NEWS
Multinational - July 03, 2018
Oil prices gained more than 1% on Tuesday with West Texas Intermediate crude passing the $75 mark for the first time since 2014 as supply outages and expectations for…
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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
Kuwait - July 02, 2018
Kuwait will raise its oil production by 85,000 bopd as part of a recently reached OPEC agreement, international media reported on Sunday.
A meeting of OPEC and…
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NEWS
Multinational - June 28, 2018
Crude oil prices were at a fresh three-year high on Thursday amid falling U.S. stockpiles and U.S.-Iranian tensions.
Crude oil futures increased 1.04% to $73.52 a…
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NEWS
Multinational - June 26, 2018
Oil prices rose on Tuesday amid uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC).
Crude Oil WTI…
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NEWS
Multinational - June 22, 2018
Oil prices rose by about 2% on Friday following news that OPEC delegates had agreed a modest production increase starting next month.
Arch-enemies Saudi Arabia and…
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NEWS
Multinational - June 22, 2018
Oman’s oil minister has said the country will proceed with plans to build a USD 1.5-billion gas export pipeline from Iran despite the reinstatement of US…
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Interview
Kuwait - June 21, 2018
Manaf Abdulaziz Alhajeri, CEO of Kuwait Financial Centre “Markaz”, talks to TOGY about the financial landscape of the region, what needs to be done in order to…
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NEWS
Multinational - June 19, 2018
Oil prices declined on Tuesday, as energy investors weighed potential outcomes for a meeting of major crude producers later this week, while keeping an eye on the…
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Multinational - June 14, 2018
India and China are in talks to form an organisation of oil consumers that would be able to challenge OPEC’s grip on crude prices, local and international media…
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