NEWS
Austria - July 01, 2019
Oil was up more than 2% this morning as OPEC met in Vienna following announcements from Saudi Arabia, Russia, Iraq and Iran that their leaders would agree to extend…
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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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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 - June 28, 2019
Oil prices dropped on Friday in Asia as traders remained wary of the outcomes of meetings Chinese leader Xi Jinping, Russia President Vladimir Putin of Russia and Saudi…
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NEWS
Multinational - June 27, 2019
Oil prices were down on Thursday in Asia, erasing some of the strong gains made in the previous session as investors awaited the upcoming G20 summit in Japan and a…
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NEWS
Multinational - June 26, 2019
Oil prices gained on Wednesday in Asia as data showed US crude inventories continued to shrink.
US Crude Oil WTI Futures were up 2% at $58.96. International Brent…
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NEWS
Multinational - June 20, 2019
Oil prices traded higher on Thursday in Asia after official government data showed a larger-than-expected fall in US crude inventories.
US Crude Oil WTI Futures…
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NEWS
Multinational - June 19, 2019
Oil prices edged up on Wednesday in Asia following reports that OPEC and its allies are close to agreeing on a date for their next meeting.
US WTI crude futures…
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NEWS
Multinational - June 18, 2019
Oil prices fell on Tuesday in Asia as OPEC and its allies struggled to set a date for a meeting to discuss output policy.
US Crude Oil WTI Futures were down 0.2%…
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NEWS
Multinational - June 17, 2019
Oil prices gained on Monday in Asia amid Middle East tensions. US Crude Oil WTI Futures inched up 0.1% to $52.83 by 1:05 AM ET (05:05 GMT). International Brent Oil…
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NEWS
Multinational - June 13, 2019
Oil prices recovered slightly on Thursday in Asia after a slump in the previous session on crude inventories data.
US Crude Oil WTI Futures were up 0.4% to $51.34 by…
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