NEWS
Multinational - May 10, 2018
Oil prices touched another three-and-a-half-year high on Thursday, as escalating geopolitical tensions in the Middle East cast further uncertainty about supply…
READ MORE
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.
Read The Full Interview
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…
READ MORE
NEWS
Canada - June 10, 2026
ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.
READ MORE
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…
READ MORE
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…
READ MORE
NEWS
Multinational - May 08, 2018
Oil prices were on the backfoot on Tuesday, pulling back from three-and-a-half-year highs, as investors braced for President Donald Trump’s decision on whether to…
READ MORE
NEWS
Nigeria - April 30, 2018
Indigenous Nigerian company Oando announced its fifth consecutive profitable quarter on Monday in its unaudited results.
The company reported 9% higher turnover,…
READ MORE
NEWS
Multinational - April 23, 2018
Crude prices started the week in negative territory on Monday, as market players continued to weigh a steady increase in U.S. production levels against ongoing efforts…
READ MORE
NEWS
Multinational - April 19, 2018
Oil prices rose to their highest level in over three years on Thursday as U.S. inventories fell and Saudi Arabia continued to push to extend production curbs.
WTI…
READ MORE
NEWS
Multinational - April 16, 2018
Oil prices pulled back to start the week on Monday, as investors expected there would be no immediate military escalation in Syria following the weekend’s American-led…
READ MORE
NEWS
Multinational - April 13, 2018
The global oil supply glut has eased due to the recent production cut measures, the International Energy Agency said in its latest forecast on Friday.
The…
READ MORE
NEWS
Multinational - April 05, 2018
Oil prices were higher on Thursday, supported by an upbeat weekly report showing a decrease in U.S. crude supplies.
Crude oil futures rose 0.717% to $63.48 a barrel…
READ MORE
NEWS
Iraq - April 02, 2018
Iraq is planning to announce the winners of 11 new blocks on April 15, international media reported on Sunday.
April 15 is also the deadline for the bids to be…
READ MORE