NEWS
Multinational - September 04, 2019
Brent Oil Futures, traded in London, rose 0.21%, to $58.38 a barrel by 12:25AM ET (04:25 GMT), while US Crude Oil WTI Futures traded in the US gained 0.37%, to $54.14…
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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 - September 02, 2019
Oil prices dropped on Monday as new tariffs on both the US and China trade dispute took effect, adding to concerns over an already-gloomy global economic outlook and…
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NEWS
Multinational - August 28, 2019
Oil prices gained on Wednesday in Asia as the American Petroleum Institute (API) reported that U.S. crude inventories fell more than expected.
US Crude Oil WTI…
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NEWS
Multinational - August 23, 2019
Oil prices gained on Friday in Asia, but price movements were limited as traders await a speech by Federal Reserve Chairman Jerome Powell for more clues on US monetary…
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NEWS
Multinational - July 12, 2019
Oil prices rose on Friday in Asia after US oil producers cut more than half of Gulf of Mexico crude output due to Tropical Storm Barry, which is expected to make…
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NEWS
Multinational - July 08, 2019
Oil prices steadied on Monday in Asia. A better-than-expected US jobs report was cited as a tailwind for the markets.
US Crude Oil WTI Futures were up 0.2% to…
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NEWS
Multinational - July 04, 2019
Oil prices were down on Thursday in Asia after the Energy Information Administration (EIA) reported a set of bearish US crude inventories data.
US Crude Oil WTI…
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NEWS
Multinational - July 02, 2019
Oil prices fell on Tuesday in Asia even after the OPEC agreed to extend production cuts by nine months.
The deal is subject to approval from non-OPEC allies, such as…
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