NEWS
Multinational - August 18, 2017
Oil prices moved higher on Friday, bouncing off the previous session’s three-week lows, but gains were expected to remain limited by ongoing converns over rising U.S.…
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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 - August 17, 2017
Oil prices turned lower after a brief rebound on Thursday, to trade at a more than three-week trough after strong U.S. data boosted demand for the greenback and as…
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Interview
Abu Dhabi - August 14, 2017
Guy Lewis, the vice-president for strategic marketing and planning of Honeywell UOP, talks to TOGY about the advantages of investing in refining and petrochemicals in…
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NEWS
Multinational - August 14, 2017
Oil prices edged lower on Monday, as ongoing worries over ample global supplies dampened sentiment.
The U.S. West Texas Intermediate crude September contract was at…
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NEWS
Multinational - August 10, 2017
Oil prices continued higher on Thursday, rising to the strongest level in almost three months amid growing optimism that the market was starting to rebalance.
The…
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NEWS
Multinational - August 10, 2017
Oil prices continued higher on Thursday, as data showing a sixth consecutive week of declines in U.S. crude inventories added to optimism that the market was…
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NEWS
Iran - August 09, 2017
Bijan Namdar Zangeneh was reappointed as Iran’s minister of petroleum on Tuesday by President Hassan Rouhani.
The Iranian president, sworn in on Saturday for his…
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NEWS
Multinational - August 07, 2017
Oil prices were under pressure on Monday, as officials from OPEC and non-member nations kicked off a two-day meeting in Abu Dhabi to discuss compliance levels on their…
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NEWS
Multinational - August 04, 2017
U.S. oil moved lower on Friday, as concerns over rising production by the U.S. and OPEC members weighed on demand for the commodity.
U.S. crude futures for September…
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