NEWS
Saudi Arabia - March 03, 2017
Saudi Arabia surprised observers on Friday by cutting Arab Light prices by as much as USD 0.75 for Arab Extra Light, international media reported.
Industry sources…
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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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Interview
USA - March 03, 2017
TOGY talks to Jack Gerard, president of the American Petroleum Institute (API). With more than 625 member organisations from the oil and gas industry, the trade…
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NEWS
Multinational - March 01, 2017
Oil prices rose slightly on Wednesday on reports that OPEC compliance with a production cut deal reached last November was above 90% for a second month in a…
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NEWS
Equatorial Guinea - February 27, 2017
The Ministry of Mines and Hydrocarbons of Equatorial Guinea announced on Monday that it was extending the deadline for the licensing round it launched last June, dubbed…
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NEWS
Multinational - February 25, 2017
The news of the past week revolved around major deals in Abu Dhabi, a fresh oil find and additional reserves in Iraq and a slew of annual results announcements.…
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NEWS
Multinational - February 24, 2017
Oil prices fell slightly on Friday on news that US stocks had grown by 564,000 barrels in the week ending February 17, even as hopeful signs emerged of the priciest…
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NEWS
Multinational - February 22, 2017
Citi Bank released a bullish note on Tuesday, saying oil could reach USD 70 per barrel this year despite continued risk from US shale production growth.
It…
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NEWS
Saudi Arabia - February 21, 2017
Reports on Monday that Saudi Arabia prefers New York to other stock exchanges came as the latest twist in a tortuous intrigue surrounding the Saudi Aramco IPO.
While…
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NEWS
Iraq - February 20, 2017
Iraq and Iran have agreed to look into the construction of an export pipeline to transport crude from Kirkuk to Iran.
A memorandum of understand (MoU) to that end…
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