NEWS
Kuwait - July 07, 2023
Kuwait aims to invest USD 300 billion in the energy sector by 2040, Kuwait’s Minister of Oil Saad Al Barrak announced on Thursday.
The investment is part of a…
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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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Interview
Kuwait - June 01, 2023
Ali Sabt Ben Sabt, then-secretary-general of the Organization of Arab Petroleum Exporting Countries [OAPEC], talks to The Energy Year about the organisation’s…
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NEWS
Saudi Arabia - June 05, 2023
Saudi Arabia has pledged to cut oil production by 1 million bpd starting in July, Reuters announced on Monday.
The country currently produces around 10 million bopd…
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Interview
Oman - May 02, 2023
H.E. Mohsin Al Hadhrami, undersecretary of Oman’s Ministry of Energy and Minerals, talks to The Energy Year about the state of Oman’s oil and gas sector, how the…
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NEWS
Oman - April 11, 2023
Oman has repaid USD 2.86 billion in loans in Q1 2023 on the back of heightened oil prices, the Omani ministry of finance announced on Monday.
The move brings the…
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NEWS
Multinational - April 03, 2023
OPEC+ has called for further cuts to crude oil production causing a rise in oil futures, the international oil and gas organisation announced on Sunday.
The members…
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NEWS
Kuwait - February 07, 2023
OPEC Secretary-General Haitham Al Ghais has announced a positive forecast for the global oil and gas industry on Monday at the India Energy Week in Bengaluru.
Al…
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Interview
Oman - January 09, 2023
Walter Simpson, managing director of CC Energy Development (CCED), talks to The Energy Year about the oil and gas sector’s positive momentum, the latest on the…
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NEWS
Multinational - October 06, 2022
OPEC+ has agreed to cut oil production by 2 million bpd in light of rising interest rates and a weak global economy, the intergovernmental hydrocarbons production…
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