntary oil cuts to the end of 2023, Reuters reported on Tuesday.
The decision will see Saudi Arabia…
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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
Saudi Arabia - August 07, 2023
Saudi Arabia has extended its voluntary production cut of around 1 million bopd into September, Reuters reported on Thursday.
The country will continue to produce…
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NEWS
Kuwait - July 07, 2023
Kuwait aims to invest USD 300 billion in the energy sector by 2040, Kuwait’s Minister of Oil Saad Al Barrak announced on Thursday.
The investment is part of a…
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Interview
Kuwait - June 01, 2023
Ali Sabt Ben Sabt, then-secretary-general of the Organization of Arab Petroleum Exporting Countries [OAPEC], talks to The Energy Year about the organisation’s…
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NEWS
Saudi Arabia - June 05, 2023
Saudi Arabia has pledged to cut oil production by 1 million bpd starting in July, Reuters announced on Monday.
The country currently produces around 10 million bopd…
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Interview
Oman - May 02, 2023
H.E. Mohsin Al Hadhrami, undersecretary of Oman’s Ministry of Energy and Minerals, talks to The Energy Year about the state of Oman’s oil and gas sector, how the…
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NEWS
Oman - April 11, 2023
Oman has repaid USD 2.86 billion in loans in Q1 2023 on the back of heightened oil prices, the Omani ministry of finance announced on Monday.
The move brings the…
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NEWS
Multinational - April 03, 2023
OPEC+ has called for further cuts to crude oil production causing a rise in oil futures, the international oil and gas organisation announced on Sunday.
The members…
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NEWS
Kuwait - February 07, 2023
OPEC Secretary-General Haitham Al Ghais has announced a positive forecast for the global oil and gas industry on Monday at the India Energy Week in Bengaluru.
Al…
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