NEWS
Multinational - December 06, 2019
Oil prices fell on Friday in Asia even after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to increase output cuts by nearly 50% in…
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 - December 05, 2019
Oil prices rose on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts aimed at supporting markets, while a sharp drop in US oil…
READ MORE
NEWS
Multinational - December 02, 2019
Oil prices recovered on Monday amid China’s better-than-expected PMI data and expectations that the Organization of the Petroleum Exporting Countries (OPEC) and…
READ MORE
NEWS
Multinational - November 29, 2019
Oil prices slipped on Friday in Asia but is set for a weekly gain ahead of a key OPEC+ meeting next week. Trading volume was reduced due to the US Thanksgiving…
READ MORE
NEWS
Multinational - November 27, 2019
Oil prices traded lower on Wednesday in Asia after the American Petroleum Institute (API) reported that US oil inventories rose last week.
U.S. Crude Oil WTI Futures…
READ MORE
NEWS
Multinational - November 25, 2019
US oil prices steadied on Monday in Asia as Sino-US trade talks continued to dominate markets action.
US Crude Oil WTIFutures inched up 0.2% to $57.90 by 12:35 AM…
READ MORE
NEWS
November 22, 2019
Oil prices dropped on Friday in Asia despite news of likely extension of production cuts.
US Crude Oil WTI Futures fell 0.7% at $58.20 by 11:45 PM ET (03:45 GMT).…
READ MORE
NEWS
Multinational - November 20, 2019
Oil prices steadied on Wednesday despite rising crude inventories and intensifying Sino-US trade tensions.
Crude Oil WTI Futures inched up 0.1% to $55.38 by 11:49 PM…
READ MORE
NEWS
Multinational - November 19, 2019
Oil prices fell on Tuesday in Asia amid more US-China trade jitters.
CNBC cited a Chinese government source and said that Beijing is not optimistic about prospects…
READ MORE