NEWS
Multinational - June 12, 2019
Oil prices were down on Wednesday in Asia as the US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and the American…
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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 - June 11, 2019
Oil prices climbed on Tuesday in Asia as US President Donald Trump’s decision to not impose tariffs on Mexican provided some residual support to the markets.
US…
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NEWS
Multinational - June 10, 2019
Oil prices extended gains on Monday in Asia after jumping more than 2% in the previous trading session on reports that the Organization of the Petroleum Exporting…
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NEWS
Multinational - June 06, 2019
Oil remained bearish on Thursday morning in Asia as the US reported record inventories, while demand continues to be threatened by economic slowdown and trade…
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NEWS
Multinational - June 05, 2019
A surprise rise in US inventories sent oil prices further down on Wednesday morning in Asia. In addition, Russian state oil producer Rosneft is also reportedly…
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NEWS
Multinational - May 31, 2019
Oil prices traded lower on Friday in Asia as data showed US crude inventories fell less than forecast last week.
The US Energy Information Administration said in its…
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NEWS
Multinational - May 28, 2019
Oil prices were mixed on Tuesday in Asia as traders weighed the latest development in the trade war between the US and China and continued support from OPEC’s supply…
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NEWS
Multinational - May 27, 2019
Oil prices continued to fall on Monday in Asia and extended losses from last week that came after an unexpected jump in crude stockpiles.
US Crude Oil WTI Futures…
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NEWS
Multinational - May 22, 2019
Oil prices fell on Wednesday in Asia amid comments by Saudi Arabia that said it would “do everything in its power” to prevent further conflict between Iran and the…
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