NEWS
Multinational - February 15, 2019
The good news is flowing in from all corners for oil bulls. Trade talks in Beijing, outage at the biggest Saudi oilfield and commodities merchant Trafigura’s apparent…
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BACK TOCOMPANIES
OPEC
H.E. Mohammad Sanusi BARKINDO
Secretary General
OPEC
OPEC remains fully engaged and supportive of the UNFCCC and the Paris Agreement.
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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
Kuwait - August 13, 2024
H.E. Haitham Al Ghais of OPEC talks about adjusting oil supply to foster stability in global markets.
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Interview
Kuwait - August 08, 2024
Kuwaiti Minister of Oil H.E. Imad Al Atiqi talks about the pillars of the ministry’s 2024-2028 roadmap for Kuwait’s oil…
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Interview
Kuwait - August 01, 2024
Anar Aliyev of bp talks about bp’s long-standing commitment to Kuwait’s hydrocarbons sector.
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Partnered Event
Azerbaijan - June 4-6, 2024
The Baku Energy Week encompasses three prestigious events: the 29th International Caspian Oil and Gas Exhibition - Caspian…
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NEWS
Multinational - February 13, 2019
Crude oil prices gained on Wednesday, despite data showing that oil supplies in the US registered a larger-than-expected inventory build.
Crude oil for March…
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NEWS
Multinational - February 13, 2019
Oil prices gained more than 1% on Wednesday in Asia, supported by OPEC and Saudi Arabia production cuts. Positive trade news also lifted investor sentiment.
Crude…
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NEWS
Multinational - February 08, 2019
Worry over global growth and uncertainty over how quickly Venezuelan sanctions will bite is keeping the oil market on a tight lid.
US West Texas Intermediate crude…
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NEWS
Multinational - February 07, 2019
After a brief respite from a smaller-than-expected build in US crude inventories, oil prices returned to the downward path on Thursday as Russia shrugged off any…
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NEWS
Multinational - February 05, 2019
Oil prices moved lower Tuesday as another bout of weaker-than-expected economic data stateside underlined worries over global demand.
New York-traded West Texas…
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NEWS
Multinational - January 28, 2019
Oil prices fell on Monday in Asia after U.S. energy firms added more rigs last week. Meanwhile, Venezuela remained in the headlines as turmoil in Caracas triggered…
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NEWS
Multinational - January 18, 2019
Oil prices gained more than 1% on Friday in Asia, after reports late Thursday of a possible relaxation of U.S. tariffs on China improved the outlook for global…
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NEWS
Multinational - January 10, 2019
Oil prices slid and gave back some of their gains after jumping more than 5% on Wednesday amid optimism on Sino-U.S. trade talks.
U.S. Crude Oil WTI Futures traded…
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