NEWS
Saudi Arabia - August 26, 2016
Oil prices suffered in the early hours of trading on Friday, as the excitement over the Thursday announcement of Iran joining the upcoming OPEC talks was overshadowed…
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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
Iran - August 25, 2016
Iran will take part in the September closed-door OPEC meeting in Algeria, the Ministry of Petroleum’s news portal announced on Thursday.
Minister of Petroleum…
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NEWS
Iran - August 24, 2016
Iran reportedly informed OPEC members that the country will attend the organisation’s next informal talks on oil production in Algeria in late September. The…
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NEWS
- August 22, 2016
Oil prices were down in the early hours of Monday, as traders reacted to higher Chinese exports of refined products and the prospect of increased output from…
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NEWS
Russia - August 16, 2016
Russian Energy Minister Alexander Novak has confirmed ongoing communication with Saudi Arabia and other oil-producing nations geared towards stabilising the oil market…
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NEWS
Iraq - August 15, 2016
In a series of parliamentary shifts, Iraq’s government approved Jabar Ali Al Luaibi, former head of state-run South Oil Company, as new oil minister today.
Prime…
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NEWS
Oman - August 11, 2016
Omani Minister of Oil and Gas Mohammed bin Hamad al Rumhy on Wednesday said the sultanate and Iran had decided to alter the route of the planned subsea gas pipeline…
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NEWS
Saudi Arabia - August 10, 2016
An uptick in seasonal domestic demand has propelled Saudi Arabia’s crude production to an all-time record of 10.67 million bopd, the country told OPEC on Wednesday.…
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NEWS
August 08, 2016
The recent decline in oil prices is only “temporary” in nature, with an uptick in demand expected in the third and fourth quarters of 2016, Qatari Minister of…
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