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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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 - 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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NEWS
Saudi Arabia - October 02, 2017
Saudi Arabia and Russia are negotiating a USD 1-billion investment fund that would deepen their co-operation in energy projects, Russian Energy Minister Alexander Novak…
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NEWS
Multinational - October 02, 2017
Crude oil prices extended losses on Monday, as optimism surrounding an apparent re-balancing of the market began to fade following news of an increase in Iraqi…
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