NEWS
Multinational - January 25, 2018
Crude oil prices climbed to fresh three-year highs on Thursday, as news of another weekly decline in U.S. crude inventories added to overall optimism over the…
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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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Interview
Saudi Arabia - January 25, 2018
Safwat Hakam, country sales director for Saudi Arabia and Bahrain at Rockwell Automation, talks to TOGY about the company’s recent activities in the Saudi oil and gas…
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NEWS
Multinational - January 24, 2018
Crude prices were largely unchanged on Wednesday, amid speculation weekly supply data due later in the day will show an increase in U.S. oil and fuel supplies.
The…
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NEWS
UK - January 23, 2018
Crude oil prices continued to rise on Tuesday, after the International Monetary Fund upwardly revised its growth outlook and as recent comments from Saudi Arabia…
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NEWS
Multinational - January 19, 2018
Crude oil prices remained under pressure on Friday, as an increase in U.S. oil production offset news of another decline in U.S. inventories last week.
The U.S. West…
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NEWS
Multinational - January 17, 2018
Crude oil prices remained under pressure on Wednesday, although they were still hovering within close distance of recent multi-year highs, as investors remained…
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NEWS
Multinational - January 15, 2018
Crude oil prices were mixed on Monday, but they were still hovering near multi-year highs as overall optimism regarding the rebalancing of the market continued to…
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NEWS
Multinational - January 12, 2018
Crude oil prices pulled back on Friday, as investors locked in profits from the commodity’s climb to a three-year high in the previous session amid overall optimism…
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NEWS
Multinational - January 11, 2018
Crude prices continued higher on Thursday, with the U.S. benchmark hitting its strongest level since December 2014 amid optimism over shrinking U.S. stockpiles.
U.S.…
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