NEWS
Multinational - March 27, 2017
Oil fell on Monday after OPEC and non-OPEC ministers omitted from their final statement on Sunday a recommendation to extend the production cut deal reached last…
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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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Interview
Kuwait - March 24, 2017
TOGY talks to Sunil Jain, Indian ambassador to Kuwait, about how relations between the two countries support hydrocarbons co-operation and investment and Kuwait’s…
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NEWS
Multinational - March 22, 2017
New production could result in a repeat oil supply glut in 2018-2019, Goldman Sachs said on Tuesday as oil prices slid on growing US inventories.
“2017-19 is likely…
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NEWS
Multinational - March 18, 2017
The oil and gas news of the past week was a mixed bag. A major Wood Group acquisition set things in motion on Monday, with the highlights of the past week ranging from…
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NEWS
Multinational - March 15, 2017
Brent crude futures for May were up about 2% to USD 51.90 per barrel at 12:13 pm London time on Wednesday, largely on US inventories data and IEA projections that the…
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NEWS
Iran - March 14, 2017
Minister of Petroleum Bijan Namdar Zangeneh has offered to keep Iranian oil production at the agreed-up level of 3.8 million bopd for the remainder of 2017.…
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NEWS
Multinational - March 10, 2017
Brent crude futures for May were up two-thirds of a percent to USD 52.55 per barrel at 11:16 am (GMT) on Friday, after oil dropped to three-month lows this…
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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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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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