NEWS
Multinational - March 18, 2019
Oil prices fell on Monday in Asia after recording their best weekly gains in a month last week.
US Crude Oil WTI Futures traded 0.4% down to $58.59. Last week, the…
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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 - March 15, 2019
Oil prices were near flat on Friday in Asia after rising to near four-month highs the previous day.
US Crude Oil WTI Futures was up 0.01% at $58.63 by 10:37 PM ET…
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NEWS
Multinational - March 12, 2019
Oil prices continued to recover on Tuesday, lifted by comments from Saudi Energy Minister Khalid al-Falih that the desert kingdom will extend the deep supply cuts it…
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NEWS
Multinational - March 11, 2019
Oil prices gained on Monday in Asia following reports that Saudi Arabia oil minister Khalid al-Falih said there will be no OPEC+ output policy change until…
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NEWS
Multinational - March 08, 2019
Oil prices fell on Friday morning in Asia as the European Central Bank (ECB) slashed its economic forecast and caused more worries about a slowdown in the global…
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NEWS
Multinational - March 07, 2019
Oil prices climbed a little in Asia on Thursday morning as investors shrugged off data out of the US that pointed to rising stockpiles of crude. Instead, they focused…
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NEWS
Multinational - March 06, 2019
Oil prices continued to slip on Wednesday morning in Asia as US producers Chevron Corp (NYSE:CVX) and Exxon Mobil Corp (NYSE:XOM) forecasted an increase in output and…
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NEWS
Multinational - March 05, 2019
Oil prices were trading lower on Tuesday morning in Asia after China lowered its growth target for the year and doubts of the ultimate impact of any trade deal between…
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NEWS
Multinational - March 04, 2019
Oil prices climbed on Monday morning in Asia, recovering from steep drops last week.
London-traded Brent crude, the global oil benchmark, was up 0.65% to $65.31 by 10…