NEWS
October 11, 2021
Oil was up Monday morning in Asia, continuing multiweek gains. Supply restraints from major producers collided with growing fuel demand as economies continue to re-open…
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BACK TOCOMPANIES
OPEC
H.E. Mohammad Sanusi BARKINDO
Secretary General
OPEC
OPEC remains fully engaged and supportive of the UNFCCC and the Paris Agreement.
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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
Kuwait - August 13, 2024
H.E. Haitham Al Ghais of OPEC talks about adjusting oil supply to foster stability in global markets.
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Interview
Kuwait - August 08, 2024
Kuwaiti Minister of Oil H.E. Imad Al Atiqi talks about the pillars of the ministry’s 2024-2028 roadmap for Kuwait’s oil…
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Interview
Kuwait - August 01, 2024
Anar Aliyev of bp talks about bp’s long-standing commitment to Kuwait’s hydrocarbons sector.
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Partnered Event
Azerbaijan - June 4-6, 2024
The Baku Energy Week encompasses three prestigious events: the 29th International Caspian Oil and Gas Exhibition - Caspian…
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NEWS
Multinational - October 08, 2021
Oil was up Friday morning in Asia, with some industries beginning to switch fuel from the higher-priced gas to oil. Doubts also remain on whether the US would release…
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NEWS
Multinational - October 07, 2021
Oil was down Thursday morning in Asia, dropping for a second session as US crude oil supply data showed a surprise build.
Brent oil futures were down 0.64% to $80.56…
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NEWS
Multinational - October 05, 2021
Oil was up Tuesday morning in Asia but climbed down from its highest levels in years hit during the previous session. Investors digested a decision from the…
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NEWS
Multinational - October 04, 2021
Oil was down Monday morning in Asia, with the Organization of the Petroleum Exporting Countries and allies (OPEC+) due to meet for its supply policy meeting where it…
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NEWS
Multinational - September 30, 2021
Oil was down Thursday morning in Asia, continuing its downward trends as the latest, official data confirmed a build in US crude supplies.
Brent oil futures edged…
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NEWS
September 27, 2021
Oil was up Monday morning in Asia, starting the week off strong over signs that the crude market is tightening thanks to the global energy crunch.
Brent oil futures…
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Interview
Nigeria - August 24, 2021
Muhammadu Buhari, president of the Federal Republic of Nigeria, talks to The Energy Year about key initiatives for fostering Nigeria’s economic advancement, the…
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Interview
Egypt - August 18, 2021
Ahmed El Araby, CEO of the Egyptian Mud Engineering and Chemicals Company (EMEC), talks to The Energy Year about prospects for ramping up production in Egypt as the…
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