NEWS
Multinational - October 25, 2017
Crude oil prices were largely steady on Wednesday, hovering near their recent highs, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and…
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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 - October 23, 2017
Oil prices extended last week’s gains on Monday as traders in Wall Street returned to their desks and traders priced in bullish factors such as ongoing tensions in…
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NEWS
Multinational - October 19, 2017
Crude oil prices held near their strongest level in around three weeks on Thursday, supported by growing indications that the market was starting to rebalance.
U.S.…
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NEWS
Multinational - October 13, 2017
Crude prices gained in Asia on Friday with trade data from China supporting rising demand views as the market looks ahead to U.S rig count data.
On the New York…
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NEWS
Multinational - October 12, 2017
Crude oil prices moved lower on Thursday, after data late Wednesday showed that U.S. crude inventories rose unexpectedly last week, eclipsing recent signs that the…
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NEWS
Multinational - October 11, 2017
Crude oil remained higher for a third consecutive session on Wednesday, supported by indications that the market is gradually rebalancing after years of…
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NEWS
Multinational - October 06, 2017
Crude oil continued to decline on Friday, as traders grew cautious due to the possibility of higher U.S. crude stocks caused by incoming tropical storm Nate and the…
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NEWS
Multinational - October 03, 2017
Crude oil prices remained lower on Tuesday, as traders were eyeing the release of this week’s U.S. stockpile data, although the sentiment that the market is gradually…
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NEWS
Abu Dhabi - October 03, 2017
UAE Minister of Energy Suhail Al Mazrouei announced the country would cut oil production by 139,000 bopd, local media reported Monday.
ADNOC is set to reduce output…
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