NEWS
Qatar - December 14, 2023
Qatar concluded the twelfth annual Arab Energy Conference in Doha with OPEC’s oil ministers in attendance, local news reported on Tuesday.
The conference ran from…
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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
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Iraq - October 09, 2023
Iraq has set a January 2024 deadline for its fifth plus and sixth oil and gas licensing rounds, Reuters reported on Tuesday.
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Saudi Arabia - September 06, 2023
Saudi Arabia and Russia have both decided to extend their voluntary oil cuts to the end of 2023, Reuters reported on Tuesday.
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Saudi Arabia - August 07, 2023
Saudi Arabia has extended its voluntary production cut of around 1 million bopd into September, Reuters reported on Thursday.
The country will continue to produce…
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