NEWS
- October 28, 2016
Italian oil and gas company Eni posted a Q3 loss on Friday that it said was larger than expected, which it attributed to the low prices of oil and gas.
Eni said in a…
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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
October 27, 2016
Saudi Arabia and its OPEC allies in the Arabian Gulf have offered Russia to cut their oil output 4% from peak production, news agencies reported on Thursday.
Citing…
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NEWS
Nigeria - October 25, 2016
The Nigerian armed group Niger Delta Avengers attacked the Chevron Escravos offshore pipeline on Tuesday, just after the Nigerian government announced oil output was…
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NEWS
Iraq - October 24, 2016
Iraq’s oil ministry opened 12 small and medium-sized oilfields for bidding on Monday and signalled it would seek new terms for their development.
The tender…
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NEWS
Iraq - October 24, 2016
OPEC’s second-largest producer, Iraq, said on Sunday it should be exempt from oil production cuts on the grounds that its production has already been decimated by…
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NEWS
- October 21, 2016
The world’s biggest oilfield services company announced USD 176 million in profits for Q3 on Thursday, indicating that improved rig activity in North America and…
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NEWS
Russia - October 20, 2016
As analysts hold their breath over a potential deal between OPEC and Russia to limit production, Rosneft said on Thursday it had the potential to ramp up output…
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Interview
Nigeria - October 19, 2016
Mahaman Laouan Gaya, executive secretary of the African Petroleum Producers Association (APPA), talks to TOGY about the cause of the drop in oil prices and the…
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NEWS
USA - October 13, 2016
Denver-based energy company Extraction Oil & Gas scored a remarkable success with its IPO on Wednesday, potentially paving the way for other hydrocarbons companies to…
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