NEWS
Multinational - July 06, 2021
Oil was up Tuesday morning in Asia even as the Organization of the Petroleum Exporting Countries and allies (OPEC+) failed to reach a deal to increase fuel output in…
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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
Multinational - June 25, 2021
Oil was up Friday morning in Asia, ending the week with small gains in an otherwise volatile session as investors await an upcoming Organization of the Petroleum…
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NEWS
Multinational - June 23, 2021
Oil was up Wednesday morning in Asia as a strong economic rebound of key consumers boosted fuel demand and drained bloated inventories. Investors now await a…
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NEWS
Multinational - June 22, 2021
Oil was up Tuesday morning in Asia, with signs emerging of a rapidly tightening market.
Brent oil futures were up 0.32% to $75.14 by 4:41 PM ET (4:41 AM GMT), after…
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NEWS
Multinational - June 21, 2021
Oil was up Monday morning in Asia, with a strong start to the summer driving season underpinning the gains. The black liquid also benefitted from the pause in talks to…
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NEWS
Multinational - June 16, 2021
Oil was up Wednesday morning in Asia as a larger-than-expected draw in US crude oil supplies and the ever-brightening fuel demand outlook in some countries gave the…
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NEWS
Multinational - June 15, 2021
Oil was up Tuesday morning in Asia, as talks over Iran adding to the global supply continue and alleviate investor concerns.
Brent oil futures were up 0.33% to…
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NEWS
Multinational - June 11, 2021
Oil was down Friday morning in Asia but was set to end the week with a third weekly gain. The black liquid hovered near the $70 mark as investors continue to digest…
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NEWS
Multinational - June 08, 2021
Oil was down Tuesday morning in Asia, continuing Monday’s losses as the fragile state of the global economic recovery from Covid-19 impacts the fuel demand…
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