NEWS
Multinational - February 24, 2020
Oil prices slid on Monday in Asia amid signs that the global coronavirus outbreak has worsened.
US Crude Oil WTI Futures fell 2.4% to $52.11 by 12:13 AM ET (04:13…
READ MORE
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…
READ MORE
NEWS
Canada - June 10, 2026
ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.
READ MORE
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…
READ MORE
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…
READ MORE
NEWS
Multinational - February 19, 2020
Oil prices gained more than 1% on Wednesday in Asia despite ongoing concerns surrounding the coronavirus outbreak.
US Crude Oil WTI Futures gained 1.1% to $52.86 by…
READ MORE
NEWS
Multinational - February 14, 2020
Oil prices steadied on Friday in Asia amid possibility of deeper supply cuts from major producers.
US Crude Oil WTI Futures inched up 0.1% to $51.48 by 12:30 AM ET…
READ MORE
NEWS
Multinational - February 13, 2020
Oil prices were mixed on Thursday in Asia after jumping more than 2% in the previous session amid hopes that China was gaining traction on its fight against the…
READ MORE
NEWS
Multinational - February 10, 2020
Oil prices steadied on Monday in Asia after posting a fifth straight weekly loss.
US Crude Oil WTI Futures inched up 0.1% to $50.37 by 1:27 AM ET (05:27 GMT), while…
READ MORE
NEWS
Multinational - February 07, 2020
Oil prices gained on Friday in Asia but is set to record their fifth straight weekly loss amid worries surrounding the recent coronavirus outbreak in China.
US Crude…
READ MORE
NEWS
Multinational - February 06, 2020
Oil prices rose on Thursday in Asia amid reports on possible treatment for the coronavirus in China.
US Crude Oil WTI Futures rose 2.2% to $51.86 by 11:50 PM ET…
READ MORE
NEWS
Multinational - February 05, 2020
Oil prices gained on Wednesday in Asia even after the American Petroleum Institute (API) said US oil inventories increased last week.
US Crude Oil WTI…
READ MORE
NEWS
Multinational - February 04, 2020
Oil prices rose on Tuesday in Asia as OPEC and its allies meet to assess Asia’s coronavirus’ impact on oil demand.
US Crude Oil WTI Futures gained 0.9% to…
READ MORE