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 steady amid rising Mid East tensions
NEWS
Multinational - November 10, 2017

Crude oil prices held ground in early morning trade on Friday ahead of U.S. weekly rig count data that showed a dip in the previous week, but also with a sharp eye on…

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Miguel DIAS CORREIA
Interview
Angola - November 08, 2017

Miguel Dias Correia, the CEO of ISQapave, talks to TOGY about the glut of oil production worldwide, the outlook for the business climate in Angola and future investment…

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Oil down slightly after recent highs
NEWS
Multinational - November 07, 2017

Oil prices were relatively flat in early morning trade on Tuesday, pausing for breath after rallying to the highest level in more than two years in the prior…

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Crude retains support
NEWS
Multinational - November 03, 2017

Oil prices continued the rally Friday that has seen crude tack on weekly gains of around 1.6% as prices remained supported by hopes that major oil producers will agree…

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Oil dips on US exports
NEWS
Multinational - November 02, 2017

Oil prices fell for a second-day running on Thursday as a surge in U.S. crude exports offset the data showing supplies of U.S crude oil and gasoline declined…

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Oil slightly lower ahead of US data
NEWS
Multinational - October 31, 2017

Crude oil prices slipped lower on Tuesday, as investors locked in profits from the commodity’s recent gains amid ongoing optimism over a rebalancing of the…

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Brent stays above $60 per barrel
NEWS
Multinational - October 30, 2017

Oil started the week off with mixed readings after last week’s nearly 5% rise as investor sentiment in black gold continued to be buoyed by hopes of extension to the…

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Oil steady ahead of US data
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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Oil up on geopolitics, US production drop
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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