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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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
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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Interview
Abu Dhabi - May 24, 2017
Ramon Areitio Toledo, general manager of CEPSA Petroleum Operations Middle East, talks to TOGY about potential in the downstream sector, possible opportunities with…
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NEWS
Multinational - May 20, 2017
The past week was one of bidding rounds, with both Australia and Indonesia announcing they would be making blocks available. Angola, on the other hand, was forced to…
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