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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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 - 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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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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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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