H.E. Mohammad Sanusi BARKINDO

Secretary General

OPEC

OPEC remains fully engaged and supportive of the UNFCCC and the Paris Agreement.
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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

Investment-for-energy-security-affordability-and-access-Haitham-AL-GHAIS-OPEC
Interview
Kuwait - August 13, 2024

H.E. Haitham Al Ghais of OPEC talks about adjusting oil supply to foster stability in global markets.

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A-cornerstone-of-Kuwaits-economic-prosperity-Imad-AL-ATIQI-Ministry-Of-Oil
Interview
Kuwait - August 08, 2024

Kuwaiti Minister of Oil H.E. Imad Al Atiqi talks about the pillars of the ministry’s 2024-2028 roadmap for Kuwait’s oil…

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bp’s continued commitment to Kuwait TEY_post_-Anar-Aliyev
Interview
Kuwait - August 01, 2024

Anar Aliyev of bp talks about bp’s long-standing commitment to Kuwait’s hydrocarbons sector.

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Baku Energy Week
Partnered Event
Azerbaijan - June 4-6, 2024

The Baku Energy Week encompasses three prestigious events: the 29th International Caspian Oil and Gas Exhibition - Caspian…

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Oil down on US production concerns
NEWS
Multinational - December 21, 2017

Crude oil prices turned lower on Thursday, as concerns over rising U.S. production continued to weigh, despite the previous session’s upbeat U.S. inventory data.

The…

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Oil up on continued disruptions
NEWS
Multinational - December 18, 2017

Crude oil prices were higher on Monday, as sustained supply disruptions in the North Sea and Nigeria continued to support the commodity despite ongoing concerns over…

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Oil steadies after dip
NEWS
Multinational - December 15, 2017

Crude oil prices steadied on Friday, as traders grew more cautious ahead of the weekend, while concerns over rising U.S. shale production continued to linger.

The…

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Oil up on UK pipeline outage
NEWS
Multinational - December 12, 2017

Crude oil prices gained in Asia on Tuesday led by Brent crossing $65 a barrel for the first time since 2015 as a shutdown of a key pipeline led to a spike in the global…

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Crude under pressure from rising US output
NEWS
Multinational - December 11, 2017

Crude oil prices fell on Monday amid concerns that rising U.S. output could undermine efforts by OPEC to support the market by reducing excess supplies.

The U.S.…

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Oil prices edge up after dip
NEWS
Multinational - December 07, 2017

Crude prices inched higher in early dealings on Thursday, but held near the prior session’s three-week lows amid concerns over rising production in the U.S.

U.S.…

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Oil edges down
NEWS
Multinational - December 04, 2017

Crude prices started the week on the backfoot on Monday, amid worries that rising U.S. shale output would dampen OPEC’s efforts to rid the market of excess…

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Soft caps threaten Nigerian budget
NEWS
Nigeria - December 01, 2017

“Soft” output targets reportedly imposed on Nigeria and Libya as part of the OPEC deal to extend global production cuts through the end of 2018 could hurt…

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Oil up on OPEC deal
NEWS
Multinational - December 01, 2017

Crude oil prices moved higher on Friday, after the world’s major oil producers agreed to extend production cuts until the end of 2018.

The U.S. West Texas…

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