NEWS
Multinational - October 18, 2019
Oil prices dropped on Friday in Asia after Energy Information Administration (EIA) reported that US oil inventories rose much more than the market was expecting, while…
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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 - October 16, 2019
Oil prices recovered on Wednesday in Asia amid renewed hopes of a potential Brexit deal between the UK and the European Union.
US Crude Oil WTI Futures gained 0.3%…
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Interview
Russia - October 11, 2019
R.N. Minnikhanov, president of the Republic of Tatarstan, talks to TOGY about the significance of Tatarstan in the development of Russia’s oil and gas industry, the…
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NEWS
Multinational - October 11, 2019
Oil prices gained on Friday in Asia after the Organization of Petroleum Exporting Countries (OPEC) indicated it expected supply from non-OPEC sources to grow slightly…
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Interview
Russia - October 09, 2019
Yuri K. Shafranik, chairman of the Union of Oil & Gas Producers of Russia, talks to TOGY about key recent milestones for the Russian oil and gas industry and the…
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NEWS
Multinational - September 11, 2019
Oil prices rose on Wednesday in Asia after the American Petroleum Institute’s (API) weekly report showed that US crude stockpiles fell more than expected last…
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Interview
Russia - September 10, 2019
Genadiy Shmal, president of the Union of Oil & Gas Producers of Russia, talks to TOGY about Russia’s capacity to continue supplying gas to Europe, as well as the…
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NEWS
Multinational - September 10, 2019
Oil prices extended gains on Tuesday in Asia as newly appointed Saudi energy minister Prince Abdulaziz bin Salman hinted his commitment to production cuts.
US Crude…
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NEWS
Multinational - September 09, 2019
Oil prices gained on Monday in Asia after Saudi Arabia appointed a new energy minister over the weekend.
US Crude Oil WTI Futures rose 1.2% to $57.18 by 12:54 AM ET…
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