NEWS
Multinational - March 04, 2024
Several OPEC+ members have extended voluntary oil production cuts of 2.2 million bpd into Q2 2024.
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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
Gabon - February 19, 2024
Gabon Oil Company will buy the Carlyle Group’s Assala Energy Holdings for USD 1.3 billion.
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NEWS
Saudi Arabia - February 13, 2024
Saudi Arabia has attributed its recent production capacity benchmark to the energy transition.
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NEWS
Kuwait - February 08, 2024
The giant Al Zour refinery in Kuwait has reached full capacity for the first time.
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NEWS
Saudi Arabia - January 30, 2024
Saudi Aramco has received orders from the government to set its maximum sustainable capacity to 12 million bpd.
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NEWS
Multinational - January 18, 2024
Both OPEC and the International Energy Agency (IEA) have forecast a rise in global oil consumption in 2024, Reuters reported on Thursday.
The IEA has raised its…
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Interview
Nigeria - April 03, 2023
Segun Sowande, partner and head of energy and natural resources for KPMG in Nigeria, talks to The Energy Year about challenges in the Nigerian oil and gas industry and…
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NEWS
Angola - December 22, 2023
Angola has decided to leave intergovernmental oil organization OPEC following production cut agreements, the country’s Minister for Mineral Resources, Petroleum and…
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