NEWS
Iran - February 01, 2017
Iran will build 12 new oil and gas condensate refineries, an official from the National Iranian Oil Refining & Distribution Company (NIORDC) said on Wednesday.
Arman…
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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
USA - January 30, 2017
London Brent crude and WTI futures fell on Monday morning, with concerns about increasing US production weighing on prices.
According to Baker Hughes, the number of…
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NEWS
Iran - January 26, 2017
Iran is producing 3.9 million bopd, the country’s minister of petroleum said on Wednesday.
Minister of Petroleum Bijan Namdar Zangeneh offered the figure on the…
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NEWS
Equatorial Guinea - January 23, 2017
Equatorial Guinea’s Ministry of Mines and Hydrocarbons on Monday suggested it could join OPEC in 2017, having presented its proposal for a reduction in oil…
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NEWS
Multinational - January 20, 2017
Oilfield services giant Schlumberger on Friday posted its fourth quarter and full-year results, revealing losses and declining revenue.
The company recorded a net…
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NEWS
- January 13, 2017
Though concerns linger about the implementation of the oil production cut deal reached last year, Saudi Arabia and Kuwait sent strong positive signals on Thursday,…
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NEWS
Nigeria - January 10, 2017
Angola and Nigeria are locked in a tight race for the title of Africa’s biggest producer, according to the latest OPEC Oil Market Report.
In its overview for…
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NEWS
USA - January 09, 2017
Brent crude futures for March delivery declined by about 2% to under USD 56 per barrel on Monday afternoon as US companies raised the number of operational rigs by…
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NEWS
- December 30, 2016
Brent and West Texas Intermediate futures, both near yearly highs on Friday, have not had a better year since 2009.
Prices are on track for the largest annual…
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