NEWS
Angola - February 28, 2018
Sonangol head Carlos Saturnino said Wednesday that the Angolan NOC’s debt was USD 4.9 billion.
Speaking at the firm’s annual press conference, Saturnino added…
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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
Ecuador - February 28, 2018
Ecuador will add four mature onshore oilfields and the Amistad offshore gasfield to an auction scheduled for March, international media reported on Tuesday.
The…
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NEWS
Multinational - February 27, 2018
Crude oil prices slipped lower on Tuesday, ahead of this week’s U.S. supply reports but the commodity remained within close distance of recent mutli-week highs amid…
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NEWS
Multinational - February 26, 2018
Crude oil prices pulled back but remained within close distance of two-week highs on Monday, still helped by news Saudi Arabia plans to continue cutting output levels…
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NEWS
Multinational - February 21, 2018
Crude oil prices remained lower on Wednesday, weighed by U.S. dollar strength and amid growing caution ahead of this week’s U.S. supply data.
The U.S. West Texas…
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Interview
Indonesia - February 21, 2018
Daniel Wieczynski, president-director of ExxonMobil, talks to TOGY about the company’s current operations, the ease of doing business in Indonesia and how the company…
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NEWS
Multinational - February 19, 2018
Crude oil prices continued to hover at more than one-week highs on Monday, supported by tensions in the Middle East and global supply cut efforts, although concerns…
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NEWS
Multinational - February 15, 2018
Crude oil prices turned lower on Thursday, as concerns surrounding rising U.S. output levels overshadowed optimism sparked by global efforts to limit production.
The…
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NEWS
Multinational - February 12, 2018
Crude oil prices continued to climb on Monday, as the market continued to recover from the previous week’s steep losses and investors turned their attention to the…
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