NEWS
October 11, 2016
Oil prices fell back Tuesday after a brief surge on Monday over fears that a production cut deal might face hurdles in implementation.
Both Saudi Arabian and Russian…
READ MORE
BACK TOCOMPANIES
OPEC
H.E. Mohammad Sanusi BARKINDO
Secretary General
OPEC
OPEC remains fully engaged and supportive of the UNFCCC and the Paris Agreement.
Read The Full Interview
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.
READ MORE
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…
READ MORE
Interview
Kuwait - August 01, 2024
Anar Aliyev of bp talks about bp’s long-standing commitment to Kuwait’s hydrocarbons sector.
READ MORE
Partnered Event
Azerbaijan - June 4-6, 2024
The Baku Energy Week encompasses three prestigious events: the 29th International Caspian Oil and Gas Exhibition - Caspian…
READ MOREMost popular
NEWS
October 10, 2016
Despite comments by Saudi Minister of Energy Khalid Al Falih, who voiced optimism on Monday that a production cut could bring prices up to USD 60 a barrel, many…
READ MORE
NEWS
Russia - October 07, 2016
A one-sentence comment by Russian Energy Minister Alexander Novak curtailed recent gains in oil prices on Friday, sparking a media storm.
Last week’s agreement by…
READ MORE
NEWS
October 06, 2016
OPEC announced Thursday it aims to get the oil price to USD 55 per barrel by cutting production. This comes after the cartel announced September 28 its plans to cut…
READ MORE
NEWS
October 03, 2016
Russian oil production hit a post-Soviet Union output record in September, local media reported over the weekend, with OPEC production also projected to hit fresh…
READ MORE
NEWS
September 29, 2016
OPEC caught markets and analysts off guard late on Wednesday when it announced an agreement on a production cut that exempts Iran, sending oil prices surging.
After…
READ MORE
NEWS
Saudi Arabia - September 27, 2016
Comments made by Saudi Arabian Minister of Energy, Industry and Mines Khalid al Falih and his Iranian counterpart, Bijan Namdar Zanganeh, in Algiers on Tuesday have…
READ MORENEWS
- September 23, 2016
Saudi Arabia has reportedly courted Iran in an effort to lay the groundwork for a deal on freezing oil production, sources familiar with the matter said on…
READ MORE
NEWS
Iraq - September 23, 2016
Minister of Oil Jabar Ali Al Luaibi in a statement on Thursday said Iraq aims to increase its production by more than 375,000 bopd, lending credence to the assumption…
READ MORE
