NEWS
Multinational - November 26, 2018
Oil prices rebounded on Monday in Asia after slumping 8% last Friday amid concerns that excess supply and weakening demand pressures could create a glut next…
READ MORE
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…
READ MORE
NEWS
Canada - June 10, 2026
ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.
READ MORE
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…
READ MORE
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…
READ MORE-
Growth in Nigeria’s deepwater
INTERVIEW -
-
Energy, Ukraine and the Turkish question
INTERVIEW -
Most popular
NEWS
Multinational - November 19, 2018
Oil prices edged up on Monday morning in Asia amid expectations that de-facto OPEC leader Saudi Arabia will urge the organization and its allies to slash supply to…
READ MORE
NEWS
Multinational - November 16, 2018
Oil prices moved higher on Friday, recovering for a third straight session and paring a sharp weekly decline, as bullish hopes centered on talk of an OPEC-led…
READ MORE
NEWS
Multinational - November 15, 2018
Oil prices continued to fall on Thursday as data revealed crude inventories have been rising more than expected.
Crude Oil WTI Futures declined 0.4%, at $56.1 a…
READ MORE
NEWS
Multinational - November 13, 2018
U.S. crude’s losing streak continued on Tuesday as the Organization of Petroleum Exporting Countries forecast that world demand growth would slow down in 2019.
In…
READ MORE
NEWS
Multinational - October 29, 2018
Oil prices inched down on Monday morning in Asia, despite a bounce in the region’s stock markets. Investors remained cautious after a sell-off last week that could…
READ MORE
NEWS
Multinational - October 16, 2018
Oil prices ticked lower on Tuesday as investors looked ahead to fresh weekly data on U.S. commercial crude inventories.
The American Petroleum Institute, an industry…
READ MORE
NEWS
Multinational - October 12, 2018
Crude prices were higher on Friday as looming Iran sanctions kept up pressure despite an increase in stockpile data sparking concerns about a global oversupply.
West…
READ MORE
NEWS
Saudi Arabia - October 05, 2018
Saudi Arabia will invest USD 20 billion over the coming few years to maintain and expand spare oil production capacity, a top official announced on…
READ MORE