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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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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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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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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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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