NEWS
Multinational - April 19, 2019
The guessing game begins. With exactly two weeks to the expiration of the US sanction waivers on Iran, oil bulls are holding tight to see which way President Donald…
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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 - April 17, 2019
Oil prices gained on Wednesday in Asia amid signs of steady demand growth in China and data that showed an unexpected fall in US crude stocks.
US Crude Oil WTI…
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NEWS
Multinational - April 16, 2019
Oil prices traded lower on Tuesday in Asia on reports that Russia wants to end the current deal on output restraint in June.
US Crude Oil WTI Futures slipped 0.1% to…
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NEWS
Multinational - April 15, 2019
Oil prices fell on Monday in Asia but still surged by more than 30% year-to-date. The Libya conflict is back under the spotlight today.
US Crude Oil WTI Futures fell…
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NEWS
April 12, 2019
Oil prices gained on Friday in Asia as the International Energy Agency’s (IEA) said there are signs of tightening supply.
US Crude Oil WTI Futures rose 0.4% to…
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NEWS
Multinational - April 11, 2019
The International Energy Agency said Thursday that oil markets have tightened this year, thanks to OPEC-led production curbs and US sanctions on Iran and Venezuela, but…
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NEWS
Multinational - April 09, 2019
Oil prices gained on Tuesday in Asia and traded near a 5-month high, supported by concerns on Libya supply disruptions.
US Crude Oil WTI Futures was up 0.2% to…
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NEWS
Multinational - April 08, 2019
Oil prices gained on Monday in Asia as the escalating conflict in OPEC producer Libya raised supply concerns.
US Crude Oil WTI Futures rose 0.5% to $63.43 by 11:15…
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NEWS
Multinational - April 05, 2019
Oil prices slipped on Friday as a surprise surge in US crude inventories forced a change of direction now lasting three days.
New York-traded West Texas Intermediate…
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