NEWS
Multinational - December 31, 2019
Oil prices edged lower on the last day of 2019. But it remains on course for the biggest annual rise since 2016, supported by optimism for a US-China trade deal and…
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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 - December 27, 2019
Oil prices reached three-month highs on Friday after record online shopping by US consumers drove optimism about the world’s biggest economy.
Brent crude futures…
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NEWS
Multinational - December 20, 2019
Oil prices stayed close to three-month highs on Friday as the China-US trade talks showed signs of progress.
Brent futures rose 2 cents, or 0.03%, to 66.56 a barrel…
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NEWS
Multinational - December 17, 2019
Oil prices traded near flat on Tuesday in Asia amid China’s lack of enthusiasm about the phase one deal announced by the Trump administration late last…
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NEWS
Multinational - December 13, 2019
Oil prices advanced on Friday in Asia as US President reportedly agreed to a partial deal with China to pause the trade war.
US Crude Oil WTI Futures rose 0.5% to…
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NEWS
Multinational - December 12, 2019
Oil prices traded higher on Thursday in Asia as the Organization of the Petroleum Exporting Countries (OPEC) revised its deficit forecast for next year.
US Crude…
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Interview
Russia - December 11, 2019
Nail Maganov, general director of Tatneft, talks to TOGY about how the company is boosting its oil production, its strength in tackling hard-to-recover reserves and its…
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NEWS
Multinational - December 10, 2019
Oil prices traded slightly lower on Tuesday in Asia amid demand worries and uncertainties surrounding the trade war between China and the US
U.S. Crude Oil WTI…
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NEWS
Multinational - December 09, 2019
Oil prices dropped on Monday in Asia but are still near 12-week highs after OPEC+ agreed to bigger output cuts than expected.
US Crude Oil WTI Futures lost 0.5% to…
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