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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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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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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NEWS
Multinational - November 15, 2017
Oil prices fell further on Wednesday, extending sharp losses from the previous session amid speculation weekly supply data due later in the day will show a large…
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NEWS
Multinational - November 14, 2017
Oil prices edged lower 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 demand in…
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