NEWS
Iraq - November 24, 2016
Iraq will work with OPEC on ways to combat the global oil supply glut and ensure the stability of prices, the country’s prime minister, Haider Al Abadi, said on…
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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
November 21, 2016
Oil prices hit a several-week high on Monday after comments by Iran, Iraq and Russia suggested that a deal between OPEC and non-OPEC producers was likely to be reached…
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NEWS
November 17, 2016
A jump in crude oil inventories weighed on prices early on Thursday, as both Brent and WTI futures dipped.
Brent futures were going for USD 46.47 barrel while WTI…
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NEWS
Saudi Arabia - November 16, 2016
Saudi Arabia is going to publish independently audited oil reserves figures in an effort to ensure the transparency of Saudi Aramco’s initial public offering,…
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NEWS
- November 14, 2016
Crude futures inched up in early trading on Monday, with Brent reaching USD 44.78 per barrel while WTI prices arrived at USD 43.38 per barrel.
Traders were…
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NEWS
November 11, 2016
OPEC’s oil production jumped in October, the organisation reported on Friday, projecting a higher-than-expected surplus next year and sending jitters through oil…
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NEWS
Nigeria - November 02, 2016
Nigeria’s oil production has nearly recovered after a series of attacks earlier this year slashed it by about a third, Minister of State for Petroleum Emmanuel Ibe…
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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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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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