NEWS
Nigeria - June 21, 2016
The Nigerian government has reached a one-month truce with Niger Delta militants, including the Niger Delta Avengers, an official from the Ministry of Petroleum…
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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
- June 15, 2016
Crude futures hit a three-week low on Wednesday, continuing a downward trend for the fifth day in a row. Analysts pointed to fears over the UK leaving the EU and…
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NEWS
June 14, 2016
Following OPEC’s monthly report forecasting a continued easing of pressure on the global oil market on Monday, the International Energy Agency (IEA) report released…
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NEWS
June 13, 2016
The supply-demand imbalance plaguing the global oil market will continue to ease over the second half of 2016, OPEC said in its monthly report released on Monday,…
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NEWS
Nigeria - June 08, 2016
The government of Nigeria plans to lower its military presence in the Niger Delta region after attacks have continued to batter oil and gas infrastructure in the area,…
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NEWS
Saudi Arabia - June 03, 2016
OPEC struck down a cap on production at its annual meeting in Vienna yesterday.
The cartel’s 13 ministers agreed to allow oil production to rise, stating that the…
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NEWS
UK - May 25, 2016
Iraq intends to continue boosting oil production to reach its goal of 6 million bpd by 2020, Salih Husain Ali, ambassador of the embassy of the Republic of Iraq in…
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NEWS
Russia - May 20, 2016
Russian Minister of Energy Alexander Novak on Friday all but ruled out a co-ordinated effort on the part of OPEC to stabilise oil prices at its upcoming meeting.…
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NEWS
Indonesia - May 19, 2016
Indonesia has said it would lend support to a proposal to freeze oil production at current levels should it be tabled at the upcoming OPEC meeting in June.
Speaking…
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