NEWS
Multinational - July 11, 2017
Oil turned lower after earlier gains Tuesday as supply concerns continue to overhang the market.
U.S. crude was off 45 cents, or 1.01%, at $43.95 at 08:00 ET. Brent…
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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
USA - July 11, 2017
Crude continued to rebound mildly in Asia on Tuesday, with the possibility of production curbs in Libya and Nigeria and a shrinking of U.S. stockpiles lifting markets.…
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NEWS
Multinational - July 10, 2017
A decline of global investment following the 2014 drop in oil prices could result in a future supply shortage, Saudi Aramco’s CEO Amin Nasser told the World Petroleum…
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NEWS
Multinational - July 07, 2017
Russia would consider further changes to the global production cut deal in order to help prop up sagging oil prices, international media reported on Friday.
The…
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NEWS
Multinational - June 29, 2017
Oil prices rose to 14-day highs on Thursday even as oversupply concerns continued to weigh heavily on industry observers’ minds.
Brent crude futures for August…
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Interview
Kuwait - June 28, 2017
Jamal Abdul Aziz Jaafar, CEO of Kuwait Oil Company (KOC), talks to TOGY about the impact of OPEC cuts, the importance of international partnerships and opportunities in…
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Interview
Argentina - June 21, 2017
TOGY talks to Daniel Kokogian, president of New Milestone Oil & Gas, about new agreements with labour unions and how the industry has adapted to a low oil price…
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NEWS
Multinational - June 14, 2017
Global oil supply will continue to grow faster than demand next year, the IEA said on Wednesday, piling pressure on crude prices amid growing commercial stockpiles in…
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NEWS
Nigeria - June 10, 2017
Shell declared force majeure on Bonny Light crude on Friday due to a leak in the Trans Niger Pipeline. Bonny Light exports continued through the Nembe Creek Trunk Line,…
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