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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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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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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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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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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