NEWS
Saudi Arabia - February 20, 2017
Saudi Arabia produced and exported record levels of oil last year, before an output cut deal between OPEC and non-OPEC producers came into effect, international media…
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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
Iraq - February 20, 2017
Iraq has updated its proven oil reserves figures, Minister of Oil Jabar Al Luaibi announced on Sunday.
The second-largest producer in OPEC now boasts 153 billion…
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NEWS
Iran - February 20, 2017
Iran has made a shale oil discovery estimated at 2 billion barrels, an official from the National Iranian Oil Company (NIOC) said on Saturday.
The light crude find…
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NEWS
Multinational - February 17, 2017
Oil prices fell slightly on Friday despite OPEC’s bullish report earlier this week, with Brent futures down by around 0.5% at USD 55.31 per barrel in early afternoon…
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NEWS
- February 17, 2017
TOGY’s coverage of this week’s oil and gas developments was highlighted by the global industry’s response to OPEC’s mandate to cut oil production. Contracts…
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NEWS
Saudi Arabia - February 17, 2017
Saudi Aramco has begun the process of issuing an EPC project order worth as much as USD 3.5 billion for its expansion project at the Marjan offshore and onshore…
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NEWS
China - February 15, 2017
Saudi Aramco has entered into an agreement with China’s North Huajin Chemical Industries Group, sources revealed on Monday.
The terms of the contract stipulate…
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NEWS
Multinational - February 15, 2017
Despite OPEC’s Monday confirmation that it had succeeded in reducing production, oil prices dipped again on Wednesday.
Brent closed 0.63% and WTI 0.73% lower than…
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NEWS
Iraq - February 14, 2017
Iraq, OPEC’s second-biggest supplier, is set to see oil output decline significantly in March, international media reported on Monday. It is unclear whether this is…
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