NEWS
Multinational - June 09, 2017
Oil prices further approached year-to-date lows on Friday on data showing an exacerbated supply glut and worries that the conflict between Qatar and some of its…
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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
Nigeria - June 07, 2017
Royal Dutch Shell has lifted the force majeure restrictions imposed last year on exports from a key Nigerian crude pipeline, international media reported on…
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NEWS
Multinational - June 06, 2017
Kuwait and Turkey, among other countries, stepped up mediation efforts on Tuesday to try and calm the spiraling row between Qatar and several Arab powerhouses,…
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NEWS
Indonesia - June 06, 2017
Indonesia has expressed its intention to rejoin OPEC on the condition it be exempt from the organisation’s production cuts, local media reported on Tuesday.
Citing…
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NEWS
Multinational - June 01, 2017
Oil remained near USD 50 per barrel on Thursday despite a report that showed declining US crude stocks the previous day, reflecting concerns about OPEC’s production…
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Interview
Saudi Arabia - May 31, 2017
TOGY talks to Halim Hamid Redhwi, vice-president of Dhahran Techno Valley Company (DTVC), about the state of Saudi Arabia’s economy, current challenges with…
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Interview
Kuwait - May 26, 2017
Abdulla Al Sumaiti, deputy CEO for South and East Kuwait at Kuwait Oil Company (KOC), talks to TOGY about the upcoming projects that will support Kuwait’s oil…
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Equatorial Guinea - May 26, 2017
Equatorial Guinea was announced as the 14th member of OPEC on Thursday.
“Equatorial Guinea’s joining of OPEC is a triumph. This is a proud moment for us,”…
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NEWS
Saudi Arabia - May 25, 2017
OPEC is to extend the global production cut agreement reached last year by a further 9 months, the group decided at a meeting in Vienna on Thursday.
The cartel also…
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