OPEC
H.E. Haitham AL GHAIS
Secretary-General
OPEC
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
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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ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.
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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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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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Oil prices were mixed on Monday in Asia as traders continued to monitor the coronavirus situation in China.
US Crude Oil WTI Futures inched up 0.1% to $51.59 by…
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Oil prices managed a modest rebound on Tuesday from Monday’s sharp losses, as traders weighed talk that OPEC may look to limit crude supply against fears of a…
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Russian Minister of Energy Alexander Novak will retain his position following a Cabinet shake-up, the Kremlin has stated in a decree on its website.
The decree was…
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Oil prices dropped on Wednesday in Asia as the International Energy Agency forecasted that there will be market surplus.
US Crude Oil WTI Futures fell 0.5% to…
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Oil prices retreated on Tuesday in Asia after trading higher over the weekend as production were hit in Iraq and Libya.
US Crude Oil WTI Futures lost 0.3% to…
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Oil prices rose on Monday in Asia as intensifying tensions in the Middle East raised output and exports concerns.
US Crude Oil WTI Futures jumped 1.1% to $59.25 by…
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Oil prices slipped on Monday in Asia amid easing US-Iran tensions.
The US Crude Oil WTI Futures was unchanged at $59.04 by 12:45 AM ET (04:45 GMT). Last week, the…
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Oil prices retreated on Tuesday in Asia despite continuing tension between the US and Iran.
US Crude Oil WTI Futures dropped 1.1% to $62.59 by 11:40 PM ET (03:40…
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