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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OPEC

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.

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

Houston’s growing pull in global energy - USA26 - Josh SHERMAN - Houston Producers Forum
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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ADNOC eyes upstream, LNG opportunities in Canada
NEWS
Canada - June 10, 2026

ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.

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ADNOC Drilling ready to raise production capacity above 5 million bopd
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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UAE leaves OPEC
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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Oil opens lower
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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Iraq confirms new oil minister
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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New Oman-Iran gas pipeline route
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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Saudi oil output hits record
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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OPEC says bear market temporary
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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New OPEC head gets to work
NEWS
August 02, 2016

Former Nigerian National Petroleum Corporation Group Managing Director Mohammad Sanusi Barkindo officially took over from Abdalla Salem El Badri as OPEC secretary…

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Nigeria targets production increase
NEWS
Nigeria - July 25, 2016

The Nigerian government aims to increase production by almost 1 million bopd over the next two years, Minister of Budget and National Planning Udoma Udo Udoma said on…

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