NEWS
Multinational - April 04, 2019
Oil prices fell on Thursday in Asia following reports that US crude oil inventories rose unexpectedly last week.
US Crude Oil WTI Futures was down 0.14% to $62.37 by…
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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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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 01, 2019
Oil prices gained on Monday in Asia amid supply concerns. The upcoming Sino-US trade talks in Washington is expected to receive some attention this week.
US Crude…
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NEWS
Multinational - March 29, 2019
Oil prices gained on Friday in Asia as traders shrugged off US President Donald Trump’s tweet about “too high” prices.
US Crude Oil WTI Futures rose 0.5% to…
NEWS
Multinational - March 28, 2019
Oil prices slid on Thursday after data showed an unexpected rise in US inventories.
US Crude Oil WTI Futures slid 0.3% to $59.23 by 12:30 AM ET (04:30 GMT).…
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NEWS
Multinational - March 27, 2019
Oil prices rose on Wednesday in Asia amid a second major blackout in Venezuela. Gains were limited as traders remained cautious on a slowing global economic…
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NEWS
Multinational - March 22, 2019
Oil prices were little changed on Friday in Asia as traders remained cautious amid the latest news on the Sino-US trade war.
US Crude Oil WTI Futures was unchanged…
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NEWS
Multinational - March 21, 2019
Oil prices were mixed on Thursday in Asia as the US Federal Reserve highlighted signs of a slowing economy and raised concerns of slowing economic growth.
US Crude…
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NEWS
Multinational - March 20, 2019
Oil prices fell on Wednesday in Asia as uncertainty on the Sino-US trade front intensified.
Citing people familiar with the matter, Bloomberg reported on Tuesday…
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NEWS
Multinational - March 19, 2019
The WTI to Brent spread has narrowed as oil prices climb in anticipation of further slowing of US production growth.
The American Petroleum Institute is due to…
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