NEWS
Multinational - August 03, 2017
Crude oil benchmarks drifted weaker in Asia on Thursday, shrugging off some demand signals from the U.S. overnight and waiting for more on rig count figures by Baker…
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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 - July 31, 2017
Oil prices slipped on Monday, turning lower after hitting their strongest level in around two months overnight as investors cheered signs that the global crude market…
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NEWS
Multinational - July 28, 2017
Oil Friday hovered around eight-week highs ahead of U.S. weekly rig count data.
U.S. crude was up 7 cents, or 0.14%, at $49.11 at 06:30 ET. Brent added 23 cents, or…
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Interview
Abu Dhabi - July 27, 2017
Salem Ashoor, the general manager and chief representative of BP UAE, talks to TOGY about the Adma-Opco and Zadco merger, the OPEC production cap, moving forward during…
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NEWS
Multinational - July 25, 2017
Oil prices climbed to nearly two-month highs on Tuesday following a pledge by Saudi Arabia a day earlier to limit its exports to 6.6 million bopd throughout August.
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NEWS
Nigeria - July 24, 2017
Nigeria will voluntarily limit its oil production to 1.8 million bopd when it reaches that level, Kuwaiti Oil Minister Essam Al Marzouq said Monday.
The country had…
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NEWS
Multinational - July 24, 2017
Oilfield services giant Halliburton posted adjusted Q2 income of USD 201 million on Monday, days after competitor Schlumberger announced a net quarterly loss of USD 74…
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NEWS
Multinational - July 24, 2017
Oil prices wavered between small gains and losses in European trade on Monday, ahead of a highly-anticipated meeting of some oil ministers from OPEC and non-OPEC…
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NEWS
Multinational - July 20, 2017
Oil was steady Thursday after big gains overnight on a larger-than-expected draw in U.S. crude stocks.
U.S. crude was up 23 cents, or 0.49%, at $47.55 at 08:00 ET.…
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