NEWS
Multinational - May 21, 2019
Oil prices continued to rise on Tuesday in Asia, but gains were capped by concerns over the intensifying trade war between China and the US.
US crude oil WTI futures…
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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.
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…
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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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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 - May 20, 2019
Oil prices jumped on Monday in Asia after OPEC+ members indicated intentions to maintain production cuts for the rest of the year.
US Crude Oil WTI Futures rose 1.3%…
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NEWS
Multinational - May 16, 2019
Oil prices extended gains on Thursday in Asia amid tensions in the Middle East linked to stealth attacks on Saudi oil tankers and pipelines.
US Crude Oil WTI Futures…
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NEWS
Multinational - May 03, 2019
Oil prices fell on Friday in Asia and extended losses from earlier this week amid larger-than-expected US crude production.
US Crude Oil WTI Futures were down 0.4%…
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NEWS
Multinational - May 01, 2019
Crude prices rose as much as 1% on Tuesday after Saudi Energy Minister Khalid Al-Falih told Russian state news agency RIA that Riyadh won’t rush to fill a supply…
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NEWS
Multinational - April 30, 2019
Oil prices continued to drop on Tuesday in Asia amid pressure on OPEC from US President Donald Trump to raise output to offset a supply shortfall expected from tighter…
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NEWS
Multinational - April 29, 2019
Oil prices fell on Monday in Asia, pressured by reports that US President Donald Trump asked the Organization of the Petroleum Exporting Countries (OPEC) to lower oil…
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NEWS
Multinational - April 24, 2019
Oil prices fell on Wednesday in Asia and gave up some of their gains from earlier in the week after the US decided to end sanctions exemptions for major…
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NEWS
Multinational - April 23, 2019
Oil prices traded higher on Tuesday in Asia and are near six-month highs following reports that the White House decided not to extend waivers for all oil buyers that…
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