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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
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UAE - May 12, 2026
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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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Multinational - February 09, 2018
Crude oil prices continued to tumble on Thursday, as concerns over rising U.S. production continued to weigh heavily on the commodity.
The U.S. West Texas…
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Argentina - February 07, 2018
Venezuelan President Nicolás Maduro has responded to US Secretary of State Rex Tillerson’s comments about the possibility of oil sanctions, local media reported on…
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Interview
Indonesia - February 07, 2018
Ignasius Jonan, Indonesia’s minister of energy and mineral resources, talks to TOGY about the government’s plans to expand electrification in the country, efforts…
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Multinational - February 05, 2018
Crude oil prices continued to decline on Monday, as rising U.S. production offset optimism surrounding global supply cut efforts to drain the market of excess…
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Multinational - February 02, 2018
Crude oil prices moved lower on Friday, as traders locked in profits following the commodity’s recent rally amid overall optimism over the rebalancing of the…
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Multinational - February 01, 2018
Crude oil prices continued to rise on Thursday, helped by news of a sharp decline in U.S. stocks of gasoline and distillate supplies and that OPEC members are complying…
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Multinational - January 30, 2018
Crude oil prices continued to decline on Tuesday, despite overall optimism over the rebalancing of the market as traders turned their attention to this week’s U.S.…
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Multinational - January 29, 2018
Crude oil prices turned lower on Monday, but the commodity remained supported within close distance of recent multi-year highs amid overall optimism over the…
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