NEWS
- December 28, 2016
February Brent crude futures reached USD 56.50 per barrel in London on Wednesday mid-afternoon, all but hitting 2016 oil price records as confidence in the production…
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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
Saudi Arabia - December 28, 2016
Saudi Arabia projects its oil revenue to increase by 46% in 2017, capitalising on the expected uptick in oil prices following the OPEC agreement on reducing…
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NEWS
Malaysia - December 21, 2016
Petronas has agreed to cut production by 20,000 bopd in 2017, according to a statement released by Malaysia’s state-run producer and oil and gas regulator on…
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NEWS
Libya - December 21, 2016
Libya’s state-run National Oil Corporation (NOC) on Tuesday said that two major western pipeline systems had been reopened, clearing the way for additional…
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NEWS
Nigeria - December 15, 2016
Nigeria’s draft budget for 2017, which President Muhammadu Buhari presented to parliament on Wednesday, projects a 20% increase in spending aimed at bringing the…
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NEWS
Malaysia - December 14, 2016
Shell’s Malikai deepwater tension-leg platform (TLP) offshore Malaysia has begun production, the company said in a press release on Wednesday.
The project, with…
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NEWS
Qatar - December 13, 2016
Qatar Petroleum on Tuesday said that oil production levels would be cut from January 1 onwards.
“This decision comes in line with the State of Qatar’s…
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NEWS
Malaysia - December 13, 2016
Malaysia’s Petronas solidified an agreement with OPEC on Tuesday to slow the global supply of oil amid a glut that has shaken the market since mid-2014. The agreement…
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NEWS
Multinational - December 12, 2016
Brent futures rose above USD 57 a barrel on Monday, the highest level since July 2015, after non-OPEC members agreed over the weekend in Vienna to cut their production…
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