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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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

Houston’s growing pull in global energy - USA26 - Josh SHERMAN - Houston Producers Forum
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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ADNOC eyes upstream, LNG opportunities in Canada
NEWS
Canada - June 10, 2026

ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.

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ADNOC Drilling ready to raise production capacity above 5 million bopd
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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UAE leaves OPEC
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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Oil prices up on continued optimism
NEWS
Multinational - January 09, 2018

Crude oil prices remained supported near multi-year highs on Tuesday, still boosted by a decline in U.S. oil rigs and supply cuts by major oil producers.

The U.S.…

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Oil prices near multi-year highs
NEWS
Multinational - January 08, 2018

Crude oil prices were hovering near recent multi-year peaks on Monday, helped by news of a decline in U.S. oil rigs, although ongoing concerns over rising U.S.…

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Oil prices retreat slightly
NEWS
Multinational - January 05, 2018

Crude oil prices retreated on Friday, as investors grew more cautious ahead of the weekend, but the commodity was still close to multi-year highs following positive…

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Oil hits fresh highs
NEWS
Multinational - January 03, 2018

Crude oil prices climbed to fresh multi-year highs on Wednesday, as supply cut efforts by global oil producers continued to support the commodity despite ongoing…

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Oil prices supported by Iran protests
NEWS
Multinational - January 02, 2018

Crude oil prices were hovering at multi-year highs on Tuesday, as unrest in Iran sparked concerns over potential supply disruptions in the region and as supply cut…

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Oil wavers ahead of US data
NEWS
Multinational - December 28, 2017

Oil prices registered cautious trade on Thursday, wavering between gains and losses, as investors looked ahead to official weekly inventory data.

The U.S. West Texas…

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Oil up on Libya pipeline blast
NEWS
Multinational - December 26, 2017

Crude prices turned higher in morning trade on Tuesday on reports of an attack on a Libyan oil pipeline.

The U.S. West Texas Intermediate crude February contract…

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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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