NEWS
Multinational - October 07, 2021
Oil was down Thursday morning in Asia, dropping for a second session as US crude oil supply data showed a surprise build.
Brent oil futures were down 0.64% to $80.56…
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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 - October 05, 2021
Oil was up Tuesday morning in Asia but climbed down from its highest levels in years hit during the previous session. Investors digested a decision from the…
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NEWS
Multinational - October 04, 2021
Oil was down Monday morning in Asia, with the Organization of the Petroleum Exporting Countries and allies (OPEC+) due to meet for its supply policy meeting where it…
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NEWS
Multinational - September 30, 2021
Oil was down Thursday morning in Asia, continuing its downward trends as the latest, official data confirmed a build in US crude supplies.
Brent oil futures edged…
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NEWS
September 27, 2021
Oil was up Monday morning in Asia, starting the week off strong over signs that the crude market is tightening thanks to the global energy crunch.
Brent oil futures…
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Interview
Nigeria - August 24, 2021
Muhammadu Buhari, president of the Federal Republic of Nigeria, talks to The Energy Year about key initiatives for fostering Nigeria’s economic advancement, the…
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Interview
Egypt - August 18, 2021
Ahmed El Araby, CEO of the Egyptian Mud Engineering and Chemicals Company (EMEC), talks to The Energy Year about prospects for ramping up production in Egypt as the…
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NEWS
- August 17, 2021
Abu Dhabi National Oil Company (ADNOC) has awarded an EPC contract to Robt Stone for the expansion of the Al Nouf oilfield, the NOC announced on Monday.
ADNOC plans…
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NEWS
Multinational - August 13, 2021
Oil was down Friday morning in Asia as concerns over the spread of Covid-19 globally continue to cloud the fuel demand outlook.
Brent oil futures were down 0.57% to…
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