NEWS
Multinational - June 13, 2018
Oil output from Iran and Venezuela could fall by as much as 30%, the International Energy Agency said in its latest forecast on Wednesday.
Crude output from the the…
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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
Multinational - June 12, 2018
Crude oil production by OPEC countries rose in May, the Organization of the Petroleum Exporting Countries and Russia stated in its monthly report.
Total production…
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NEWS
Multinational - June 08, 2018
Oil prices fell from earlier gains on Friday amid increasing U.S. output and signs of weakening demand in China.
Crude oil futures decreased 0.47% to $65.64 a barrel…
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NEWS
Multinational - May 28, 2018
Crude prices slumped further on Monday, hitting their lowest levels in around six weeks amid indications OPEC and Russia are considering lifting production to meet the…
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NEWS
Multinational - May 25, 2018
Oil prices were lower on Friday amid increased output concerns from Russia and the Organization of Petroleum Exporting Countries.
Brent crude futures, the benchmark…
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NEWS
Multinational - May 22, 2018
Brent oil prices were higher on Tuesday, as investors remained concerned about global supply and future output from Iran and Venezuela.
Oil prices rose on Monday…
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NEWS
Multinational - May 21, 2018
Oil prices were higher on Monday as the U.S. and China have put their trade war “on hold” to discuss a trade agreement.
The trade war between the U.S. and China…
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NEWS
Multinational - May 18, 2018
Crude prices firmed on Friday as looming sanctions against Iran, the continuing economic crisis in Venezuela and strong demand continued to support prices.
New…
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NEWS
Nigeria - May 14, 2018
Nigerian National Petroleum Company (NNPC) announced the appointment of a new national representative for OPEC on Sunday.
Mallam Mele Kyari, the group general…
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