NEWS
Multinational - July 19, 2017
Oil swung between moderate gains and losses Wednesday after industry data showed a surprise rise in U.S. crude stocks.
U.S. crude was up 15 cents, or 0.32%, at…
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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 19, 2017
The Organization of the Petroleum Exporting Countries (OPEC) confirmed the appointment of a new director for its research division on Tuesday.
The group’s board of…
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NEWS
Multinational - July 18, 2017
Ecuador announced on Monday that it would no longer comply with the global production-cut deal that was extended by a further nine months in May, sending shockwaves…
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NEWS
Libya - July 18, 2017
Libya said Tuesday it will attend a meeting of OPEC and non-OPEC producers in Saint Petersburg on July 22.
A delegation to the meeting on current market conditions…
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NEWS
Multinational - July 17, 2017
Oil prices were slightly higher in European trade on Monday, extending last week’s strong gains on signs that demand for crude will pick up during the second half of…
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NEWS
Multinational - July 14, 2017
Oil was firm Friday remaining on track for weekly gains of about 5% as the latest U.S. rig count is awaited.
U.S. crude was up 40 cents, or 0.87%, at $46.48 at 07:00…
NEWS
Multinational - July 14, 2017
Oil prices slowed their advance on Friday morning trade in Asia, reacting to the prospect of high inventories and more efficient production.
The U.S. West Texas…
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NEWS
Multinational - July 13, 2017
The IEA Thursday noted “waning confidence” by oil market participants in the re-balancing of supply and demand.
The International Energy Agency noted net long…
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NEWS
Multinational - July 12, 2017
Oil jumped Wednesday after an industry report showed a larger-than expected draw in U.S. crude stocks in the latest week.
U.S. crude was up 59 cents, or 1.31%, at…
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