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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OPEC

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.

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

Houston’s growing pull in global energy - USA26 - Josh SHERMAN - Houston Producers Forum
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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ADNOC eyes upstream, LNG opportunities in Canada
NEWS
Canada - June 10, 2026

ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.

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ADNOC Drilling ready to raise production capacity above 5 million bopd
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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UAE leaves OPEC
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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Oil close to four-year highs
NEWS
Multinational - October 02, 2018

Oil prices eased on Tuesday but remained close to their highest levels in four years amid fears of a global supply shortage as the U.S. prepares to re-impose sanctions…

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Oil near four-year highs amid supply fears
NEWS
Multinational - September 27, 2018

Oil prices were hovering near the $82 per barrel level on Thursday, close to the four-year highs reached earlier in the week, amid fears of a supply shortage as the…

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Iran, EU to set up trade mechanism
NEWS
Iran - September 25, 2018

The EU, Russia and China have agreed to set up a “special vehicle” to trade with Iran after the USA reimposes sanctions in November, international media reported on…

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Oil surges on supply woes
NEWS
Multinational - September 24, 2018

Oil prices continued to climb on Monday as an Iranian official said Saudi Arabia and Russia lack the capacity to add more oil to the market.

West Texas Crude oil…

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Oil up on supply concerns
NEWS
Multinational - September 21, 2018

Oil prices were slightly higher on Friday, as supply concerns weighed on investors but were kept down after U.S. President Donald Trump asked the Organization of the…

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Oil up on Saudi comments
NEWS
Multinational - September 18, 2018

Oil prices rose sharply on Tuesday, after Saudi Arabian officials said they are okay with rising prices in the short term.

West Texas Crude oil futures surged 1.22%…

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Oil prices on track for weekly gains
NEWS
Multinational - September 14, 2018

Oil prices recovered on Friday from the prior session’s sharp decline and remained on track for solid weekly gains as investors looked ahead to the latest gauge of…

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A unique methodology for asset development TEY_post_Usama-BARWANI
Interview
Oman - August 28, 2018

Usama Barwani, CEO of Petrogas E&P, talks to TOGY about the company’s activities on Block 55, initiatives to increase efficiency and its commitment to HR and HSE.…

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