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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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
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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NEWS
Kuwait - May 19, 2016
Acting Oil Minister and Deputy Prime Minister of Kuwait Anas Al Saleh expects oil prices of around USD 50 per barrel for the remainder of 2016. In statements on…
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NEWS
Gabon - May 13, 2016
Ali Bongo Ondimba, president of Gabon, on Thursday confirmed that Shell is looking to divest local assets. Speaking in Rwanda, Bongo noted the sale was the natural…
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