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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OPEC

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.

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

Houston’s growing pull in global energy - USA26 - Josh SHERMAN - Houston Producers Forum
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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ADNOC eyes upstream, LNG opportunities in Canada
NEWS
Canada - June 10, 2026

ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.

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ADNOC Drilling ready to raise production capacity above 5 million bopd
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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UAE leaves OPEC
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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Oil down on US data
NEWS
Multinational - March 29, 2018

Oil prices turned lower on Thursday, erasing earlier gains, as rising crude inventories and production in the United States outweighed optimism over the prospect of an…

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OPEC rumours drive oil prices up
NEWS
Multinational - March 23, 2018

Oil prices continued to rise on Friday, bolstered by news that production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and Russia could be…

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Oil up on disruption fears
NEWS
Multinational - March 20, 2018

Crude oil remained higher on Tuesday, as Middle-East tensions sparked concerns over potantial supply disruptions, although concerns over rising U.S. output levels…

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Oil prices bounce back after dip
NEWS
Multinational - March 15, 2018

Crude oil prices bounced higher on Thursday, erasing earlier losses, after the International Energy Agency forecast an increase in global oil demand for the next year,…

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Oil down on US output concerns
NEWS
Multinational - March 12, 2018

Crude oil prices continued to drop on Monday, as optimism linked to news of a decline in U.S. drilling rigs and upbeat U.S. jobs data was overshadowed by lingering…

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Oil climbs in risk-on trade
NEWS
Multinational - March 09, 2018

Crude oil prices continued to climb on Friday, as news of a U.S.-North Korea thaw boosted market sentiment and overshadowed recent concerns over U.S. oil inventories…

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Oil down on US data
NEWS
Multinational - March 08, 2018

Crude oil prices turned lower on Thursday, as traders were still digesting the previous session’s downbeat U.S. supply data amid sustained fears over a global trade…

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EG, Mozambique to co-operate in energy
NEWS
Equatorial Guinea - March 05, 2018

Equatorial Guinea and Mozambique will work together in oil and gas industry matters, local media reported over the weekend.

Mozambique’s Minister of Mineral…

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Oil prices subdued amid cautious trade
NEWS
Multinational - March 02, 2018

Crude oil prices remained lower on Friday, hovering near multi-week troughs amid ongoing concerns over U.S. production levels and fresh worries over U.S. protectionist…

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