NEWS
Multinational - November 30, 2017
OPEC delegates have already agreed on extending the global production cut agreement to the end of 2018 and a formal announcement is expected later in the day,…
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BACK TOCOMPANIES
OPEC
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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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
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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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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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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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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NEWS
Multinational - November 29, 2017
Crude prices were on the backfoot again on Wednesday, extending this week’s losses amid speculation weekly supply data due later in the day will show a surprise…
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NEWS
Multinational - November 28, 2017
Crude prices were on the backfoot on Tuesday, extending losses from the prior session as expectations of higher supply in the U.S. combined with uncertainty over a…
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NEWS
Multinational - November 27, 2017
Crude prices were a bit lower on Monday, as energy markets looked ahead to this week’s Organization of Petroleum Exporting Countries’ (OPEC) highly-anticipated meeting…
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NEWS
Multinational - November 24, 2017
Crude oil prices remained supported on Friday, amid ongoing optimism over the rebalancing of the market and as the partial closure of the a key North-American pipeline…
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NEWS
Multinational - November 23, 2017
Oil prices were a bit lower on Thursday, but still remained near their highest level in two-and-a-half years amid optimism that the crude market was well on its way…
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NEWS
Multinational - November 22, 2017
Oil prices rose further on Wednesday, with the U.S. benchmark surging to its best level since July 2015 amid speculation weekly supply data due later in the day will…
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NEWS
November 21, 2017
Crude prices were a bit higher on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of…
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NEWS
USA - November 16, 2017
In the long run, the USA will become the “undisputed leader of oil and gas production worldwide,” Fatih Birol, the chief of the International Energy Agency, told…
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