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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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
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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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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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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